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.
Category: Awards
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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.
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BEST BOND HOUSE
This is far from the most dynamic market in the history of LatAm DCM, but one shop has fought its way to the top, building on five years’ hard work. For the first time ever, HSBC is our Bond House of the Year, and its global reach and heavy balance sheet leave it in a strong position for 2009.
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BEST FINANCING INNOVATION
Afores have in recent years been flush with cash to spend on long-term investments. Restrictions on where they can put it, however, have limited their options and often diverted funds from projects.
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BEST LOAN HOUSE
The 12 months through October 2008 marked a turning point for LatAm syndicated loans. The period is characterized by extreme turbulence that rattled its participants, upended deals, and shifted the rankings of leading institutions.
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Local Investment Bank − Mexico: Citi-Banamex
Diverse for all Seasons
Most of the large institutions operating in Mexico fail to convince across all investment bank lines. BBVA Bancomer is the debt leader by volume this year, but it lacks the same commitment to M&A, as does Santander.
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Best Bank – Trinidad and Tobago: Republic Bank
Energizing the Base
After an unsuccessful foray into the Dominican Republic, Republic Bank has curtailed regional expansion plans and is focusing on Trinidad and Tobago. It sold its Dominican assets to BHD in October 2007 and has since greatly improved risk management.
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Local Investment Bank − Colombia: Bancolombia
Bancolombia sees an opportunity to use local knowledge to build investment banking at a time when foreign competitors are challenged. It will also be tested.
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Best Bank − Uruguay: Banco de la Republica
FDI Booster
Uruguay’s Banco de la República, the country’s largest bank in terms of deposits, has started to notch up an excellent performance on the back of firm economic growth. The Uruguayan economy has been roaring ahead at more than 7% a year following the 2002 economic crisis, according to the IMF. At first, expansion in banking did not follow the economic rise, but during the past two years it has started to match it.