ECM Volume Down; Brazilians Lead

ECM Volume Down; Brazilians Lead

Brazil Equity Bonds

Overall ECM volume is again disappointing this year, with issuers raising $9.7bn through 37 deals in the first half, down 55% from the corresponding period in 2011 ($21.4 through 48 deals), according to Dealogic. It is the region’s lowest half-year volume since 1H 2009. The BRL1.5bn ($712m) Suzano follow-on last week vaulted BTG Pactual into the lead in the ECM league tables, with $1.15bn in volume from 10 deals, with the bank’s own IPO also having boosted its total back in April. The Brazilian

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