Latin Finance - January/February 2011 - 24

DEALS of the YEAR
2010

Silver Year
iggest, tightest, longest, cheapest. Superlatives abound when describing LatAm capital markets and advisory for the last 12 months, and many bankers expect the good times to continue rolling. Emboldened by the region’s undiminished progress through the worst global crisis since the 1930s, as well as the relative paucity of business in other regions, LatAm investment bankers generally capitalized on the opportunity. Although volume and revenue have not yet returned to 2007 levels, ﬁnanciers regionwide predict a return to that golden year. This makes judging the LatinFinance Deals of the Year particularly challenging, as most categories have more than two very strong candidates. Nonetheless, through an intensive evaluation process, supported by our unrivalled access to decision makers at the leading issuers, investors, banks and law ﬁrms, we have picked our winners. Veterans distinguished themselves –

there are several winners of prior years in the mix – while newcomers have made inroads. The year marks the return of Chile as an issuer, Mexico as a market for new equity and structured innovation, and Brazil as the origin of the biggest stock sale ever. Credit Suisse is back as top investment bank, while Deutsche Bank and BTG Pactual win their ﬁrst house awards. Perennial legal favorite Cleary Gottlieb shines in the law ﬁrm categories. In our consideration of equity, we slightly stretched the period under consideration, October 1 2009 to September 15 2010. The Petrobras win from late September underscores the sheer importance of such a huge trade to the biggest LatAm economy in an election year. In awarding it, we also level the playing ﬁeld for next year’s follow-on equity, where a pick up in activity is anticipated. Meanwhile, because of the bond market’s ebullience, loan markets stood emaciated. Deal volume in 2010 was $29

billion, the lowest since 2004, when it was also that number. The region’s top lenders by volume in the ﬁrst 11 months – Citi and Santander – did so little real syndications business that neither would have made the top ﬁve in 2009. Hence, we elected not to name a “Best Loan House” for 2010. Similarly, lack of viable contenders closing during the period under consideration left us without a winner in the sovereign liability management or restructuring categories. Honorable mention must nonetheless go to Argentina and its gutsy move to jam bondholders into the same unattractive deal they rejected ﬁve years earlier. As usual, winners were chosen at the sole discretion of LatinFinance editorial, regardless of any commercial relationship with other departments of the ﬁrm. For house categories, winners are picked not for league table domination or by rotation. And size is not everything for transactions: they have to matter and really make a di erence. LF

LatinFinance Deal of the Year
Innovation amid opportunity Award Best Sovereign Issuer Best Corporate Issuer Best Investment Bank Best Bond House Best Equity House Best M&A House Best Sovereign Bond Best Corporate Bond Best Corporate Liability Management Best Quasi-Sovereign Bond Best Primary Equity Issue Best Follow-On Equity
Source: LatinFinance

Winner Republic of Chile América Móvil Credit Suisse Deutsche Bank BTG Pactual Credit Suisse Republic of Chile $1.5 billion dual-currency ﬁnancing Southern Copper $1.5 billion in 10 and 30-year bonds Fibria BNDES Ð750 million 2017 Grupo Comercial Chedraui Petrobras

Award Best Private Equity Deal Best Cross-Border M&A Deal Best Domestic M&A Transaction Best Structured Financing Best Syndicated Loan Best Project Financing Best Local Currency Financing Best Law Firm: Brazil Best Law Firm: Mexico Best Law Firm: Chile Best Law Firm: LatAm Best Financing Innovation

Winner Apax-Tivit CNOOC-Bridas Braskem-Quattor State of Mexico Grupo México Jaguar Energy Guatemala Colombia 1.5 trillion peso Global TES due 2021 Pinheiro Neto Cleary Gottlieb Claro y Cia Cleary Gottlieb State of Mexico

24 LATINFINANCE

January/February 2011

Latin Finance - January/February 2011

Table of Contents for the Digital Edition of Latin Finance - January/February 2011