January/February 2014

  • FRONT NOTES: Raising the stakes Jan 16, 2015

  • LOANS/PEOPLE NEWS: Trudging forward Jan 16, 2015

    Brazilian borrowers squeezed in year-end deals, as Mexican energy loans heated up. Banorte, the BMV, and Brazil’s finance ministry all gained new leaders. By Patrick Ferguson

  • BOND NEWS: Petrobras jitters Jan 16, 2015

    A corruption investigation derailed issuance in Brazil, despite the country’s new economic leadership coming into view. Borrowers from other parts of the region fared better. By Eduardo García

  • M&A NEWS: Local bias Jan 16, 2015

    At the end of 2014, deal flow trickled in, with domestic transactions dominating. That rounded out a year of sharp contrasts between activity in Brazil and the rest of the region. By Katie Llanos-Small

  • COVER STORY: Esteves’ neo-classical model Jan 16, 2015

    André Esteves takes pride in BTG Pactual being an old-style merchant bank that offers equity as well as debt to clients. The model has worked well. But as Brazil and the global economy flounders, the bank is rebalancing its capital deployment strategy. By Dominic O’Neill

  • Going global Jan 16, 2015

  • YEN LIQUIDITY: Reaching out Jan 16, 2015

    An expansion in yen liquidity and a likely rise in dollar borrowing costs means more regional credits are tapping Japanese investors. But they are limited by tenor, size and geography. By Eduardo García

  • YEN LIQUIDITY: New competitors Jan 16, 2015

  • EQUITY NEWS: Picking up Jan 16, 2015

    New listings emerged from Mexico, while Brazilian issuers are hopeful for an improvement in 2015 after a troubled end to 2014. By Eduardo García

  • RETAIL INVESTORS: A question of safety Jan 16, 2015

    Individuals’ assets and savings are growing quickly in Latin America. Investors are looking for new ways to generate returns, but still approach risks with caution. By Katie Llanos-Small

  • INVESTOR REPORT CENTRAL AMERICA: Lighting up Jan 16, 2015

    Central America has a tough time attracting the investment it needs in infrastructure. The case of Honduras shows how management of government finances is pivotal

  • CENTRAL AMERICA HONDURAS: Turning point Jan 16, 2015

    A new IMF program in Honduras could be good news for debt investors and for local borrowers seeking international funding. By James Fredrick

  • CENTRAL AMERICA POWER: New lines Jan 16, 2015

    Multilateral development institutions and governments are finding new ways to attract private funding for power infrastructure, particularly renewables. By Lucy Conger

  • INVESTOR REPORT CARIBBEAN: Around the corner Jan 16, 2015

    Caribbean countries have shown signs of recovering from the 2008 global crisis. Yet already new problems lurk.

  • CARIBBEAN SOVEREIGN DEBT: Shaky foundation Jan 16, 2015

    The sharp fall in the global price of oil is elevating the risks to Caribbean economies, just as they get back on track after the 2008 financial crisis. By Lucien Chauvin

  • CARIBBEAN INFRASTRUCTURE: Resource competition Jan 16, 2015

    Attracting investment is fundamental to growth and exports in a tough external environment. By Lucien Chauvin

  • BRAZILIAN LAW PERCEPTION STUDY: Taxing issues Jan 16, 2015

    Anti-corruption, tax and labor legislation are likely to be priorities for legal advisors to Brazilian companies this year. By Jennifer P. Roig

  • AWARDS: DEALS OF THE YEAR 2014 Jan 16, 2015

    Astute decision making became more important in 2014 as investor concern about emerging markets grew, Mexico’s reforms took shape and Brazil’s elections paused deals. LatinFinance selects the deals and institutions that managed those hurdles most effectively

  • AWARDS: SOVEREIGN ISSUER Jan 16, 2015

    With liability management, a rare long-tenor deal in yen and a 100-year sterling bond, the issuer retains its lead among regional sovereigns

  • AWARDS: CORPORATE ISSUER Jan 16, 2015

    The cement maker’s rehabilitation in global markets goes on, most impressively this year in a dual-currency bond combined with a liability management exercise

  • AWARDS: SOVEREIGN BOND Jan 16, 2015

    The state managed to increase the deal’s size and tighten a landmark return to the Eurobond markets after its 2008 default

  • AWARDS: QUASI-SOVEREIGN BOND Jan 16, 2015

    Argentina’s largest-ever corporate bond had orders from more than 300 accounts, including real money and retail — a big achievement given its owner’s turbulent relationship with markets

