Archive

February 2009

Tempest-Tossed

Citi’s global meltdown strains its commitment to LatAm, and crown jewel Banamex might have to be sold. Nonetheless, the bank’s regional head staunchly defends his turf.

COMMENT: Citi Tanks

Trying to be all things to all clients in all markets has shattered Citi, which is now engaged in a last ditch effort to save itself by breaking up the supermarket. Howev...

JPMorgan Trims DCM

As the global financial crisis rages on, investment banks continue to trim staff. JPMorgan has brought its LatAm capital markets origination team under a single group hea...

Sovereigns Make Hay

Brazil

A rash of recent sovereign issuance that raised a total of $4 billon for Mexico, Brazil and Colombia brightens sentiment, but significant challenges remain.

Asset Backed Insecurity

One of the most celebrated cross-border structured transactions to be placed in LatAm in the past five years – a $250 million 9.625% 2013 bond backed by luxury resort pro...

Desperately Seeking Conviction

A month into 2009 and there are few signs the LatAm equity market is anywhere close to finding its footing.

M&A is Not Dead

M&A

Despite a global financing crunch, M&A continues active as large regional and foreign corporations take advantage of the crisis to unearth relative bargains in LatAm. Reg...

DEALS OF THE YEAR RESULTS

Corporate & Sovereign Strategy

Closing a transaction was enough to call it a success in 2008 as markets disintegrated. The LatinFinance Deals of the Year celebrate triumph over adversity.

BEST INVESTMENT BANK/M&A HOUSE

Extending three years of robust gains, Credit Suisse continues to monopolize the LatAm fee pool thanks to a senior team that appears to be burning the candle at both ends...

BEST BOND HOUSE

Bonds

This is far from the most dynamic market in the history of LatAm DCM, but one shop has fought its way to the top, building on five years’ hard work. For the first time ev...

BEST LOAN HOUSE

The 12 months through October 2008 marked a turning point for LatAm syndicated loans. The period is characterized by extreme turbulence that rattled its participants, upe...

BEST EQUITY HOUSE

Equity

While 2008 saw a dramatic reduction in the number of LatAm IPOs and follow-on offerings compared to 2007, the past year brought a handful of unusual and notable deals tha...

BEST SOVEREIGN ISSUER/LIABILITY MANAGEMENT

Don’t be fooled by size. Uruguay has consistently punched above its weight as a debt issuer and risk manager this decade. The issuer topped off a successful streak of lia...

BEST SOVEREIGN BOND

As LatAm issuers plan their funding strategies this year, they may look back fondly on a time when sovereigns could get new issue spreads of 170 basis points on 30-year p...

BEST SUB-SOVEREIGN FINANCING

Mexico

Capitalizing on upgrades and market opportunity, State of Mexico declined to use any major investment banks for its 25 billion peso refinance which extended duration and ...

BEST CORPORATE ISSUER/EQUITY FOLLOW-ON

Brazil

Gerdau, the Brazilian multinational steel company with assets spread around the region and in the US, has been the most frequent user of LatAm capital markets in the past...

BEST SYNDICATED LOAN/CORPORATE BOND ISSUE

Brazil

Braskem’s March 2007 bid to acquire Ipiranga and Copesul unleashed a series of financings that kept the Brazilian petrochemicals giant in constant discussions with its ba...

BEST QUASI-SOVEREIGN BOND/FINANCIAL INSTITUTION BOND

Brazil

BNDES has not been a frequent issuer in the dollar bond markets this decade. When the time came to refinance notes issued in 1998, however, the Brazilian development bank...

BEST CORPORATE LIABILITY MANAGEMENT

By the second quarter of 2008, the Dominican Republic’s capital markets, spurred on by three years of GDP growth rates topping 9%, had gradually become ripe for sizeable ...

BEST LOCAL CURRENCY FINANCING/STRUCTURED BOND

As LatAm expands, the road to infrastructure improvement would seem to run through the pockets of increasingly liquid pension funds.

BEST PRIMARY EQUITY ISSUE

Brazil

Despite highly volatile market conditions, the initial public offering of Brazil’s OGX Petroleos in June was a smash hit. The company raised a total of $6.7 billion, maki...

BEST PRIVATE EQUITY DEAL

Every year LatAm’s fledgling private equity industry witnesses something new like LBOs or the establishment of regionally-focused platform companies, such as Arcos Dorado...

BEST CROSS-BORDER M&A

M&A

The $1.3 billion acquisition of Chilean electricity distributor Grupo Saesa by Morgan Stanley Infrastructure (MSI) and Ontario Teachers’ Pension Plan (OTPP) from New Jers...

BEST DOMESTIC M&A

M&A

Last March, the third largest exchange in the world was formed in Brazil via the merger of Bolsa de Mercadorias & Futuros, the fourth largest commodities and futures exch...

BEST PROJECT FINANCE DEAL

Chile

AES’s sizable pipeline of projects in LatAm gives it an enviable position when it comes to bargaining with lenders. Chilean unit AES Gener succeeded in closing in October...

BEST FINANCING INNOVATION

Funds

Afores have in recent years been flush with cash to spend on long-term investments. Restrictions on where they can put it, however, have limited their options and often d...

Mexican Cement Cracks Up

Once the bluest of LatAm blue chips, Cemex got caught out by the global crunch. Liability management, capex and recovery in US construction pave the road back.

China Bears Peru Gifts

Peru

China-Peru trade has rocketed amid heightened interest from the Asian nation in LatAm raw materials. However, some are suspicious of China’s motives.

Brazil Banks Tighten Belts

Equity

Despite a recent IPO and debt bonanza, Brazil’s mid-market banks are under tremendous pressure as funding sources evaporate. Low growth and forced consolidation lie ahead...

PARTING SHOT: Is Brazil’s Bankruptcy Law Ready?

Corporate & Sovereign Strategy

The financial crisis tests the limits of Brazil’s bankruptcy system. While the 2005 insolvency law is much better than previous legislation, there is significant room for...