Archive

January / February 2015

M&A NEWS: Local bias

M&A

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 th...

BOND NEWS: Petrobras jitters

Bonds

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 bet...

AWARDS: BEST INVESTMENT BANK

Corporate & Sovereign Strategy

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

AWARDS: BOND HOUSE

Corporate & Sovereign Strategy

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

AWARDS: CORPORATE HIGH-GRADE BOND

Corporate & Sovereign Strategy

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

AWARDS: CORPORATE HIGH-YIELD BOND

Corporate & Sovereign Strategy

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 ISSUER

Mexico Bonds Corporate & Sovereign Strategy

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

Corporate & Sovereign Strategy

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: CROSS-BORDER M&A DEAL

Corporate & Sovereign Strategy

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

AWARDS: DEALS OF THE YEAR 2014

Corporate & Sovereign Strategy

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. Lat...

AWARDS: DOMESTIC M&A DEAL

Corporate & Sovereign Strategy

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

AWARDS: EQUITY FOLLOW ON

Corporate & Sovereign Strategy

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

AWARDS: EQUITY HOUSE

Corporate & Sovereign Strategy

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

AWARDS: FINANCING INNOVATION

Corporate & Sovereign Strategy

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

AWARDS: INITIAL PUBLIC OFFERING

Corporate & Sovereign Strategy

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: LAW FIRM BRAZIL

Corporate & Sovereign Strategy

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: ANDES

Corporate & Sovereign Strategy

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

Corporate & Sovereign Strategy

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

AWARDS: LAW FIRM: MEXICO

Corporate & Sovereign Strategy

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: LOAN HOUSE

Corporate & Sovereign Strategy

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: LOCAL CURRENCY DEAL

Corporate & Sovereign Strategy

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: M&A HOUSE

Corporate & Sovereign Strategy

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

AWARDS: PRIVATE EQUITY DEAL

Corporate & Sovereign Strategy

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: QUASI-SOVEREIGN BOND

Corporate & Sovereign Strategy

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 relationsh...

AWARDS: RESTRUCTURING

Corporate & Sovereign Strategy

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

AWARDS: SOVEREIGN BOND

Corporate & Sovereign Strategy

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

AWARDS: SOVEREIGN ISSUER

Corporate & Sovereign Strategy

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: SOVEREIGN LIABILITY MANAGEMENT

Corporate & Sovereign Strategy

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

AWARDS: STRUCTURED FINANCING

Corporate & Sovereign Strategy

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

AWARDS: SYNDICATED LOAN

Corporate & Sovereign Strategy

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

AWARDS: TRADE FINANCING

Corporate & Sovereign Strategy

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

BRAZILIAN LAW PERCEPTION STUDY: Taxing issues

Brazil Economy & Policy Corporate & Sovereign Strategy

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

CARIBBEAN INFRASTRUCTURE: Resource competition

Caribbean Jamaica Dominican Republic

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

CARIBBEAN SOVEREIGN DEBT: Shaky foundation

Caribbean Jamaica Dominican Republic

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 Chauv...

CENTRAL AMERICA HONDURAS: Turning point

Central America Honduras Bonds

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

Panama Central America Costa Rica

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

COVER STORY: Esteves’ neo-classical model

Bonds Corporate & Sovereign Strategy Funds

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 ...

EQUITY NEWS: Picking up

Equity

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

FRONT NOTES: Raising the stakes

Brazil Equity Economy & Policy

Going global

Bonds Funds Brazil

INVESTOR REPORT CARIBBEAN: Around the corner

Caribbean Jamaica Dominican Republic

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

INVESTOR REPORT CENTRAL AMERICA: Lighting up

Panama Central America Costa Rica

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

LOANS/PEOPLE NEWS: Trudging forward

People Corporate & Sovereign Strategy Loans

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 Ferg...

PARTING SHOT: Picking winners

Economy & Policy Corporate & Sovereign Strategy

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

RETAIL INVESTORS: A question of safety

Funds

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 Ka...

YEN LIQUIDITY: New competitors

Loans

YEN LIQUIDITY: Reaching out

Bonds

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, siz...