Whether it’s low oil prices slowing energy reforms or the depreciation of its peso, it’s no surprise deal flow in Mexico’s capital markets has decreased. Local capital markets transactions slumped 55% in the first eight months this year, compared to the same period in 2015, according to Dealogic.

Still, Mexico remains one of Latin America’s most viable investment destinations and the 2016 winner for Best Investment Bank Mexico — BBVA Bancomer — has proved that by concluding important transactions across local and international debt capital markets, equities and mergers and acquisitions.

Advantageous windows in capital markets have grown smaller, according to Adrián Otero, BBVA Bancomer’s head of investment banking for Mexico. He says the need for a strong pipeline of transactions in a number of asset classes is crucial to ensure that banks can capitalize when the opportunity comes.

With support from its parent BBVA, the Mexican outfit has grown to become one of the Spanish bank’s most vital cogs. The bank remains close to Mexico’s institutional investor base, private banks and international investors with an interest in Mexico, Otero says.

“This gives us an advantage over competitors since we can find the cheapest and fastest way to do the fundraising for any transaction we are executing,” he says.

In equity capital markets, BBVA Bancomer was a bookrunner for Grupo Hotelero Santa Fe’s 1.83 billion peso ($94.8 million) equity follow-on offering, which secured over half of its support from local institutional accounts, Otero says.

In M&A, the Mexican bank advised local energy infrastructure company IEnova on its $852 million purchase of the Ventika wind farm complex from private equity firm Blackstone Energy Partners in September. This marked the largest-ever sale in the wind and renewables sector in Mexico, Otero adds.

BBVA Bancomer also advised government-owned Fondo de Empresas Expropiadas del Sector Azucarero (FEESA) on the $600 million sale of nine sugar mills. In September, Beta San Miguel agreed to buy the last two remaining FEESA-owned mills for about $181 million, closing one of Mexico’s largest privatizations.

The bank again in September was part of Mexico’s largest local bond trade of 2016. It was a bookrunner on bread maker Grupo Bimbo’s 8 billion peso 2026 bond sale, alongside Bank of America-Merrill Lynch and Santander. Otero says order books hit nearly 20 billion pesos.

“This year has been tough for investment banking,” he says. “But we have a great position and are close to our clients across different sectors so as to advance any opportunities we see in the markets.” LF

WINNER: BBVA Bancomer