Latin Finance - November/December 2011 - 8

Equity

Following on

parent Telecom Italia indicating beforehand it would exercise its rights to 66.94% of the sale. Some analysts and investors had called the follow-on Bankers hope equity issues will spring back to life next year, but unnecessary, citing TIM’s low debt levels. Nevertheless, proceeds in October they continued to commiserate over the poor state of will allow the telecom to expand a market that is one of their largest fee its infrastructure, after it spent 1.6 generators. Save for a few follow-ons ECM Rank by Volume, Year to October 28 billion reais on the July purchase of from some of the better secondary Itau keeps lead position broadband provider AES Atimus. Itaú performers and blue-chip names, new Rank Bookrunner Value $m # Deals and Morgan Stanley managed the issuance was all but shut that month. 1 Banco Itaú 3,509 26 follow-on. One of the few exceptions was 2 Credit Suisse 2,329 18 Arcos Dorados’s $976.8 million follow3 Citi 2,296 16 on in October. Some questioned the State-controlled oil producer 4 JPMorgan 2,201 12 timing, but the move made sense in the Ecopetrol’s inability to raise its target 5 BTG Pactual 2,098 13 context of the stock’s relatively decent size in July has not deterred other performance and the uncertainty about 6 BofA Merrill 1,916 12 blue-chip Colombians from raising market behavior next year. 7 Banco Bradesco 1,644 10 funds through follow-on sales. The LatAm McDonald’s franchisee’s 8 Morgan Stanley 1,515 10 Empresa de Energia de Bogota (EEB) $1.25 billion IPO in April was the only 9 Santander 1,150 12 launched in October a 700 billion such o ering in the region to come 10 Larrain Vial 1,107 6 peso ($360 million) sale and later that above its price range, and indeed month was expected to upsize the Subtotal 19,765 53 it has performed solidly ever since. o ering after seeing orders reach 1.3 Total 27,688 72 The holders sold 44.4 million shares, times. Source: Dealogic assuming exercise of a 10% greenshoe, Banco Davivienda followed, at $22.00 each, representing a opening a deal that should 2.82% discount to the previous raise between 480 billion and Performance of M&E LatinFinance Index closing price. The shares were at 800 billion pesos, depending on Still trouncing the Ibovespa $22.36 October 21. demand for the sale, scheduled The deal was close to three 120 to close November 10. The Sustainable Stars Brazil times subscribed, and saw mortgage specialist-turnedparticipation from over 200 110 broader lender plans to sell 24 accounts, 25% of which were million shares, upsizeable to new investors to the company. 40 million shares, at a price of 100 The sale represents the exit of 20,000 pesos each.Davivienda private equity investors DLJ, is raising funds to grow and 90 Capital International and Gavea, keep up with the expansion Bovespa which bought McDonald’s LatAm of other Colombian financial 80 operations along with Arcos institutions. It has its eyes on controller Woods Staton in 2007. operations in other countries Bank of America Merrill 70 including Peru, and an eventual Lynch, Credit Suisse, Citigroup, ADR listing and 144a bond Itaú, JPMorgan and Morgan o ering. Stanley were leads. Meanwhile, Inversiones With the end of the year fast Suramericana was poised in late Source: Management & Excellence SA approaching, it is di cult to see October to announce details of additional follow-ons for 2011, a 3.9 trillion peso o ering after filing to sell 120 million shares. even from well-known quality issuers, and bankers are looking At the time, the challenge, will be o ering buyers enough of a to unleash their large IPO pipeline in January or even later, discount while still reaching the large size needed to help fund the depending on market conditions. €2.615 billion ($3.76 billion) acquisition of ING’s LatAm pension Brazilian wireless operator TIM Participações broke the fund and insurance assets agreed earlier this year. LF silence in early October when it raised 1.72 billion reais ($925 million). It sold 200.3 million primary shares, including a 9.5 UPDATE million share greenshoe, at 8.60 reais each, o ering a 0.92% discount to the previous close. Shares were at 8.85 reais October For daily ECM news, see www.latinfinance.com 21. Most of the shares did not hit the wider market, however, with

