Latin Finance - September/October 2009 - 22

investment banking survey In equity, JPMorgan has positioned itself as one of the few shops with a regional focus in equity deals. While other periodic leaders of the ECM league tables like Credit Suisse, Itaú BBA and UBS Pactual have focused on Brazil, JPMorgan is cited by CFOs in Mexico, Colombia and Brazil as the preferred name for ECM. Its equity research, headed by strategist Ben Laidler in New York, is also among the Street’s stronger offerings, with analysts and sales executives constantly arranging calls and trips with CFOs and producing sharp pieces that go beyond mere earnings coverage. “JPMorgan has the integrated GEM [global emerging markets] product which is important to me because I choose between investing in different regions,” says Todd McClone, who co-manages two EM funds at William Blair & Co. worth $1.6 billion. He also points to strong offerings in research and sales from BofA Merrill, Morgan Stanley and Santander. JPMorgan has also this year been the busiest DCM shop, running trades for Peru, Colombia and Brazil as well as several high grade corporates and even high-yield names, like Petrotemex, which closed out the summer new issue season with a $200 million print in August. undeniably benign, if not positive, and with growth picking up in 2010 – the BNDES expects GDP expansion to clock in at up to 5% next year – the opportunity to bank Brazilians and inbound foreigners is ripe. ECM executives see an active second half in new issues, with a handful of deals from large issuers, including Banco Santander, as well as a potential opening up of the mid-cap sector. Tivit, a midsized IT outsourcer, has refiled for an IPO that could come as early as September. Sellsiders away from it see an offering size no larger than $300 million, which would make it the first small IPO in a year and a half. “Brazil continues to dominate. You will see equities from several countries outside Brazil this year – in Chile you will see a few offerings – but I think Brazil will continue to be the bulk, particularly in a crisis,” says Chomnalez. LF Country of the Future After decades of falling short of its potential, Brazil appears to finally be on a clear, more predictable track towards stable maturation. Despite its chaotic cities, crime, pollution and the government’s limited willpower to implement reform, Brazil is clearly transitioning from being the country of the future, as it has so often been called by Brazilians, to an economy fully integrated into the most important global financial trends. “The risks to Brazil right now are exogenous,” says Cunningham, adding that he does not see any political or economic risk to a continuing rise for Brazil. The banker echoes the thoughts of his peers in noting that barring a spike in risk aversion from global investors, or an unexpected weakening in Chinese demand, Brazil is likely to coast through the crisis largely unscathed. For its markets, the outlook is UPDATE For full scores and ranking criteria, see www.latinfinance.com > LatinFinance 2009 Investment Banking Survey Scores Detail BofA-ML Product Area DCM ECM Bilat/Synd Lending Project Finance Structured Finance M&A Advisory Debt Research Equity Research Derivs/ Hedging/FX Local Mkt Origination Geography Mexico Brazil Southern Cone Andean Carib/CentAm Source: LatinFinance Full criteria, total scores and complete ranking available exclusively at www.latinfinance.com Bar 3 1 4 2 2 3 3 2 2 0 Citi 5 3 5 2 2 4 0 2 2 3 CS 4 3 3 2 3 6 3 2 2 2 DB 4 0 2 1 3 1 2 1 2 0 GS 3 3 1 1 2 6 2 2 2 1 HSBC 5 1 5 3 1 1 1 1 1 3 Itaú 1 5 4 0 1 4 1 2 0 3 JPM 5 4 4 0 1 6 3 2 2 1 MS 3 3 1 0 2 5 1 2 2 0 Sant 3 1 5 3 3 0 1 1 1 3 UBS 2 2 1 0 1 4 0 3 2 2 Max 6 6 5 3 3 8 3 3 2 3 2 1 1 1 2 3 2 2 2 1 5 7 3 3 2 3 4 1 3 0 4 3 3 2 0 5 4 3 3 2 5 7 2 3 1 2 4 2 1 0 2 5 1 1 0 4 3 2 1 0 0 7 0 0 0 3 6 2 3 2 2 4 1 0 0 5 5 2 2 0 3 0 1 1 0 22 LatinFinance September/October 2009
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Latin Finance - September/October 2009

Table of Contents for the Digital Edition of Latin Finance - September/October 2009

