February 1, 2009
In sharp contrast to the previous three years, a dramatic exodus of LatAm liquidity sank many boats in 2008, exposing some old winners as losers. Cap Cana went belly up, Cemex cracked and the financial sector was ripped apart by the most turbulent capital markets times in living memory. The field of contenders for our 24 awards categories was much less crowded, though no less hotly contested. Winners were easier to spot than in recent years, mainly because execution is strained by lack of cash and the buyside returning to the rigorous analysis it appeared to have dropped. The sell side’s role is much less commoditized, and issuers need look only as far as Brazil’s January sovereign
Closing a transaction was enough to call it a success in 2008 as markets disintegrated. The LatinFinance Deals of the Year celebrate triumph over adversity.