Latin America’s bond markets regained momentum in 2025 after several years defined by volatile issuance windows, inflation concerns and shifting investor risk appetite. Sovereigns returned in size, corporates reopened curves that had been dormant since the pandemic and liability management once again became a defining feature of the market. Competition among leading banks was intense, and the margin between the top contenders was narrow. Citi ultimately distinguished itself not simply by volume, but by the consistency and complexity of the transactions it delivered across the region.
During the awards period, Citi participated in more than 80 international bond transactions across 13 countries, spanning dollars, euros, Mexican pesos, soles, Dominican pesos and guaranis. Its presence cut across sovereign, quasi-sovereign, investment-grade corporate and high-yield markets, reflecting a platform capable of operating at scale while tailoring structures to demanding credits and increasingly selective investors.
Adrian Guzzoni, head of Latin America DCM at Citi, says the year stood out for both innovation and execution despite persistent volatility. “2025 was a remarkable year, not only in terms of volumes, but also of the innovative business that we did,” he says. “We estimate that issuances closed the year at about $180 billion, which is 20% more than in 2019 and 2020.”
Mexico’s financing program set the tone for the regional market and illustrated the type of transactions that ultimately tilted the balance in Citi’s favor. The bank played senior roles on a sequence of landmark sovereign deals, including the $12 billion P-Caps bond that provided upfront liquidity support for Pemex. The transaction ranked as the largest emerging markets bond ever and the second-largest non-US government-related US dollar bond, with order books peaking above $23 billion and pricing tightening sharply from initial guidance. It was followed by a €5 billion triple-tranche euro offering, the largest euro bond ever from both a Latin American and an emerging markets issuer, and then a further $8 billion multi-tranche US dollar transaction that reinforced Mexico’s access to global markets across maturities while anchoring a broader liability management strategy.
Corporate markets also reopened decisively, and Citi was at the centre of several of the year’s most closely watched transactions. LATAM Airlines returned to the bond market with a $1.4 billion secured deal following its Chapter 11 exit, achieving an order book of more than $7.7 billion and generating meaningful refinancing savings. Embraer recorded the most oversubscribed deal of the year from the region, while Aeromexico completed its first capital markets transaction since emerging from restructuring.
In Colombia, Citi guided Grupo Nutresa through its inaugural $2 billion dual-tranche bond, the largest private corporate issuance in the country’s history. The transaction followed an extensive global roadshow and drew participation from more than 190 accounts, allowing pricing to tighten by roughly 25 basis points from initial levels and establishing a new benchmark for Colombian corporates in international markets.
Infrastructure and structured finance further underscored Citi’s case. The bank led the largest-ever FPSO project bond for Yinson’s Maria Quitéria vessel, one of the most technically complex project financings executed in the region. It also structured the synthetic credit financing for Jamaica’s Montego Bay Airport, rated above the sovereign and representing a step forward in how Caribbean infrastructure assets can access capital markets. In Mexico, Saavi Energía executed the first high-yield energy issuance of the year, migrating debt from multiple operating subsidiaries into a single streamlined capital structure.
Citi also demonstrated leadership in ESG and local currency markets. It led the largest corporate blue bond ever issued in the region for Aegea and structured sustainable bond offerings for development finance and sovereign issuers including Peru’s COFIDE and Honduras’ return to the market. International local currency bonds for sovereigns such as the Dominican Republic, Peru and Paraguay further broadened the investor base for Latin American debt.
Argentina remained one of Citi’s strongest franchises, with the bank participating in 13 of the 16 international corporate bond transactions from the country during the period, including first benchmark issuances in years for Vista Energy and IRSA.
For Guzzoni, the year reflected a shift in issuer behaviour toward more sophisticated structures. “There were many transactions that complemented the bond market,” he says. “Issuers were open to new ways of raising money, allowing advisers like Citi to devise outstanding deals.”