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.
Category: Awards
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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.
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BEST QUASI-SOVEREIGN BOND/FINANCIAL INSTITUTION BOND
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.
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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 Bank − Dominican Republic: Banco Popular
Welcome to the Top
Banco Popular Dominicano is beating its peers in the Dominican Republic in terms of market share by assets, surpassing even the government-backed Banco de Reservas, the previous leader. And although the economy of the Dominican Republic is seeing signs of deceleration, Popular’s non performing loans (NPLs) are at a minimum when compared to those seen in other banks operating in the country. Popular is also seeing a rise in deposits, ROA and ROE.
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Best Bank − Ecuador: Banco Pichincha
Bucking the Trend
Ecuador’s Banco del Pichincha is clinging on to a AA+ rating from Fitch subsidiary Bank Watch Ratings, despite global financial crisis and a government that many foreign investors would not have on their shopping lists. In fact, Bank Watch lists political risk as one of the main threats to Pichincha.
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Best Bank − El Salvador: Banco Agrícola
Bridge to Salvador
Banco Agrícola is the centerpiece of Bancolombia’s strategy to establish a meaningful presence in Central America. The May 2007 purchase earned the Colombian powerhouse a solid footprint in a highly sought after region, and just in time.
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Best Bank − Guatemala: Banco Industrial
Big Fish
Banco Industrial’s acquisitions of Banco del Occidente in 2006, Banco del Comercio in 2007 and Banco Quetzal this year, make it king of a fragmented but quickly consolidating market. It now commands a 28% share in Guatemala, according to the bank, with assets of $5.4 billion as of June. Industrial is also the largest bank at a time when there is an investor flight to quality, says Marvin Guevara, analyst at Fitch. This has resulted in a large increase in deposits over the past two years compared to other banks, despite system-wide troubles.