Latin Finance - January/February 2012 - 35

McDonald’s, which was over the qualifying period. Arcos Dorados Share Perfromance ($) vs. Bovespa seen as a play on the The McDonald’s franchisee’s Up in a Down Year region’s growing middle successful IPO, and follow-on class. proved to be exceptions in an 70,000 28 The diversity of being a equity market too weak to take true region-wide business off, while its inaugural real 27 60,000 and the security of a New global trade inspired other 26 York placement helped as issuers to try the same. 50,000 Arcos well. The transaction not The market for Latin 25 only topped its midpoint American IPOs in 2011 40,000 Bovespa but became the only did not paint an attractive 24 issuer of the year to price picture. The rift between 30,000 above its price range, issuers and investors over 23 coming at $17.00, versus pricing continued from 2010, 20,000 22 $13.00-$15.00. and events in Europe and “We were able to the United States further 10,000 21 convince the controlling dampened risk aversion. shareholders and private Despite the strength of 0 20 equity investors to list many companies looking Apr-2011 May-2011 Jul-2011 Aug-2011 Oct-2011 Dec-2011 directly in New York – this to go public and a belief Source: Stock exchange data was a very US-centric deal,” in the regions’ underlying says Facundo Vazquez, a fundamentals, market debuts managing director at Bank consistently failed to hit their of America Merrill Lynch, one of the price targets. Many failed to even reach Yet Arcos Dorados’s $1.25 billion managers along with JPMorgan, Morgan the bottom of the range. By July, most had New York listing proved the exception. Stanley, Itaú BBA and Citigroup. just given up. It offered investors a tested name,

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January/February 2012

LatinFinance 35



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Latin Finance - January/February 2012

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

Latin Finance - January/February 2012
Contents
Latam-India Trade
Subnational Finance
Deals of the Year
A US Shop Takes a Leadership Role
Toppling the Competition
Swiss Bank Keeps Top Spot
Fast Food Victory
Daring E&P Debut
Complex Pan-Regional Asset Sale
A First for Mexican Project Financing
A New Quasi-Sovereign Benchmark
Creating a Niche
Legal Lead
Brazil Debt
Project Finance
Brazil Sustainability Index
Latin Finance - January/February 2012 - Latin Finance - January/February 2012
Latin Finance - January/February 2012 - Cover2
Latin Finance - January/February 2012 - 1
Latin Finance - January/February 2012 - Contents
Latin Finance - January/February 2012 - 3
Latin Finance - January/February 2012 - 4
Latin Finance - January/February 2012 - 5
Latin Finance - January/February 2012 - 6
Latin Finance - January/February 2012 - 7
Latin Finance - January/February 2012 - 8
Latin Finance - January/February 2012 - 9
Latin Finance - January/February 2012 - 10
Latin Finance - January/February 2012 - 11
Latin Finance - January/February 2012 - 12
Latin Finance - January/February 2012 - 13
Latin Finance - January/February 2012 - Latam-India Trade
Latin Finance - January/February 2012 - 15
Latin Finance - January/February 2012 - 16
Latin Finance - January/February 2012 - 17
Latin Finance - January/February 2012 - 18
Latin Finance - January/February 2012 - 19
Latin Finance - January/February 2012 - Subnational Finance
Latin Finance - January/February 2012 - 21
Latin Finance - January/February 2012 - 22
Latin Finance - January/February 2012 - Deals of the Year
Latin Finance - January/February 2012 - A US Shop Takes a Leadership Role
Latin Finance - January/February 2012 - 25
Latin Finance - January/February 2012 - Toppling the Competition
Latin Finance - January/February 2012 - 27
Latin Finance - January/February 2012 - 28
Latin Finance - January/February 2012 - 29
Latin Finance - January/February 2012 - Swiss Bank Keeps Top Spot
Latin Finance - January/February 2012 - 31
Latin Finance - January/February 2012 - 32
Latin Finance - January/February 2012 - 33
Latin Finance - January/February 2012 - Fast Food Victory
Latin Finance - January/February 2012 - 35
Latin Finance - January/February 2012 - 36
Latin Finance - January/February 2012 - 37
Latin Finance - January/February 2012 - Daring E&P Debut
Latin Finance - January/February 2012 - 39
Latin Finance - January/February 2012 - 40
Latin Finance - January/February 2012 - 41
Latin Finance - January/February 2012 - 42
Latin Finance - January/February 2012 - Complex Pan-Regional Asset Sale
Latin Finance - January/February 2012 - 44
Latin Finance - January/February 2012 - 45
Latin Finance - January/February 2012 - 46
Latin Finance - January/February 2012 - 47
Latin Finance - January/February 2012 - A First for Mexican Project Financing
Latin Finance - January/February 2012 - 49
Latin Finance - January/February 2012 - A New Quasi-Sovereign Benchmark
Latin Finance - January/February 2012 - 51
Latin Finance - January/February 2012 - Creating a Niche
Latin Finance - January/February 2012 - 53
Latin Finance - January/February 2012 - Legal Lead
Latin Finance - January/February 2012 - 55
Latin Finance - January/February 2012 - 56
Latin Finance - January/February 2012 - Brazil Debt
Latin Finance - January/February 2012 - Project Finance
Latin Finance - January/February 2012 - 59
Latin Finance - January/February 2012 - 60
Latin Finance - January/February 2012 - 61
Latin Finance - January/February 2012 - Brazil Sustainability Index
Latin Finance - January/February 2012 - 63
Latin Finance - January/February 2012 - 64
Latin Finance - January/February 2012 - Cover3
Latin Finance - January/February 2012 - Cover4
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