2020 Project & Infrastructure Finance Awards

Sorting through deals and analyzing different aspects of financing projects and infrastructure took on even more weight this year, with the COVID-19 pandemic hitting crisis proportions well before the review period ended on May 31, 2020.

For a while it looked as if all work would stop or slow to a crawl. There were periods of slowdown for sure, but also some deals that came to a close under extraordinary circumstances, and as it turned out we honored some of them this year.

Sustainability and environmental considerations played roles from rural electrification to trying to make the business of gas extraction more efficient. Let’s face it, hydrocarbon-related projects require significant sums of money, so too do ESG-related efforts. What we see is a shifting balance and more attention being paid to the later even as the former plays a big role in helping nations and companies transition to cleaner or more sustainable businesses.

The broad spectrum of nominations, and winners, highlight in many ways an evolution of deals over the past few years as greenfield projects as well as refinancings were years in the making. They happened to come to a head during a time of global crisis. The rationale for recognizing significant deals for projects financed before and during this extraordinary time remains undiminished: project and infrastructure finance is more critical than ever to the region's economy.

Rebuilding and breaking ground applies to bricks and mortar, pipelines and pumping stations, solar panels and electric cars.

What is also critical is making sure that we who examine deals and those who propose and execute them also seek out areas where we can use our unique positions to help those in need. To that end, LatinFinance partnered with EMpower as the official charity for this year’s awards. EMpower supports local organizations in emerging market countries that provide young people living in poverty with the tools and resources they need to lead healthy, productive lives. We have asked them to focus donations from this partnership on their grantees in Latin America.

Marginalized young people and their families are some of the hardest hit by the COVID-19 pandemic, and need our support more than ever. Donations will help fund critical health information and services, provide essential supplies like food and sanitizer, help young people – especially girls – for whom home is not a safe place, and support young people to continue advancing their education, get jobs, and lead change in their communities. Learn more at empowerweb.org.

Congratulations to our winners and looking ahead to better times for all.


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Winning transactions and institutions

Loan of the Year and Infrastructure Financing of the Year-Brazil LD Celulose

Bond of the Year MV24 Capital B.V. FPSO project bond

Infrastructure Financing of the Year-Andes Ergon Peru

Infrastructure Financing of the Year-Caribbean Trans-Jamaican Highway

Infrastructure Financing of the Year-Central America Energía del Pacífico

Infrastructure Financing of the Year-Mexico Ca-Ku-A1 Gas Compression Project

Infrastructure Financing of the Year-Southern Cone Rutas 2 & 7-Government of Paraguay

Project Sponsor of the Year China Harbour Engineering Company led consortium

Infrastructure Bank of the Year-Brazil Banco Santander

Infrastructure Bank of the Year-Mexico MUFG

Infrastructure Bank of the Year-Latin America SMBC

Infrastructure Law Firm-Brazil Stocche Forbes Advogados

Infrastructure Law Firm of the Year-Mexico Ritch Mueller

Infrastructure Law Firm of the Year-Latin America White & Case

Award details

Click any of the sections below for more details on our 2020 Project & Infrastructure Finance Awards awards.

Overview

LatinFinance's Project & Infrastructure Finance Awards recognize the most impressive transactions and institutions in a field critical to the region's economic progress. For all categories, we consider transactions that have closed between June 1, 2019 and May 31, 2020.

Categories

The scope of this year’s award categories has been modified given the unprecedented disruption caused by the COVID-19 pandemic.

  1. Loan of the Year
  2. Bond of the Year
  3. Infrastructure Financing of the Year: Andes (Bolivia, Colombia, Ecuador, Peru, Venezuela)
  4. Infrastructure Financing of the Year: Brazil
  5. Infrastructure Financing of the Year: Caribbean
  6. Infrastructure Financing of the Year: Central America
  7. Infrastructure Financing of the Year: Mexico
  8. Infrastructure Financing of the Year: Southern Cone (Argentina, Chile, Paraguay, Uruguay)
  9. Project Sponsor of the Year
  10. Infrastructure Law Firm of the Year: Brazil
  11. Infrastructure Law Firm of the Year: Mexico
  12. Infrastructure Law Firm of the Year: Latin America
  13. Infrastructure Bank of the Year: Brazil
  14. Infrastructure Bank of the Year: Mexico
  15. Infrastructure Bank of the Year: Latin America

Criteria

The following list highlights the main criteria for judging LatinFinance's 2020 Project & Infrastructure Finance Awards. For all categories, we consider transactions that have closed between June 1, 2019, and May 31, 2020.

Categories 1–8

  • Market significance; strategic importance; and groundbreaking qualities
  • Structural aspects of the transaction, including complexity, innovation and size
  • Execution, including price and demand achieved compared to other references in the market and with regard to conditions at the time
  • Secondary market performance, and reception by peers and investors
  • Geographical reach, where relevant
  • The social impact of the project

Categories 9–15:

  • Overall strategy, volume and diversity of transactions
  • Innovation and foresight
  • Execution quality and success of transactions worked on
  • Role in particularly complex, innovative, or large deals over the year
  • Quantity of transactions worked on over the year, and compared to previous years

Selection process

LatinFinance's 2020 Project & Infrastructure Finance Awards are decided solely by LatinFinance's editors following an extensive research process. The key elements of each step of the process are outlined below.

Market consultation

LatinFinance editors can, at their discretion, discuss the relative merits of shortlisted transactions and institutions with a wide range of market participants, while maintaining the integrity of the nomination process.

