LatinFinance - Special Edition - August 2013 - G2

1
THE
EVOLUTION
OF THE
MARKETS
1988-2013

Latin America’s tumultuous history has proved a tricky environment for investment banks. While a handful of global institutions
still dominate, local banks are on the rise. By Ben Miller

League tables
Tough competition

istory is generally a good guide when
trying to make sense of the present or predict the future.
Not so with LatinFinance’s quarter century capital markets league tables. Recent years offer a much better indication of overall leaders for the entire 25-year period.
The reason is obvious: rapid expansion of Latin America’s
capital markets, and therefore of transaction volume, has
taken place in the past decade, so the tables are necessarily
heavily weighted towards recent history.
This is especially true of debt capital markets, where low
rates and unprecedented global liquidity have in recent
years sent investors looking for yield in Latin markets. It also
applies to equity capital markets, where the markets have
more recently opened up, in spurts, to a wide variety of new
issuers.
The volumes in the tables are grouped so that currently
existing banks receive credit for deals done by shops they
have acquired, or from which they were re-branded. The
tables bring together data from Dealogic, which has been
keeping score since the early 1990s, as well as the a wealth
of information from Securities Data Co and Capital Data, as
stored in early editions of LatinFinance.
US shops lead debt
Two US shops top the bond tables for cross-border issuance,
thanks to a surge in issuance in recent years.
JPMorgan, and the component banks that contribute to
today’s entity, boasts $175 billion from 638 bond deals – nearly 16% of the volume. It leads in most of the highest volume
countries: Argentina, Brazil, Chile, Colombia, and Mexico.
Citi comes second, having worked on $120 billion worth
of debt issues over the years. Among JPMorgan and Citi’s
deals’ tally sit several trades for the largest sovereigns, quasisovereigns and blue-chip corporates, topping a billion dollars. Both banks also boast extensive experience on smaller
deals, covering an expanding variety of sectors and countries. Deutsche Bank joins in the $100 billion-plus club, with
Bank of America Merrill Lynch and Credit Suisse rounding
out the top five. Brazil accounts for the most volume in the

25-Year Cross-Border DCM League Table
JPMorgan leads bonds
Rank

Bank

Volume ($m)

# Deals

% Share

JPMorgan

175,132.11

638

16.02

Citi

120,488.72

487

11.02

Deutsche Bank

104,622.07

374

9.57

Bank of America
Merrill Lynch

91,201.83

386

8.34

Credit Suisse

85,852.24

371

7.85

Morgan Stanley

69,013.42

234

6.31

Goldman Sachs

58,424.85

152

5.34

HSBC

56,482.08

217

5.17

UBS

51,418.96

204

4.70

Barclays

43,327.78

122

3.96

10
11

Santander

29,578.90

150

2.71

RBS

25,182.94

2.30
1.90

BNP Paribas

20,807.94

128

Itaú BBA

18,456.64

108

1.69

Banco do Brasil

14,171.10

1.30

Nomura

13,681.69

1.25

Commerzbank
Group

12,415.90

1.14
0.80

Daiwa

8,695.47

Bradesco BBI

8,208.65

0.75

BBVA

7,962.48

0.73

Total

1,093,370.33

2,949

100.00

Jan 1, 1988 to June 30, 2013
Table includes banks that exist in 2013. Banks receive credit for predecessor entities' work
Source: Dealogic, Capital Data, LatinFinance

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LatinFinance - Special Edition - August 2013

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