2016 Deals of the Year Awards

Deals of the Year 2016

Katie Llanos-Small

2016 was a year apart. On the global level, Brexit and the election of Donald Trump stunned markets. In Latin America, developments were just as momentous. From Argentina's return to the global financial markets, to Brazil's impeachment of President Dilma Rousseff, Colombia's historic peace agreement that faltered at the final hurdle, and the death of Cuba's Fidel Castro, the biggest headlines suggest history will look back on the year as a turning point.

Amid the top-level drama, Latin America's companies, banks and governments pushed ahead with their capital raising agendas. They tapped bond investors for more cash last year than in 2015 — although a handful of jumbo trades skewed the total somewhat — while equity issuance fell around 10%.

When LatinFinance's editorial team sat down with specialists in October to reflect on the year and discuss the highlights in the financial markets, one theme quickly emerged. It was Argentina's year. From the start, Mauricio Macri's administration quickly set about regaining access to international capital, settling with holdout investors and catapulting itself back into the bond market after a prolonged absence. The sovereign's $16.5 billion cross-border bond sale was the largest-ever by an emerging market sovereign: order books came close to $70 billion. It was without a doubt a landmark for the country and the region.

Argentine companies and regional governments followed the sovereign into the markets, tapping bond and equity investors for capital — often in impressive style. We recognize several of these transactions in this year's awards in the following pages, in addition to the success stories from other parts of Latin America and the Caribbean.

The Deals of the Year Awards are chosen through a rigorous and extensive process. After taking nominations from market participants, we spend several weeks examining data and discussing the merits of transactions and institutions with market participants.

In the deal categories, we consider the structure, timing and execution of transactions, as well as their innovative and market-leading characteristics. For institutions, we consider their participation in complex, innovative or otherwise stand-out transactions, the depth and breadth of their activity, and how their market standing has evolved.

In all categories, we considered deals closed between October 1, 2015 and September 30, 2016. LF

Sovereign Issuer of the Year
Republic of Argentina

Corporate Issuer of the Year
Petróleos Mexicanos

Sovereign Bond of the Year
Republic of Argentina $16.5bn Bond Sale

Quasi-Sovereign Bond of the Year
YPF 300m Swiss Franc Bond Sale

Corporate High-Grade Bond of the Year
Femsa €1bn Bond Sale

Corporate High-Yield Bond of the Year
Minerva $1bn Bond Sale

Sovereign Liability Management of the Year
Republic of Peru Exchange Offer

Corporate Liability Management of the Year
Petrobras USD/EUR Tender and New Issue

Initial Public Offering of the Year
Grupo Supervielle NYSE Listing

Equity Follow-On of the Year
Energisa "Re-IPO"

Private Equity Deal of the Year
Pemex/KKR Sale & Leaseback