In a tough year for trade finance, leading borrower América Móvil proved that diversification to the east is not just for rogue governments strapped for cash.
Category: Awards
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BEST CORPORATE BOND
In April, Telemar struck with the first benchmark-sized bond from a non quasi-sovereign LatAm corporate.
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BEST SOVEREIGN ISSUER
Brazil brought the first sovereign bond of 2009 – on the same day as Colombia – though credit for reopening emerging markets goes to Mexico’s daring 2019 three weeks before in mid-December.
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BEST SOVEREIGN BOND
In a dazzling display of all it has achieved this decade, Mexico cracked open international bond markets for EM issuers just before Christmas 2008 with a tightly priced $2 billion 10-year benchmark that took out much of 2009 funding needs.
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BEST QUASI SOVEREIGN BOND
It had been two years since a non-sovereign entity has issued bonds from Colombia, a country whose economic and security improvements landed it near the top of many EM investor wish lists.
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BEST FINANCIAL INSTITUTION BOND
The region’s financial institutions were latecomers to the new issue party during the market recovery. Eventually the demand was too good to resist, and institutions began to load up on subordinated capital.
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BEST CORPORATE LIABILITY MANAGEMENT
For much of last year, CFO and finance ministry agendas were dominated by efforts to survive the credit crunch, and, as debt markets reopened in the second half, address immediate funding needs.
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BEST SOVEREIGN LIABILITY MANAGEMENT
A mid severe volatility, liability management was not at the front of most issuers’ minds last year. In the sovereign space, the region’s largest and most market-ready issuers were not in great need, and the market was tricky for most others.
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BEST LOCAL CURRENCY FINANCING
Mexican telecom giant América Móvil’s successful UF4.0 million ($145 million) April bond issue in Chile opens the gates to other LatAm companies seeking to raise funds in new markets.
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Best Bank Peru: Quality Counts
The banking race in Peru is a close one, and the global credit crisis appears to have done little to separate the two largest players, BBVA Continental and Banco de Credito del Peru. Backed by its parent¹s powerful network and back-office support, Continental¹s focus on profitability above size has served it well.