Latin America has been accessing bond markets for close to 200 years. But major advances in the capital markets have only taken place since the troubled 1980s, following a wave of sovereign defaults. The arduous period began with tense negotiations on a way out of crisis. As governments inked plans to restructure debt, they cleared the way for a quarter century of astonishing progress. Panama and Peru, two of the region’s particularly troubled economies 25 years ago, now boast among its highest growth rates and are perhaps the starkest examples of progress.
In this section, LatinFinance examines the landmarks and turning points of the past 25 years in Latin America. We examine the advances made, and those that are needed.
An 11-page chronology details the major events that, for better or worse, have defined a quarter century of Latin America’s development. In a special fold-out section beginning after page 32, we chart the evolution of the major banks in the region: both the national champions and the global banks with the biggest presence in 1988 and today; as well as tallying up the top debt, equity and M&A lead managers of a quarter century.
Over the coming pages we also highlight the standout capital markets transactions of the period: LatinFinance’s “Deals of the Quarter Century”. These recognize the most impressive debt, equity and M&A deals, stretching from Mexico’s landmark Brady bond exchange, to Petrobras’ blockbuster $11 billion debt issue in May 2013.
These deals, selected by the editors of LatinFinance, in consultation with market participants, highlight excellence and progress in Latin America’s financial history.