January / February 2018

Awaiting a meltdown: Bondholders bet on default as Venezuela faces billions in debt payments. Plus, Latin America’s equity markets turn around, Chile returns to the right and the 2017 Deals of the Year Awards.

Bondholders brace for Venezuelan default  

Bonds Debt Capital Markets

Venezuela is edging closer to default on its foreign debt as vulture funds snap up the country’s bonds and push an acceleration clause for missed coupon payments

LatAm equity markets heat up again  

Capital Markets Equity Funds

A turnaround in the equity markets of Brazil and Argentina has set the stage for a transformational 2018. With economic reforms on the horizon, companies are telling inve...

Investment banks prepare for better days

Bonds Debt Capital Markets

As the transaction pipeline grows, investment banks in Brazil and Argentina see tighter races for mandates and a squeeze on fees. But simply hiring more staff may not be ...

Mexico's new stock exchange prepares for debut

Capital Markets Equity IPO

Mexico will have a second stock exchange in 2018, with promises to unlock fundraising options for more businesses in the country. But skeptics wonder if forming a new mar...

Using project bonds to finance construction risk

Bonds Debt Capital Markets

Despite still being mostly used for brownfield projects, project bonds are becoming a more attractive proposition to finance greenfield initiatives

Markets applaud Chile's election results

Capital Markets Corporate & Sovereign Strategy Economy & Policy

After a decisive election victory, Sebastián Piñera has promised to unlock an investment logjam and revitalize Chile’s sluggish economy. Once again, he has the global eco...

Mexico roundtable: Gearing up

Bonds Debt Capital Markets

With presidential elections on the horizon and the future of NAFTA uncertain, Mexico’s economy faces potential headwinds at the start of 2018. LatinFinance convened a gro...

Awards: Deals of the Year 2017  

Bonds Debt Capital Markets

Sovereign Issuer of the Year - Argentina  

Bonds Debt Capital Markets

Argentina diversified its investor base and pushed the boundaries with a surprising 100-year bond

Corporate Issuer of the Year - Pemex  

Bonds Capital Markets Corporate & Sovereign Strategy

In an effort to reduce dollar debt, Peru explored the Euroclear market and international investors lined up

Sovereign Bond of the Year - Peru  

Bonds Debt Capital Markets

In an effort to reduce dollar debt, Peru explored the Euroclear market and international investors lined up

Quasi-Sovereign Bond of the Year - Petroperú  

Bonds Debt Capital Markets

The state-owned Peruvian petroleum company attracted international investors with its first cross-border bond, achieving favorable pricing

Corporate High-Grade Bond of the Year - Sigma Alimentos  

Bonds Debt Capital Markets

Shrugging off concerns over NAFTA, the issuer emphasized the viability of its Spanish division to attract European investors

Corporate High-Yield Bond of the Year - Klabin  

Bonds Debt Capital Markets

The Brazilian company ends a three-year absence from the international bond markets with a well-received green bond

Sovereign Liability Management Deal of the Year & Local Currency Bond of the Year - Uruguay  

Bonds Debt Capital Markets

The country’s first nominal fixed-rate global bond in local currency paved the way for Uruguay to fund itself entirely in pesos in 2017

Corporate Liability Management of the Year - Petrobras  

Bonds Debt Capital Markets

The state-owned company uses a well-timed bond sale to keep chipping away at its debt load

IPO of the Year - Carrefour Brasil  

IPO Equity Brazil

A return to form in Latin American equities saw this global retailer leverage good conditions to price the largest Brazilian IPO in four years

Follow-On Offering of the Year & Private Equity Deal of the Year - IEnova  

Equity Capital Markets Mexico

IEnova’s share price soared after announcing its follow-on offering, while a concerted effort to grow renewable power saw it snap up Mexico’s largest wind complex

Cross-Border M&A Deal of the Year - Duke Energy  

M&A Electricity Renewable

Rapidly executed, quantifiably large, and attractive to all parties, the sale is the most noteworthy cross-border M&A of the year

Domestic M&A Deal of the Year - Grupo Argos  

M&A Project & Infrastructure Finance Colombia

The Colombian conglomerate executed a novel strategic acquisition that left it well-positioned to participate in one of Latin America’s deepest infrastructure pipelines

Syndicated Loan of the Year - Cemex  

Loans Mexico

The Mexican cement maker taps a wide range of banks in a well-timed transaction

Financing Innovation of the Year - Vista Oil & Gas  

IPO M&A Mexico

The energy firm secured commitments from a wide array of investors to price an oversubscribed IPO and introduce a new asset class to Latin America

Restructuring of the Year - SunEdison  

Bonds Corporate & Sovereign Strategy M&A

Sale helped maximize SunEdison’s Latin America assets, a key pledge by its CFO in bankruptcy filings

Structured Financing Deal of the Year - GE & YPF  

Loans Gas Argentina

Two thermal plants not only raised financing in the Argentine market, they also paved the way for additional issuers

Trade Finance Deal of the Year - Vicentin  

Structured Finance Loans Argentina

A deal involving one of Argentina’s largest agricultural exporters highlights improving conditions for trade financing in South America’s third-largest economy

Law Firm of the Year: Latin America - Cleary Gottlieb  

Healthy financing demands from Mexico to Brazil called for innovative legal advice

Law Firm of the Year: Andes - Lazo, De Romaña & CMB Abogados  

The law firm was omnipresent in Peru’s most visible financial transactions

Law Firm of the Year: Argentina - Bruchou, Fernández Madero & Lombardi  


An ongoing wave of sovereign and sub-sovereign bond issues provided a strong deal flow for Argentina’s law firm of the year

Law Firm of the Year: Brazil - Pinheiro Neto  


As Brazilian issuers return to the capital markets, a local law firm added personnel to handle the deal load

Law Firm of the Year: Mexico - Ritch Mueller  


Ritch Mueller’s legal advice was noted across many of Mexico’s most important deals in 2017

Bond House of the Year - JPMorgan  

Bonds Debt Capital Markets

Latin American issuers surpassed all expectations in the cross-border bond market last year, with 2017 breaking the record from 2015

M&A House of the Year - Credit Suisse  

M&A Brazil Mexico

Swiss bank completed transactions across borders and sectors and played a key role in several award-winning deals

Equity House of the Year - Bank of America Merrill Lynch  

Equity IPO Brazil

US bank took the forefront of Latin America’s equity turnaround, capturing value for clients in several jurisdictions

Loan House of the Year & Investment Bank of the Year - Citi  

Loans Bonds Debt

The US lender doubled down on its commitment to Latin America and led the way in the loans, bond and stock markets

Fintechs reach for market share  

Loans Special Reports Brazil

The fintech revolution in Brazil promises to disrupt the consumer loans market, but it will take time before traditional lenders feel the heat

Fintechs develop trade financing tools

Loans Structured Finance Argentina

Cross-border trade is set to get faster and cheaper as financiers develop distributed ledger projects to streamline documentation and facilitate credit. Latin America cou...

Banco do Brasil builds blockchains  

Loans Structured Finance Special Reports

Banco do Brasil plans to start using blockchain technology for interoperability with other banks in the first half of 2018, but it wants to test everything before it uses...

Parting Shot: Gol CFO Richard Lark  

Debt Capital Markets Corporate & Sovereign Strategy

After its return to the cross-border bond market in December, Brazilian airline Gol is ready to move on from a restructuring and introduce a new fleet of aircraft, says R...