September 1, 2013
Latin America’s equity capital markets are unrecognizable from the late-1980s. What started as a few Chilean banks raising less than $100 million via SEC listings has in recent years unleashed some of the world’s biggest deals.
Multi-billion dollar issues are now common, with domestic and international investors participating in ever more sophisticated offerings.
Companies in the region have issued more than $20 billion in each of the last eight years, up from annual volumes of less than $10 billion in the 1990s. The rise has hardly been a smooth one, however.
In the 1990s, a US registration was needed to raise any funds. A few Chileans, Brazilians and others headed abroad – even Venezue
Latin American companies have proved they can deliver
deals as big as anywhere in the world in ever more sophisticated markets. But smaller issuers are still left out. By Ben Miller