Examination of financial data

LatinFinance will research data and other publicly available information for each of the nominated transactions and institutions. As is relevant in each category, such data will include, but not be limited to: presentations on the projects being financed, stock exchange filings, transaction pricing details, secondary market trading data. Nominations are required to include all relevant CUSIP, ISIN, or unique identifiers that are publicly available to pinpoint exactly which assets are being nominated for a potential award. Non-public transactions that are submitted through the formal nominations process need to have accompanying documentation for appropriate examination if they are to be considered for an award. Special circumstances or technological limitations should be discussed with the editorial department by emailing awards@latinfinance.com.

Editorial evaluation

LatinFinance's editorial team retains discretion over the final allocation of awards in each category. The final decision will be based on nominations, market consultation, research of financial data, and feedback on transactions over the course of the awards review period. LatinFinance reserves the right to withhold naming a category winner.

Announcements

Winners will be informed during the third week of July 2020 with the news embargoed until publication of the September (Q3) edition of LatinFinance Magazine. Given the uncertainty of travel during this period, award winners will be contacted to discuss plans for an appropriate presentation process to take place at a date and time to be determined in the fall of 2020.

Nominations

All entries must be submitted through the official nomination form at awards.latinfinance.com. The nomination period will open on May 21, 2020, and close prompty at 11:59 PM EDT on June 14, 2020. Please note the entry deadline is final. There will be no extensions. The system will automatically prevent entry submission after the deadline.

  • Please be sure to coordinate with other members of your institution to ensure ONE submission per institution. This new platform makes it simple to share and review the draft submission before finalizing.
  • Institutions (banks, law firms, consultancies, investors, project sponsors, government entities) working in infrastructure finance may nominate ONE transaction or institution in a given category.
  • Any single institution is limited to SIX nominations within the Infrastructure Financing of the Year categories, out of which they can designate ONE transaction for either Bond of the Year or Loan of the Year.
  • Any single institution is limited to TWO nominations within the Infrastructure Law Firm of the Year categories.
  • Any single institution is limited to TWO nominations within the Infrastructure Bank of the Year categories.
  • Any single institution can submit ONE nomination for Infrastructure Sponsor of the Year.

New features of our awards platform include:

  • You may edit your entry after submitting, up until the entry deadline.
  • You have the ability to enter documents and review them within your teams, collaborate on information, formulations and create the most thorough summary of information BEFORE you submit.
  • You can enter, edit and review your entries on your mobile device. Either log in at awards.latinfinance.com or scan the QR code on the PDF version of your draft or final entry.
  • You can use the copy feature to create a copy of your entry and change the category as required.

When you register, please make sure all your personal details are entered accurately, including contact details, as this will be used to contact in case of questions regarding the nomination. It will also be the way we inform winners.

Required data

For categories 1–8, nominations must include the data in sections 1, 2 and 3 below. For categories 9–15, nominations must include the data in sections 4 and 5 below. All items are required unless otherwise indicated.

Section 1: Deal information

This section is required for categories 1–8.

  • Deal name
  • Deal type
  • Closing date (must be between June 1, 2019, and May 31, 2020)
  • Total deal size in USD
  • Total deal size in local FX
  • FX conversion rate
  • Number of transactions/tranches involved in the deal
  • Issuing entity, bond/loan, transaction size, coupon, yield, issuance price, ID (eg: CUSIP/ISIN/Ticker symbol), fixed/floating, maturity date and closing date for each transaction/tranche involved in the deal

Section 2: Deal participants

This section is required for categories 1–8.

  • Deal sponsor(s)
  • Legal jurisdictions associated with the issued assets (eg: New York Law, where appropriate)
  • Role of your institution (eg: Lead, co-lead, support, etc.)
  • Names of all supporting banks and/or bankers involved (name of bank, role of bank, name of banker, lead banker (Y/N), contact phone, contact email, location)
  • Names of all supporting law firms and/or partners involved (name of law firm, role of law firm, name of partner, lead partner (Y/N), contact phone, contact email, location)
  • Optional: Names of other institutions involved (eg: investors/consultants/technical advisor etc.)

Section 3: Additional questions

This section is required for categories 1–8.

  • Why is this deal worthy of an award? (up to 1,000 words)
  • What is the intended social impact of the project, and why was its completion significant in reaching that goal? (up to 500 words)

Section 4: Deals

This section is required for categories 9–15. The following fields must be completed for each deal included in your nomination.

  • Deal name
  • Deal type
  • Deal sponsor
  • Closing date (must be between June 1, 2019, and May 31, 2020)
  • Total deal size in USD
  • Total deal size in local FX
  • FX conversion rate
  • Number of transactions/tranches involved in the deal
  • ID (eg: CUSIP/ISIN/Ticker symbol), deal size in USD, deal size in local FX, price, yield, coupon and maturity date for each transaction/tranche involved in the deal
  • Please explain why this deal was included in your nomination. Be sure to include any relevant ESG details and why this deal stands out in the marketplace (up to 300 words)
  • Please list the names, titles and contact information for bankers or legal counsel involved in the deal

Section 5: Additional questions

This section is required for categories 9–15.

  • How has your institution adapted to the current pandemic environment in order to close transactions? (up to 750 words)
  • Why do you believe that your institution is worthy of an award? (up to 1,000 words)

Support

If you have any questions on the entry process, please email awards@latinfinance.com and put "Project & Infrastructure Finance Awards" in the subject line.

Previous winners: 2019, 2018, 2017, 2016, 2015