BAML Replaces LatAm ECM Chief

Regional equity expert Sebastien Chatel is no longer heading Bank of America Merrill Lynch’s LatAm ECM operation, though he remains employed by the bank as a “consultant” on ECM matters, according to people at BAML. Gregg Nabhan, vice chair of global ECM, is now heading the LatAm team, transitioning into that role since May. Nabhan has been at BAML for over 2 years, joining from Morgan Stanley, where he had been head of LatAm ECM, among other positions. Chatel, who has been with BAML since joining Merrill from Credit Suisse in 2008, stepped down from the top LatAm equity post of his own volition, according to people familiar with the move. He was previously head of LatAm ECM at UBS and understood to be very close to BAML’s Brazil team, led by ex-UBS investment banker Alexandre Bettamio. Chatel survived the turbulent merger of Merrill and BofA, which saw the exit of Juan Vogeler, MD and co-head of LatAm ECM, as well as Ricardo Lanfranchi, MD in charge of the Brazil-based equity brokerage. Under his watch, BAML has won several large equity mandates in Brazil over the last 2 years, rising to become a top 3 underwriter by volume. Highlights include the 2009 jumbo from Santander. Most recently it managed a BRL9.76bn follow-on for Banco do Brasil. And BAML is global coordinator on Petrobras’ follow-on, which is expected to raise $25bn-$30bn later this year. BAML is also heard on deals for HRT and Repsol. It is not known how long Chatel – who is understood to be travelling on vacation for several months – will remain in his new advisory role at BAML.