The 12 months through October 2008 marked a turning point for LatAm syndicated loans. The period is characterized by extreme turbulence that rattled its participants, upended deals, and shifted the rankings of leading institutions.
Author Archives: LatinFinance Awards
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BEST PRIVATE EQUITY DEAL
Every year LatAm’s fledgling private equity industry witnesses something new like LBOs or the establishment of regionally-focused platform companies, such as Arcos Dorados.
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BEST EQUITY HOUSE
While 2008 saw a dramatic reduction in the number of LatAm IPOs and follow-on offerings compared to 2007, the past year brought a handful of unusual and notable deals that mark an advance for the region as a whole.
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BEST CROSS-BORDER M&A
The $1.3 billion acquisition of Chilean electricity distributor Grupo Saesa by Morgan Stanley Infrastructure (MSI) and Ontario Teachers’ Pension Plan (OTPP) from New Jersey-based PSEG shows that financial investors can beat strategics when it comes to buying infrastructure-related companies.
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BEST SOVEREIGN ISSUER/LIABILITY MANAGEMENT
Don’t be fooled by size. Uruguay has consistently punched above its weight as a debt issuer and risk manager this decade. The issuer topped off a successful streak of liability management by steering investors to long-dated global and domestic bonds through November 2007 and June 2008 tenders.
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BEST DOMESTIC M&A
Last March, the third largest exchange in the world was formed in Brazil via the merger of Bolsa de Mercadorias & Futuros, the fourth largest commodities and futures exchange, and Bovespa, the fifth biggest public exchange globally.
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BEST SOVEREIGN BOND
As LatAm issuers plan their funding strategies this year, they may look back fondly on a time when sovereigns could get new issue spreads of 170 basis points on 30-year paper.
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Best Bank − Chile: Banco Santander
Outstripping the Population
Chile’s Santander, the country’s biggest deposit-taking bank, has seen its client base jump to three million people, an increase of 40% during the past three years. It has a network of 2,016 ATMs and 468 branches, the biggest reach in the country, according to the bank. Its total deposits amounted to $22.3 billion at the end of June.
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Best Bank − Uruguay: Banco de la Republica
FDI Booster
Uruguay’s Banco de la República, the country’s largest bank in terms of deposits, has started to notch up an excellent performance on the back of firm economic growth. The Uruguayan economy has been roaring ahead at more than 7% a year following the 2002 economic crisis, according to the IMF. At first, expansion in banking did not follow the economic rise, but during the past two years it has started to match it.
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Best Bank – Costa Rica: Banco Nacional de Costa Rica
Bigger Fish, Shrinking Pond
Worsening global conditions in the past year have done little to shake up the Costa Rican banking landscape. Lenders are taking a conservative stance until the full impact is known, particularly regarding the vital tourism sector.