DEAL OF THE YEAR: Initial Public Offering

DEAL OF THE YEAR: Initial Public Offering

Mexico Equity Corporate & Sovereign Strategy

In another weak year for Latin America’s equity capital markets, two long-awaited bank debuts stood out among the region’s few IPOs. Both had the international recognition not to be bound to the fate of the region’s smaller deals, offering size and a clear expansion play and getting several times demand. Both were enormous successes, but in the end Santander Mexico’s IPO was bigger, has performed better and is likely to represent more of a watershed moment for its country’s equity markets than BTG Pactual’s debut. For years the Bolsa Mexicana de Valores directors’ annual claims that next year will see “a few more IPOs” were met with smirks and giggles. Buoyed by positive economic foreca

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