  • AWARDS: CORPORATE HIGH-GRADE BOND Jan 16, 2015

    Positioning itself as a global company, the issuer found long-end demand and tight pricing

  • AWARDS: SOVEREIGN LIABILITY MANAGEMENT Jan 16, 2015

    Good timing and intraday execution helped Brazil achieve a record low coupon for a new 30-year dollar bond

  • AWARDS: CORPORATE HIGH-YIELD BOND Jan 16, 2015

    The cement maker’s rehabilitation in global markets goes on, most impressively this year in a dual-currency bond combined with a liability management exercise

  • AWARDS: CORPORATE LIABILITY MANAGEMENT Jan 16, 2015

    The deal’s negative new issue premium marked the culmination of a long-running liability management program that has lengthened the Brazilian company’s maturity profile

  • AWARDS: INITIAL PUBLIC OFFERING Jan 16, 2015

    A large size and strong distribution made this transaction a rare bright spot in an otherwise difficult year for Latin America’s equity markets

  • AWARDS: EQUITY FOLLOW ON Jan 16, 2015

    The growing international allure of Mexico’s economic potential pushed this deal to a record size

  • AWARDS: PRIVATE EQUITY DEAL Jan 16, 2015

    A sale that gave a three-times return on capital was a showcase of the benefits of pension fund investment in private equity firms

  • AWARDS: CROSS-BORDER M&A DEAL Jan 16, 2015

    This large investment came as doubts grew over mining industry profitability, securing investment in a project that’s pivotal to Peru’s economy

  • AWARDS: DOMESTIC M&A DEAL Jan 16, 2015

    A merger of two companies with no control groups created a benchmark for M&A in Brazil in education and other industries

  • AWARDS: SYNDICATED LOAN Jan 16, 2015

    A swiftly arranged and attractively priced deal helped Sigma secure a majority stake in Spain’s Campofrio, gaining a foothold in Europe

  • AWARDS: RESTRUCTURING Jan 16, 2015

    Restructuring debt can be a messy business. This Brazilian company showed it can be streamlined

  • AWARDS: LOCAL CURRENCY DEAL Jan 16, 2015

    Good communication with investors led to the first global Colombian peso bond in 18 months, at a time when flows to emerging markets plunged

  • AWARDS: FINANCING INNOVATION Jan 16, 2015

    The state of Rio de Janeiro’s pension fund turned to securitization to bridge a gap in income

  • AWARDS: STRUCTURED FINANCING Jan 16, 2015

    The state of Rio de Janeiro’s pension fund turned to securitization to bridge a gap in income

  • AWARDS: TRADE FINANCING Jan 16, 2015

    A new global precedent for agricultural commodity financing was established in Brazil with this deal with Japan

  • AWARDS: LAW FIRM BRAZIL Jan 16, 2015

    Experience working on capital markets deals for some of the country’s biggest issuers helped the firm win business in a rocky year

  • AWARDS: LAW FIRM: MEXICO Jan 16, 2015

    Ritch Mueller advised on deals that included Mexico’s biggest IPO of the year, the Syndicated Loan Deal of the Year, and Grupo Bimbo’s $1.3 billion bond

  • AWARDS: LAW FIRM: ANDES Jan 16, 2015

    This law firm worked on a large array of winning deals, in a country that has been home to more landmark transactions than any other Andean nation

  • AWARDS: LAW FIRM: LATAM Jan 16, 2015

    Experience and size have helped this firm stay ahead amid depressed economic conditions in Brazil and new opportunities elsewhere

  • AWARDS: BOND HOUSE Jan 16, 2015

    Strengths in liability management, debut transactions, and a range of currencies and structures, make this bank stand out

  • AWARDS: EQUITY HOUSE Jan 16, 2015

    Strong performance across a broad range of Latin American deals makes this bank stand out for equity market operations

  • AWARDS: M&A HOUSE Jan 16, 2015

    The bank’s global and local networks helped it advise on an array of large domestic and cross-border transactions

  • AWARDS: LOAN HOUSE Jan 16, 2015

    Deals in a wide range of currencies and structures, sectors and geographies, including debut issuers and repeat mandates, made the winning bank stand out

  • AWARDS: BEST INVESTMENT BANK Jan 16, 2015

    An impressive performance across asset classes for Latin American clients puts this investment bank ahead of the pack

  • PARTING SHOT: Picking winners Jan 16, 2015

    Industrial policy for the modern era should focus on creating private-sector screening and support for business innovation. By Ernesto Stein

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