Latin Finance - January/February 2011 - 2
Contents
January/February 2011
LOCAL CURRENCY INVESTMENT
14 Demand for local currency fixed income is back, tracking appreciating LatAm currencies and glaring interest rate differentials. Structural shifts support the trend, but sustainability is in question.
DEALS OF THE YEAR
24 The standout issuers, banks and deals from an actionpacked 2010. BEST INVESTMENT BANK 26 A Swiss house packs a punch. BEST BOND HOUSE 30 German powerhouse speaks. BEST SOVEREIGN ISSUER 34 High grade Southern Cone comeback. BEST CORPORATE ISSUER 36 Mexican mobile triumph. BEST LOCAL CURRENCY FINANCING 40 Colombia prices through Libor. BEST CROSS-BORDER M&A 44 China places big Argentina bets. BEST PROJECT FINANCE 47 Getting Guatemala energized. BEST LAW FIRMS 50 The legal edge.
14 Local Currency Investment
Best Investment Bank 26
TELEVISA M&A STRATEGY
34 Best Sovereign Issuer
Best Cross-Border M&A 44
56 Televisa’s partnership with Nextel may be off the table. But the Mexican media conglomerate is still expected to pursue mobile to unlock value in its content.
GRUPO MEXICO INTERVIEW
61 Aggressive in expansion, conservative with financing, Grupo México aims to double copper output in the next five years. Its CFO does not expect fresh fundraising.
URUGUAY
64 Uruguay hopes to invigorate local capital markets with new legislation. The country’s vice president says public companies may soon list minority stakes locally.
61 Grupo México Interview
Uruguay 64
Who said that?
“A lot of these flows, which used to be highly transitory in the past, today are much more permanent. [Latin America] is facing a permanent positive capital shock.”
See page 15
LatinFinance® (USPS 004-662), (ISSN 1048-535X) is published bi-monthly by Latin American Financial Publications, Inc., 1101 Brickell Avenue, Suite N1200, Miami, Florida USA. Periodicals postage paid at Miami, FL and at additional mailing offices. POSTMASTER: SEND ADDRESS CHANGES TO: 1101 BRICKELL AVENUE, SUITE N1200, MIAMI, FLORIDA USA Copyright© 2010 Latin American Financial Publications, Inc. All rights reserved. Reproduction in whole or in part of any text, photograph, or illustration without written permission from the publisher is strictly prohibited. Title is protected through a trademark registration with the US Patent Office.
LatinFinance Roundtables and Special Reports are underwritten by sponsors, although the magazine’s editors retain control over the content of these articles to ensure their objectivity and independence.
2 L ATIN F INANCE January/February 2011
http://www.teitter.com/LatinFinance
Latin Finance - January/February 2011
Table of Contents for the Digital Edition of Latin Finance - January/February 2011
Latin Finance - January/february 2011
Contents
Local Currency Investment
Deals of the Year
Best Investment Bank
Best Bond House
Best Sovereign Issuer
Best Corporate Issuer
Best Local Currency Financing
Best Cross-Border m&a
Best Project Finance
Best Law Firms
Televisa m&a Strategy
Grupo Mexico Interview
Uruguay
Latin Finance - January/February 2011 - Latin Finance - January/february 2011
Latin Finance - January/February 2011 - Cover2
Latin Finance - January/February 2011 - 1
Latin Finance - January/February 2011 - Contents
Latin Finance - January/February 2011 - 3
Latin Finance - January/February 2011 - 4
Latin Finance - January/February 2011 - 5
Latin Finance - January/February 2011 - 6
Latin Finance - January/February 2011 - 7
Latin Finance - January/February 2011 - 8
Latin Finance - January/February 2011 - 9
Latin Finance - January/February 2011 - 10
Latin Finance - January/February 2011 - 11
Latin Finance - January/February 2011 - 12
Latin Finance - January/February 2011 - 13
Latin Finance - January/February 2011 - Local Currency Investment
Latin Finance - January/February 2011 - 15
Latin Finance - January/February 2011 - 16
Latin Finance - January/February 2011 - 17
Latin Finance - January/February 2011 - 18
Latin Finance - January/February 2011 - 19
Latin Finance - January/February 2011 - 20
Latin Finance - January/February 2011 - 21
Latin Finance - January/February 2011 - 22
Latin Finance - January/February 2011 - 23
Latin Finance - January/February 2011 - Deals of the Year
Latin Finance - January/February 2011 - 25
Latin Finance - January/February 2011 - Best Investment Bank
Latin Finance - January/February 2011 - 27
Latin Finance - January/February 2011 - 28
Latin Finance - January/February 2011 - 29
Latin Finance - January/February 2011 - Best Bond House
Latin Finance - January/February 2011 - 31
Latin Finance - January/February 2011 - Best Sovereign Issuer
Latin Finance - January/February 2011 - 33
Latin Finance - January/February 2011 - Best Corporate Issuer
Latin Finance - January/February 2011 - 35
Latin Finance - January/February 2011 - 36
Latin Finance - January/February 2011 - 37
Latin Finance - January/February 2011 - 38
Latin Finance - January/February 2011 - 39
Latin Finance - January/February 2011 - Best Local Currency Financing
Latin Finance - January/February 2011 - 41
Latin Finance - January/February 2011 - 42
Latin Finance - January/February 2011 - 43
Latin Finance - January/February 2011 - Best Cross-Border m&a
Latin Finance - January/February 2011 - 45
Latin Finance - January/February 2011 - 46
Latin Finance - January/February 2011 - Best Project Finance
Latin Finance - January/February 2011 - 48
Latin Finance - January/February 2011 - 49
Latin Finance - January/February 2011 - Best Law Firms
Latin Finance - January/February 2011 - 51
Latin Finance - January/February 2011 - 52
Latin Finance - January/February 2011 - 53
Latin Finance - January/February 2011 - 54
Latin Finance - January/February 2011 - 55
Latin Finance - January/February 2011 - Televisa m&a Strategy
Latin Finance - January/February 2011 - 57
Latin Finance - January/February 2011 - 58
Latin Finance - January/February 2011 - 59
Latin Finance - January/February 2011 - 60
Latin Finance - January/February 2011 - Grupo Mexico Interview
Latin Finance - January/February 2011 - 62
Latin Finance - January/February 2011 - 63
Latin Finance - January/February 2011 - Uruguay
Latin Finance - January/February 2011 - Cover3
Latin Finance - January/February 2011 - Cover4
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