Latin Finance - January/February 2012 - 23

New Frontiers
he unbridled optimism that characterized last year’s selection process was somewhat more restrained by the time LatinFinance completed its awards process in late 2011. Problems in Europe loomed large, and several banks were already making tactical retreats from the region as they dealt with capitalization pressures at home. Meanwhile, broader market uncertainty over a possible global economic slowdown and the prospects of a worst-case scenario in Europe left equity, bond and loan markets in the doldrums post-summer. Fortunately, the September 30, 2010 to September 30, 2011 period under consideration was far from dull, punctuated by all kinds of innovation and new trends for the region, leaving it difficult for most bankers to grumble despite the uncertainties ahead. Equity markets were perhaps the

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only exception, with few if any issues meeting their target prices or performing well in the secondary markets. This of course made the selection process for equity transactions somewhat easier than other asset classes where there was an abundance of deals. Indeed, this year we have brought in new awards such as Best Infrastructure Law Firm, Best Infrastructure Bank and Best Power Financing, given the increasing importance of this area for the region. We have also dusted off Best Loan House in the light of the mini-revival in the bank market last year, while also splitting the corporate bond award into highyield and investment-grade categories to accommodate the increasing sophistication of the region’s credit markets. By the same logic, on this occasion at least, we abandoned a Sovereign Liability Management Award given the dearth of viable contenders at a time when many

sovereign dollar curves just require a tweak every once in a while. Corporate restructuring was also back on the agenda after Mexican retailer Comerci successfully concluded a $3.2 billion workout that had been mired in fruitless talks with debt holders for several years now. Advisor Rothschild, ability to negotiate with four different groups of creditors was a considerable feat in itself. Indeed, the number of strong contenders in various categories this year made judging particularly challenging. As always winners were selected at the sole discretion of LatinFinance, editorial staff, and league tables were not the sole determinant for being chosen as winner. Nor was size. Quasi-sovereign bond winner, Petrobras’s $6bn multipletranche bond, clearly stood out for being large, but it also represented a new financing model for one of Latin America’s global players. LF

LatinFinance Deals of the Year
Celebrating innovation Award Best Sovereign Issuer Best Corporate Issuer Best Investment Bank Best Bond House Best Loan House Best Equity House Best M&A House Best Sovereign Bond Best Corporate High-Yield Bond Best Corporate High-Grade Bond Best Quasi-Sovereign Bond Best Corporate Liability Management Best Primary IPO Best Follow-On Equity Best Private Equity Deal Best Cross-Border M&A Deal Best Domestic M&A Deal
Source: LatinFinance

Winner Mexico Arcos Dorados JPMorgan Bank of America & Merrill Lynch HSBC Itaú Credit Suisse UMS 100-year retap OGX 2018 NC4 AMX 2016/2041 Petrobras 2016/21/41 Braskem Arcos Dorados Gerdau BTG Pactual AEI's sale of 10 operating companies IXE-Banorte

Award Best Structured Financing Best Syndicated Loan Best Restructuring Best Local Currency Financing Best Trade Finance Deal Best Financing Innovation Best Project Financing Best Infrastructure Bank Best Infrastructure Law Firm Best Power Financing Best Boutique: Brazil Best Boutique: Mexico Best Boutique: Colombia Best Law Firm: Brazil Best Law Firm: Mexico Best Law Firm: Chile Best Law Firm: LatAm

Winner AA2000 10NC5 Nemak's $1.2 billion loan Comerci $3.2bn workout Arcos Dorados BRL400m 2016 BSC's pre-export syndication ICA 7.1 billion peso ABS Odebrecht Drilling 2021 Santander White & Case CFE 2021 Estáter Estructura Partners Corredores Asociados Mattos Filho Ritch Mueller Carey y Cía Shearman & Sterling

January/February 2012

LatinFinance 23
Latin Finance - January/February 2012

Table of Contents for the Digital Edition of Latin Finance - January/February 2012
