Latin American markets promised much but delivered little in terms of equity transactions. Brazil, the traditional engine of ECM activity, flattered to deceive with a successful IPO by Arezzo in January. Then the market fell away as deal after deal has priced at the bottom of or below its pricing range.
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| Gerdau follow-on | |
| Value | R$4,985 million ($ 3,141 million) |
| Date | April 12 2011 |
| Bookrunners | Bradesco BBI, BTG Pactual and Itaú BBA |
| return to the Latin America Deals of the Year index | |
After-market performance was typically immediately bad but some deals clawed back lost ground through the year.
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