Latin Finance - September/October 2009
Contents
Investment Banking Survey
Who Said That?
OTPP Investment Strategy
Central Bank Scorecards
Brazil Liability Management
Real Estate Equity Resurrected
Structured Finance Forecasts
Grim Outlook. Reform Required
Banorte Seeks to Grow
Peru Spending Hits a Block
BCP Sees Better Days
Caribbean Investment Report
Sustainable Banking
Legal Services Survey
Parting Shot
Latin Finance - September/October 2009 - Latin Finance - September/October 2009
Latin Finance - September/October 2009 - Cover2
Latin Finance - September/October 2009 - Contents
Latin Finance - September/October 2009 - 2
Latin Finance - September/October 2009 - 3
Latin Finance - September/October 2009 - 4
Latin Finance - September/October 2009 - 5
Latin Finance - September/October 2009 - 6
Latin Finance - September/October 2009 - 7
Latin Finance - September/October 2009 - 8
Latin Finance - September/October 2009 - 9
Latin Finance - September/October 2009 - 10
Latin Finance - September/October 2009 - 11
Latin Finance - September/October 2009 - 12
Latin Finance - September/October 2009 - 13
Latin Finance - September/October 2009 - Investment Banking Survey
Latin Finance - September/October 2009 - Who Said That?
Latin Finance - September/October 2009 - 16
Latin Finance - September/October 2009 - 17
Latin Finance - September/October 2009 - 18
Latin Finance - September/October 2009 - 19
Latin Finance - September/October 2009 - 20
Latin Finance - September/October 2009 - 21
Latin Finance - September/October 2009 - 22
Latin Finance - September/October 2009 - OTPP Investment Strategy
Latin Finance - September/October 2009 - 24
Latin Finance - September/October 2009 - 25
Latin Finance - September/October 2009 - Central Bank Scorecards
Latin Finance - September/October 2009 - 27
Latin Finance - September/October 2009 - 28
Latin Finance - September/October 2009 - Brazil Liability Management
Latin Finance - September/October 2009 - Real Estate Equity Resurrected
Latin Finance - September/October 2009 - 31
Latin Finance - September/October 2009 - 32
Latin Finance - September/October 2009 - 33
Latin Finance - September/October 2009 - 34
Latin Finance - September/October 2009 - 35
Latin Finance - September/October 2009 - 36
Latin Finance - September/October 2009 - Structured Finance Forecasts
Latin Finance - September/October 2009 - 38
Latin Finance - September/October 2009 - Grim Outlook. Reform Required
Latin Finance - September/October 2009 - 40
Latin Finance - September/October 2009 - 41
Latin Finance - September/October 2009 - 42
Latin Finance - September/October 2009 - 43
Latin Finance - September/October 2009 - 44
Latin Finance - September/October 2009 - Banorte Seeks to Grow
Latin Finance - September/October 2009 - Peru Spending Hits a Block
Latin Finance - September/October 2009 - 47
Latin Finance - September/October 2009 - 48
Latin Finance - September/October 2009 - 49
Latin Finance - September/October 2009 - BCP Sees Better Days
Latin Finance - September/October 2009 - 51
Latin Finance - September/October 2009 - 52
Latin Finance - September/October 2009 - 53
Latin Finance - September/October 2009 - 54
Latin Finance - September/October 2009 - Caribbean Investment Report
Latin Finance - September/October 2009 - 56
Latin Finance - September/October 2009 - 57
Latin Finance - September/October 2009 - 58
Latin Finance - September/October 2009 - 59
Latin Finance - September/October 2009 - 60
Latin Finance - September/October 2009 - 61
Latin Finance - September/October 2009 - 62
Latin Finance - September/October 2009 - 63
Latin Finance - September/October 2009 - 64
Latin Finance - September/October 2009 - 65
Latin Finance - September/October 2009 - 66
Latin Finance - September/October 2009 - Sustainable Banking
Latin Finance - September/October 2009 - 68
Latin Finance - September/October 2009 - Legal Services Survey
Latin Finance - September/October 2009 - 70
Latin Finance - September/October 2009 - 71
Latin Finance - September/October 2009 - 72
Latin Finance - September/October 2009 - 73
Latin Finance - September/October 2009 - 74
Latin Finance - September/October 2009 - 75
Latin Finance - September/October 2009 - 76
Latin Finance - September/October 2009 - 77
Latin Finance - September/October 2009 - 78
Latin Finance - September/October 2009 - Parting Shot
Latin Finance - September/October 2009 - 80
Latin Finance - September/October 2009 - Cover3
Latin Finance - September/October 2009 - Cover4
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