This year BofA Securities, led by Augusto Urmeneta, head of investment banking in Latin America, topped the equity capital markets volume and fee tables across the region, as well as being first in fees and second in terms of volume for M&A.
An analysis of the underlying deals also supports the bank’s claim for Latin American leadership.
It was lead left and global coordinator on the $2.23 billion IPO for Rede D’Or Sao Luiz, the third-largest IPO ever priced in Brazil and the second in that sector. It also led Patria’s Nasdaq listing as global coordinator on its $588 million IPO. BofA demonstrated range with other types of equity transactions, such as convertibles, acting as lead left on Copa Holdings’ $350 million deal, and block trades – it was sole bookrunner on a $1.5 billion transaction for Vale.
The bank was on a range of similarly diverse M&A mandates during the year. It worked on transformative deals in Brazil, including advising GNA and its sponsors on the sale of a 33% stake to SPIC. In the southern cone it was financial adviser to Sempra on the sale of its Chilean electric distribution and transmission operations to SGID and on the sale of its Peruvian electric distribution and generation businesses to CYPD. In the Andean region it was financial adviser to Actis and Mesoamerica on the sale of Zuma Energia to the State Power Investment Corporation of China.
BofA Securities is also no slouch in debt capital markets, coming fifth in the Dealogic tables this year and leading in some innovative segments. For example the bank was global coordinator on CPMC’s $500 million sustainability-linked deal in March this year.
