Ask a banker what he or she thinks makes an IPO a great deal and you are bound to hear an array of arguments including exaltations of the issuer’s “story,” the size of the book, benefits to selling shareholders, and an aftermarket pop.
Category: Deals of the Year Awards
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BEST PRIVATE EQUITY DEAL
In May 2009, private equity shop Advent International, which has more than $6 billion in assets under management, snapped up about 30% of Brazil securities clearinghouse Cetip-Balcão Organizado de Ativos e Derivativos for 360 million reais with funds from its LatAm PE fund, which is capitalized at $1.3 billion.
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DEALS OF THE YEAR RESULTS
Participants in last year’s capital markets bungee jump will remember it forever. In Latin America, the key lesson learned is that the bigger, more investor-friendly economies can take external shock on the chin.
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BEST FOLLOW-ON EQUITY ISSUE
A 5.3 billion real equity follow-on from Brasil Foods (BRF) was the standout in 2009 for a combination of disciplined execution in choppy times and its participation in the creation of the world’s second largest animal protein exporter.
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BEST RESTRUCTURING: Cemex Admits Mistakes
Cemex is back from the brink of disaster. After a laudable $15 billion restructure, many wonder how the fallen blue chip ever got itself into such a twist.
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BEST CROSS-BORDER M&A DEAL
Brazil’s Companhia Siderúrgica Nacional (CSN) sold in October 2008 a 40% stake of iron ore unit Namisa to a consortium of Japanese and Korean companies when iron ore prices were sliding, as were practically all other commodities amid the global financial slump.
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BEST CORPORATE ISSUER: Bimbo Bakes Up a Storm
Bimbo, the largest bread and confectionary producer in the hemisphere, seized the opportunity to expand in the US. It is cutting leverage, but has an eye on further expansion.
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BEST DOMESTIC M&A TRANSACTION
The merger of Itaú and Unibanco created Brazil’s largest bank by equity, assets and loan portfolio, and the eleventh largest in the world by market cap.
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BEST INVESTMENT BANK
Recuperating markets played to the strengths of JPMorgan, globally one of the few banks to emerge stronger from crisis. The shift to high yield presents a challenge.
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BEST PROJECT FINANCE DEAL
Securing $1.34 billion in 10-year money through a quasi-syndication in a year when even high quality five-year projects in Chile struggle is a major feat.