In a year when Brazil’s capital markets slowed and deal windows narrowed, BTG Pactual pushed in the opposite direction. The São Paulo-based bank expanded its footprint across debt, equity and advisory, executing some of the market’s most strategic transactions and cementing its position as the country’s most active domestic investment banking franchise.
BTG Pactual stood out for consistency and scale in a period otherwise defined by caution and selectivity. By remaining active across market segments and by anchoring some of Brazil’s most emblematic financings, the bank reaffirmed its central role in the country’s capital formation. Between October 2024 and September 2025, BTG participated in about 160 domestic debt capital markets transactions and advised on more than 40 M&A deals, while completing 14 Brazilian equity offerings in a period when new issuance was largely frozen. The breadth of that activity reflected a strategy focused on staying close to clients and maintaining origination capacity even as competitors scaled back.
The award, however, recognizes not just volume, but the ability to deliver complex transactions in a market that demanded both creativity and conviction.
Guilherme Paes, head of investment banking at BTG Pactual, says 2025 proved resilient despite macroeconomic headwinds and growing political uncertainty ahead of Brazil’s October general elections. In fixed income, demand repeatedly outpaced expectations. Daniel Vaz, head of DCM and project finance, points to an unusual market dynamic. “Demand for debt was so high that issuances with negative spreads started to make sense in the local market,” he explains. “Companies that were planning to make investments in the future decided to anticipate their placements. By raising debt below CDI, they were able to invest on CDI and make some money.”
That environment underpinned a heavy calendar of debentures and structured financings, particularly in infrastructure and energy. Among the most complex transactions were a R$2.78 billion bond internalization for sanitation group Aegea and advisory work on the auction and bridge loan for Águas do Pará. The bank also supported post-concession financings for projects such as Rialma and EcoRioMinas, highlighting its ability to link project finance, capital markets and advisory in sectors central to Brazil’s long-term investment cycle.
Equity capital markets remained subdued despite a record performance by the Ibovespa. Fabio Nazari, head of ECM at BTG Pactual, says a key shift in 2025 was the return of foreign investors to Brazilian equities. “There has been a movement of money out of the US, and many investors have started to look back at emerging markets,” he notes. That renewed appetite translated into block trades and selective follow-ons, allowing BTG to gain market share as rivals retrenched. “We have kept our team in place and as a result we have gained market share because the competition has lost ground,” Nazari says. “For 2026, we are already working on some IPOs. With the reduction of interest rates, equity markets should become more attractive.”
One of the most visible transactions reinforcing BTG’s leadership was Eneva’s R$3.2 billion follow-on, priced in October 2024 and equivalent to about $573 million. Acting as lead-left and global coordinator, the bank strengthened the power producer’s balance sheet and advanced its growth strategy linked to Brazil’s energy transition and infrastructure expansion. The deal drew strong international demand, underlining BTG’s capacity to connect global capital with domestic strategic assets.
On the advisory side, Alessandro Farkuh, head of M&A, says the market shifted toward strategic buyers rather than purely financial investors. “In a market where good assets are cheap, we have seen investors trying to anticipate what should be a more positive macroeconomic scenario,” he says. “Several groups are looking to diversify or to consolidate their businesses.” The result was fewer transactions overall but with higher values, particularly in energy, infrastructure and financial services.
Across Latin America, BTG’s ECM platform captured nearly 60% market share with 20 regional transactions and 14 in Brazil, consistently leading deals as global coordinator and lead-left. Its DCM franchise originated more than 130 transactions year-to-date and roughly 160 over the full award period, supported by an integrated distribution model combining institutional placement with a growing retail channel.