The State of Mexico (Edomex) in August issued a much anticipated 4.1 billion peso 20-year local bond, the first securitization of future flows of income from residential property fees from a Mexican state.
Yearly Archives: 2011
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BEST LAW FIRM — LATIN AMERICA/MEXICO
New York-based Cleary Gottlieb Steen & Hamilton is no stranger to megadeals.
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BEST LAW FIRM — BRAZIL
The merger of Brazil’s two largest retailers – Casas Bahia and Globex, a unit of Pão de Açúcar – was no easy task.
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BEST LAW FIRM — CHILE
Chile’s Claro y Cía, established in 1880, is no stranger to complex M&A. In 2010 it acted as legal counsel for LAN Airlines in its merger with Brazil’s TAM that promises to be the largest airline in the region.
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Grupo Mexico: Running on Cashflow
Aggressive in expansion, conservative with financing, Grupo México aims to double copper output in the next five years. Its CFO does not expect fresh fundraising.
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LatAm Syndicated Loans Outlook
Rekindling Loans
International banks are eager to re-enter the LatAm bank market. But cost of funds, spread compression and better DCM terms will keep a lid on volume.
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COMMENT: Year of the Panda
China Investment Corporation’s involvement in a consortium buying part of Brazil-based BTG Pactual marks a shift into financial assets for China.
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BEST INVESTMENT BANK
Credit Suisse is back on top again, aiming to leverage relationships throughout emerging markets to further stoke the coals of its LatAm investment banking engine. The Swiss house coasts on rising revenue from M&A, equity and fixed income, but has not slipped into complacency.
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BEST BOND HOUSE
The rapidly rising tide of LatAm fixed income lifted all underwriters in 2010, creating at least four serious contenders for Best Bond House.
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BEST EQUITY HOUSE
Late 2009 and 2010 will be remembered as a period when equity issuance returned to LatAm with mixed results.