Small but Steady

Small but Steady

Chile Bonds Corporate & Sovereign Strategy

Chile’s LarrainVial continues to thrive in a local capital market that generates a steady flow of business for the country’s longstanding independent investment banks. Indeed the relatively small size of domestic transactions has arguably worked in its favor, shielding the shop from larger foreign competitors that tend to focus on bigger trades. The entrance of Brazil’s BTG Pactual after its acquisition of Chilean specialist Celfin may change all that, but this year LarrainVial has been a clear leader. “The large international investment banks tend to attack only very large deals,” says Felipe Porzio, director of corporate finance at LarrainVial. Before shuttin

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