BTG Pactual leads the region’s ECM league tables in terms of volume and fees, at the end of a down year after which bankers nonetheless expect a rebound in 2013. LatAm saw $23.78bn in total equity issuance volume through Thursday from 70 transactions, according to Dealogic data. This was down from 2011’s full-year total of $31.44bn from 79 deals, considered at the time a poor total. LatAm’s 2012 volume fits into $216.00bn done in the whole of EM, what should be a 9% drop from 2011’s total. BTG’s $2.76bn share puts it ahead of Citi ($2.29bn) and Bank of America Merrill Lynch ($2.18bn). The Brazilian bank has earned the most fees, $58m, followed by JPMorgan’s $42m and BAML’s $34m. The overall LatAm wallet stood at $401m, compared to 2011’s $611m. If for no other reason than things couldn’t get much worse, ECM bankers are optimistic that volumes and the pay they take home can increase in 2013. A boost from Brazil, which had an uncharacteristically weak year, should combine with continued activity in Mexico and the Andes to lift regional volume. “Brazil will come back,” says a New York-based ECM banker, noting there are enough high-quality issuers preparing deals liquid enough to invite foreign participation. At the same time, Mexico and the Andes should continue to improve and attract investors in the way they did this year. He highlights Santander Mexico’s IPO and the “re-IPO” of Fibra Uno as laying the groundwork for sustained issuance in Mexico going forward into 2013, which should see 5-10 IPOs. “The market has been characterized by excess demand for unfortunately too few issuances this year,” says an Americas ECM head of another bank. He notes the presence this year from many international investors who had not bought in the region before, which indicates interest – the banks just have to bring the right deals. Recognizable, liquid issuers would be a good start. Brazil already has the IPOs of Banco do Brasil’s BB Seguridade insurance unit on the way, and Mexico is