Year: 2022

Winner: J.P. Morgan

Staying the course

Even before the global liquidity crunch in 2022, deal volume out of Peru had slowed
significantly amid political uncertainty and a tumultuous change of governments.

But JP Morgan, which wins the award for Investment Bank of the Year – Peru, managed to
close successful deals both for the sovereign and for key corporates in the country.

“Capital markets and M&A activity are down quite significantly across the world, and Peru is
no exception,” says Moises Mainster, the CEO for the Andean, Central America, and
Caribbean regions at JP Morgan. “The activity that we had during the year, both in M&A and
bonds, reflect that companies always need to do the next thing to grow and to fund themselves.
We also had some capital market deals for the government of Peru.”

According to data from Refinitiv, JP Morgan ranked second in both M&A and DCM in the
Peru-vian market. Mainster says that the bank worked with companies including Petroperu to
raise money for capex purposes, and with the Peruvian government with some well-received
bond deals.

“Peru, as a sovereign issuer, is very well rated. They always have access to markets and they are
also very sophisticated in terms of liability management,” he says.

The strength of the sovereign issuer is one of the reasons why JP Morgan remains confident
that, once the global scenario settles down, Peru will continue to be a promising market for
investment banks. In fact, the bank believes that Peru will be one of the fastest growing Latin
American countries in 2023, Mainster says.

Such optimism is also fueled by the range of highly sophisticated companies active in the
Peruvian market-place, especially in sectors such as natural resources, energy, financials, retail
and consumer goods.

“We see Peru as a country where there will always be activity, even if markets do not normalise
to the point they were two years ago,” he points out.