BNDES has not been a frequent issuer in the dollar bond markets this decade. When the time came to refinance notes issued in 1998, however, the Brazilian development bank brought a well priced new 10-year bond that preserved the 0% withholding tax structure featured in the original issue.
Category: Deals of the Year Awards
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BEST CORPORATE LIABILITY MANAGEMENT
By the second quarter of 2008, the Dominican Republic’s capital markets, spurred on by three years of GDP growth rates topping 9%, had gradually become ripe for sizeable corporate issuance.
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BEST LOCAL CURRENCY FINANCING/STRUCTURED BOND
As LatAm expands, the road to infrastructure improvement would seem to run through the pockets of increasingly liquid pension funds.
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BEST PRIMARY EQUITY ISSUE
Despite highly volatile market conditions, the initial public offering of Brazil’s OGX Petroleos in June was a smash hit. The company raised a total of $6.7 billion, making it the largest IPO ever in Brazil.
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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 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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DEALS OF THE YEAR RESULTS
Closing a transaction was enough to call it a success in 2008 as markets disintegrated. The LatinFinance Deals of the Year celebrate triumph over adversity.
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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 INVESTMENT BANK/M&A HOUSE
Extending three years of robust gains, Credit Suisse continues to monopolize the LatAm fee pool thanks to a senior team that appears to be burning the candle at both ends. In the full year 2008, it amassed $247 million in revenue from core investment banking – M&A, ECM and DCM – or 21% of the market, according to Dealogic. Second was UBS with $132 million, or 11%.
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BEST PROJECT FINANCE DEAL
AES’s sizable pipeline of projects in LatAm gives it an enviable position when it comes to bargaining with lenders. Chilean unit AES Gener succeeded in closing in October 27 a $989 million project financing with a 17.5-year tenor.