Brazil’s banks make their own bulge bracket

Brazil is one of the largest and fastest growing emerging markets for investment banking. And the locals are coming out on top. The lesson for other emerging markets, they say, is to neutralize international banks’ claims over distribution to institutional investors.

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In late April 2011 Euromoney was in New York in a top-floor office of one of the largest US investment banks. The interview was with a banker responsible for his organization’s Latin American equity capital markets business. Recent deals had been discussed and questions asked about coming transactions, all in a tone that could be described as perfunctory, cordial and equable.

That was, until the name ‘Gerdau’ entered the conversation.

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