Three Latin American equity transactions in mid-July demonstrate just how selective investors are being. Brazilian electricity transmission company Taesa sold R$1.76 billion ($869 million) of equity at the middle of its range (the deal was dubbed a ‘re-IPO’ because of the small amount of listed shares) and Mexican commercial real estate company Vesta sold a Ps3.3 billion ($245 million) IPO, pricing at the bottom of its range. However, in the same week Biosev, Louis Dreyfus’s Brazilian bioenergy subsidiary, failed to price despite 40% participation of controlling shareholders.
“There is a lot of liquidity out there but there is no appetite for risk.
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