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Thursday, 17 May 2012

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Year in Review
IFR Americas

Latin America Awards

Latin America Bond House

IFR Americas Review of the Year 2011

Smart and bold: Bank of America Merrill Lynch was the most active bank in Latin America, having done the highest number of deals across sectors and throughout the rating spectrum. For leading the way successfully, exploring new structures, and bringing fresh names to the market, Bank of America Merrill Lynch is IFR’s Latin America Bond House of the Year.

Latin America Bond

IFR Americas Review of the Year 2011

One fell swoop: Petrobras returned to the dollar market in January after a 14-month absence, and in one fell swoop created a whole curve with a five, 10 and 30-year points. It was the largest plain vanilla offering by an emerging market corporate. For further establishing the standing of Latin American blue chips alongside developed market giants, Petrobras’ three-tranche US$6bn deal is IFR’s Latin America Bond of the Year.

Latin America Domestic Currency Bond

IFR Americas Review of the Year 2011

Locking in good terms: ICA’s local bond in Mexico to fund the construction of penitentiaries was the first time a Mexican company securitised future flows of a project even before it was ready. For changing the way project financing is done in Mexico, ICA’s Ps7.1bn 22-year dual-tranche project bond is IFR’s Latin America Domestic Currency Bond of the Year.

Latin American Loan House

IFR Americas Review of the Year 2011

Weathering the storm: In a year of significant changes to the LatAm loans landscape, HSBC was active across the region, smartly leveraging its local presence and balance sheet. For navigating the tricky market and offering a wide range of loan products across the region, HSBC is IFR’s Latin America Loan House of the Year.

Latin America Loan

IFR Americas Review of the Year 2011

Into the premier league: Vale’s US$3bn five-year revolver was a watershed that repriced the market in Latin America and set a precedent for its peers in the region to access European pricing. For leading the way and positioning the borrower as a global player, Vale’s US$3bn five-year revolver is IFR’s Latin America Loan of the Year.

Latin America Equity House

IFR Americas Review of the Year 2011

Spreading its wings: Although Brazil has been the frontrunner in equity offerings in the past five years, in 2011 other Latin American countries comprised a bigger piece of the pie. For extending its strength in the region beyond Brazil, while maintaining a strong presence in this key market, Credit Suisse is the Latin America Equity House of the Year.

Latin America Equity Issue

IFR Americas Review of the Year 2011

Investors loving it: Arcos Dorados was the only deal out of Latin America to price above guidance in 2011, generating a valuation far higher than that of the McDonald’s US franchise owner. For proving that good stories will always have a following, even at higher values than developed markets peers, Arcos Dorados’ US$1.4bn IPO is IFR’s Latin America Equity Issue of the Year.

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Americas Awards Foreword

Foreword

IFR Americas Review of the Year 2011

Sometimes a year is more than the numbers show it to be. If you look at the data for 2011 you see a rising volume of debt offerings and falling yields.

Americas Features

Social skills in demand

IFR Americas Review of the Year 2011

The past year will be remembered as less than a banner period for US IPOs, especially in terms of overall performance. One bright spot in an otherwise challenging ECM landscape was the return of hyper-growth offerings – including some of the best and brightest social media companies – as compelling and highly sought-after IPO candidates.

The Great Buyback Binge

IFR Americas Review of the Year 2011

There has been a stock repurchase boom across the US in 2011 as many companies flush with cash have decided that they would prefer to buy back their own stock at deflated prices rather than expand their operations in a bad economy. Some banks have been able to join the party. But not all.

'Don't tie us down'

IFR Americas Review of the Year 2011

The Volcker Rule has cast a long shadow. It was intended to prevent US banks from making big bets on markets with their own money, or backing private equity or hedge funds to do it for them. But several important issues remain unsettled and many in the industry still hope it will undergo significant changes before it is finalised.

2011: Crisis and fatigue

IFR Americas Review of the Year 2011

We’ve reached the end of a pretty momentous year in the markets. It’s been fascinating and captivating, but at the same time it’s also been incredibly frustrating, occasionally frightening, and certainly confounding. Here, Keith Mullin, IFR’s editor-at-large, gives a Mullin’s eye view of a turbulent year.

Late rush in munis

IFR Americas Review of the Year 2011

The US municipal bond market began 2011 in a vulnerable state. Most federal economic stimulus programmes, including the first large-scale move into selling taxable securities, ended in 2010. Long-awaited political initiatives to support tax-exempt borrowing never materialised and investor confidence ebbed, depressed further by a cacophony of negative headlines.

The gathering force

IFR Americas Review of the Year 2011

Canada’s “big five” banks have sailed through the crisis-hit last few years and are now in a strong position to make overseas acquisitions. They are likely to remain relatively cautious, but know that troubles in Europe and the US give them once in a generation opportunities to expand into new areas.

The generation game

IFR Americas Review of the Year 2011

Since the onset of the financial crisis in 2008, there has been considerable flux in the leadership of the investment banking industry. The change has been considerable in terms of personnel. But has it produced a change of culture, to go with a more humble time for the industry?

The wait goes on

IFR Americas Review of the Year 2011

As the months wore on, bankers and lobbyists alike had begun to lose hope that any meaningful progress would be made to establish a covered bond market in the US. After all, efforts to create a platform for banks to issue the debt instruments so popular in Europe has been years in the making.