Equity capital markets in Latin America remained selective and fragile in 2025. Liquidity was concentrated in a small number of issuers, volatility persisted in Brazil and most markets saw only episodic reopening of the window for large trades. JP Morgan not only navigated those conditions—it dominated them.
The bank led the Latin American equity capital markets with a 44% wallet share over the awards period and executed the region’s most consequential block trades and follow-ons. That performance earns it Equity House of the Year.
The firm began the year with a $1.5 billion unregistered block trade for Vale on January 16, the largest block trade ever executed in Brazil and the largest equity offering in Latin America since 2022. It also ranked as the second largest block trade in Latin American history. The transaction reset expectations for scale in a market that had been largely dormant.
Momentum continued in February with BBB Foods’ $659 million first follow-on offering. JP Morgan acted as lead left global coordinator and stabilization agent on the transaction, which was the largest first follow-on out of Mexico since 2016, the largest in the Americas in 2025 and the largest in Latin America’s consumer and retail sector since 2021. Strong demand allowed the deal to be upsized and executed after an intensive marketing process with global investors.
But the defining equity deal of the year for the firm was LATAM Airlines. JP Morgan led the airline’s sell-downs, executing four block trades totaling approximately $2.1 billion and selling 16.8% of the company’s equity across the year.
These included a $370 million registered block trade in June, a $767 million registered block trade in August, a $242 million unregistered block trade in September and a $676 million registered block trade later that same month. The August transaction was the largest airline block trade ever in the region, the largest equity offering out of Chile since 2022 and the largest airline equity offering in the United States since 2020. The September transaction ranked as the second largest airline block trade in the region’s history.
Together, the LATAM trades demonstrated not just execution capacity, but the strength of long-standing client relationships. J.P. Morgan has advised LATAM Airlines across debt, equity and M&A transactions since the LAN-TAM merger in 2010, making it one of the most durable ECM partnerships in the region.
The bank’s equity leadership was not confined to airlines and consumer names. It consistently captured the largest, most technically demanding trades in Brazil and Mexico, markets where timing, structure and investor confidence were decisive.
The firm says it achieved a 44% wallet share in Latin American ECM during the period, far ahead of competitors. It also completed the largest marketed follow-on in Latin America year-to-date and the largest block trade in Brazil ever.
These results were achieved despite a broader backdrop in which Brazil—normally representing about 80% of regional equity issuance—underperformed due to political uncertainty and high interest rates. As Alfonso Eyzaguirre, the bank’s CEO for Latin America and Canada, says, “On equities, Brazil generally represents 80% of the wallet. As interest rates start to come down there, pent-up demand for equity deals is likely to come back to the market.”
JP Morgan’s ability to capture share in a difficult equity environment reflects its balance sheet strength, distribution power and global reach. Investors treated its deals as reference transactions, and issuers turned to the bank for certainty of execution when windows opened briefly.
In a year defined by scarcity of opportunity and concentration of volume in a handful of issuers, JP Morgan set records, dominated marquee transactions and reshaped expectations for scale in Latin American equity markets. No other firm matched its combination of volume, complexity and consistency.