COLOMBIA BOUTIQUE - Going Local

COLOMBIA BOUTIQUE - Going Local

Colombia Corporate & Sovereign Strategy

Equity markets were closed off for much of 2011, unless you were Colombian. An insulated market meant the blue chips could still issue into a domestic market full of retail investors. This type of deal didn’t interest the big banks very much, leaving the space open for the county’s numerous small specialist shops. Corredores Asociados was best able to fill this space. Coming off the 420 billion peso IPO of Banco Davivienda in 2010, it quickly clinched the mandate for two large trades at the start of 2011. Avianca-Taca raised 500 billion pesos in an IPO of the newly merged entity that drew about five times demand. In need of growth funds, the issuer had earlier been lining up internationa

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