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.
Category: Awards
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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 LIABILITY MANAGEMENT
A mid severe volatility, liability management was not at the front of most issuers’ minds last year. In the sovereign space, the region’s largest and most market-ready issuers were not in great need, and the market was tricky for most others.
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BEST LOCAL CURRENCY FINANCING
Mexican telecom giant América Móvil’s successful UF4.0 million ($145 million) April bond issue in Chile opens the gates to other LatAm companies seeking to raise funds in new markets.
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BEST PRIMARY EQUITY ISSUE
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.
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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.