Colombia Stays Open

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8 LATINFINANCE

November/December 2011


http://www.latinfinance.com

Latin Finance - November/December 2011

Table of Contents for the Digital Edition of Latin Finance - November/December 2011

Latin Finance - November/December 2011
Contents
Contagion Risk
Mexican Credit
China Investment
Loan Markets
Mexico Banks
Sub-Sovereign Debt
Banks of the Year 2011
Argentina Investor Report
Reversal of Fortunes
Latin Finance - November/December 2011 - Latin Finance - November/December 2011
Latin Finance - November/December 2011 - Cover2
Latin Finance - November/December 2011 - Contents
Latin Finance - November/December 2011 - 2
Latin Finance - November/December 2011 - 3
Latin Finance - November/December 2011 - 4
Latin Finance - November/December 2011 - 5
Latin Finance - November/December 2011 - 6
Latin Finance - November/December 2011 - 7
Latin Finance - November/December 2011 - 8
Latin Finance - November/December 2011 - 9
Latin Finance - November/December 2011 - 10
Latin Finance - November/December 2011 - 11
Latin Finance - November/December 2011 - Contagion Risk
Latin Finance - November/December 2011 - 13
Latin Finance - November/December 2011 - 14
Latin Finance - November/December 2011 - 15
Latin Finance - November/December 2011 - 16
Latin Finance - November/December 2011 - 17
Latin Finance - November/December 2011 - 18
Latin Finance - November/December 2011 - 19
Latin Finance - November/December 2011 - 20
Latin Finance - November/December 2011 - 21
Latin Finance - November/December 2011 - Mexican Credit
Latin Finance - November/December 2011 - 23
Latin Finance - November/December 2011 - 24
Latin Finance - November/December 2011 - 25
Latin Finance - November/December 2011 - China Investment
Latin Finance - November/December 2011 - 27
Latin Finance - November/December 2011 - 28
Latin Finance - November/December 2011 - 29
Latin Finance - November/December 2011 - Loan Markets
Latin Finance - November/December 2011 - 31
Latin Finance - November/December 2011 - 32
Latin Finance - November/December 2011 - 33
Latin Finance - November/December 2011 - Mexico Banks
Latin Finance - November/December 2011 - 35
Latin Finance - November/December 2011 - Sub-Sovereign Debt
Latin Finance - November/December 2011 - 37
Latin Finance - November/December 2011 - Banks of the Year 2011
Latin Finance - November/December 2011 - 39
Latin Finance - November/December 2011 - 40
Latin Finance - November/December 2011 - 41
Latin Finance - November/December 2011 - 42
Latin Finance - November/December 2011 - 43
Latin Finance - November/December 2011 - 44
Latin Finance - November/December 2011 - 45
Latin Finance - November/December 2011 - 46
Latin Finance - November/December 2011 - 47
Latin Finance - November/December 2011 - 48
Latin Finance - November/December 2011 - 49
Latin Finance - November/December 2011 - 50
Latin Finance - November/December 2011 - 51
Latin Finance - November/December 2011 - 52
Latin Finance - November/December 2011 - 53
Latin Finance - November/December 2011 - 54
Latin Finance - November/December 2011 - 55
Latin Finance - November/December 2011 - 56
Latin Finance - November/December 2011 - 57
Latin Finance - November/December 2011 - 58
Latin Finance - November/December 2011 - 59
Latin Finance - November/December 2011 - 60
Latin Finance - November/December 2011 - Argentina Investor Report
Latin Finance - November/December 2011 - 62
Latin Finance - November/December 2011 - 63
Latin Finance - November/December 2011 - Reversal of Fortunes
Latin Finance - November/December 2011 - Cover3
Latin Finance - November/December 2011 - Cover4
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