LatAm is better prepared for global crisis, and appears relatively comfortable versus Eastern Europe. But it is being hammered more than initially expected.
Category: 2009
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High Voltage M&A
Energy sector consolidation looks set to continue, fueled by incoming Europeans, growing large locals and cash-strapped exiting small caps.
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Brazil Politics: Life After Lula
Markets almost collapsed during the 2002 election, when Lula first took power. Less volatility is expected in 2010, and José Serra leads the polls.
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Latin America-Middle East: Behind the Mirage
The Middle East has gone bust faster than anyone could have imagined. However, Brazil is still on the radar and LatAm may still be a long-term beneficiary of Gulf wealth.
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Brazil Mining: Into the Pits
Large Brazilian metal producers are well capitalized and scouting opportunity. Incremental, opportunistic asset purchases by deep-pocketed firms look likely.
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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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COMMENT: Citi Tanks
Trying to be all things to all clients in all markets has shattered Citi, which is now engaged in a last ditch effort to save itself by breaking up the supermarket. However it survives, LatAm clients should expect a different kind of service from the self-styled bank that never sleeps.
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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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JPMorgan Trims DCM
As the global financial crisis rages on, investment banks continue to trim staff. JPMorgan has brought its LatAm capital markets origination team under a single group headed by Roberto D’Avola, executive director formerly in charge of LatAm ECM. The move is aimed at adapting to changing markets and better addressing client financing needs.