In April, Telemar struck with the first benchmark-sized bond from a non quasi-sovereign LatAm corporate.
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BEST SOVEREIGN ISSUER
Brazil brought the first sovereign bond of 2009 – on the same day as Colombia – though credit for reopening emerging markets goes to Mexico’s daring 2019 three weeks before in mid-December.
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BEST SOVEREIGN BOND
In a dazzling display of all it has achieved this decade, Mexico cracked open international bond markets for EM issuers just before Christmas 2008 with a tightly priced $2 billion 10-year benchmark that took out much of 2009 funding needs.
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BEST QUASI SOVEREIGN BOND
It had been two years since a non-sovereign entity has issued bonds from Colombia, a country whose economic and security improvements landed it near the top of many EM investor wish lists.
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BEST FINANCIAL INSTITUTION BOND
The region’s financial institutions were latecomers to the new issue party during the market recovery. Eventually the demand was too good to resist, and institutions began to load up on subordinated capital.
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BEST CORPORATE LIABILITY MANAGEMENT
For much of last year, CFO and finance ministry agendas were dominated by efforts to survive the credit crunch, and, as debt markets reopened in the second half, address immediate funding needs.
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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 SUB-SOVEREIGN FINANCING
Capitalizing on upgrades and market opportunity, State of Mexico declined to use any major investment banks for its 25 billion peso refinance which extended duration and slashed the price on most liabilities.
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BEST CORPORATE ISSUER/EQUITY FOLLOW-ON
Gerdau, the Brazilian multinational steel company with assets spread around the region and in the US, has been the most frequent user of LatAm capital markets in the past year.
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BEST SYNDICATED LOAN/CORPORATE BOND ISSUE
Braskem’s March 2007 bid to acquire Ipiranga and Copesul unleashed a series of financings that kept the Brazilian petrochemicals giant in constant discussions with its bankers, lenders and investors through the subsequent 18-month period.