EQUITY HOUSE - Tough Times

EQUITY HOUSE - Tough Times

Brazil Equity Corporate & Sovereign Strategy

BBankers may have thought that the market for LatAm equity issuance was tough in 2010, but it was even rougher in 2011 when international market disturbances exacerbated regional discord on pricing to cause trouble for everyone, particularly IPO issuers. Deals were put off indefinitely, pulled on the night of pricing, or priced below their target ranges. Nearly shares traded down after issues as international investors turned their backs on the local Brazilian growth stories that had previously fueled the IPO market. Continued uncertainty for 2012 loomed in December, with the European debt situation still unresolved and risk aversion still high. No ECM shop in the region was immune to

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