Category: 2023 Deals of the Year Awards

In November 2022, LATAM Airlines obtained the approval of an innovative Debtor-in-Possession (DIP) Financing structure that concluded a Chapter 11 bankruptcy procedure in US courts that involved the renegotiation of over $16 billion in liabilities and no less than 38 debtors across numerous jurisdictions. The deal, which wins Corporate Restructuring of the Year, marks the […]

Business was not easy for investment banks in Brazil in 2023, as market volatility impacted debt and equity markets and fuelled uncertainty for both issuers and investors alike. Yet at least one firm managed to close the year on a high – and with great expectations for the coming year: Itaú BBA. “We are happy […]

Mexico’s banking regulator set an end-2025 deadline for all systemically important banks to increase their total capital ratio requirements – but BBVA Mexico, the largest financial services company in the country, wasn’t taking any chances. Last June, the banking group successfully priced US$1 billion Basel III compliant 15NC10 year Tier 2 Subordinated Preferred Capital Notes […]

As the Mexican economy shows strength, issuers and investors are once again becoming more active. Behind much of the renewed activity is Bank of America – a key player in some of the most noteworthy deals to come out of the country over the past year. Among them are a $1 billion green perpetual bond […]

The Dominican Republic continues to advance its public debt strategy with the goal of reducing its foreign currency liabilities. This approach was again in evidence in 2023 as the sovereign came to market twice with local currency-denominated bonds, in January and then again in September. In the case of the latter, the Dominican Republic priced […]

In times of volatility, people tend to stick to what they know best. When it comes to Latin American capital markets regulation, few if any companies provide the level of comfort that Cleary Gottlieb does. Our regionwide Law Firm of the Year is a serial winner of this award; in 2023, it proved once more […]

The international bond market is notoriously finicky, but there is one thing it can count on at the start of each year: the United Mexican States (UMS). The sovereign has been the first anywhere to tap the market each year for the past 10 years, allowing it to take advantage of liquidity while investors are […]

A relative abundance of local liquidity was one of the main themes in Latin America’s debt markets in 2023 – and here, Brazil led the way with plenty of bond issuances in the domestic market. Few deals were as impressive as the sustainability-linked debentures issued by energy group Eletrobras in September 2023. The issuances, our […]

As Latin American issuers embrace sustainable financing, they must be prepared to face the scrutiny that will inevitably follow suit. That is where the expertise of advisers such as Allen & Overy, our Sustainable Finance Law Firm of the Year in 2023, comes into play. Companies that have sustainable bonds or loans in their balance […]

Different kinds of sustainable bonds employ different approaches to measuring performance. Green bonds, for example, make use of use-of-proceeds commitments, whereby issuers must meet certain broader sustainability targets, with little emphasis on how they do so. Sustainability-linked bonds (SLBs), in contrast, deploy key performance indicators and other measures to determine whether specific targets are achieved. […]