Awards for Excellence 2021: Best investment bank in Brazil
Best Investment Bank: BTG Pactual
The pandemic hit Brazil late, but it hit the country’s corporates hard. There was a huge demand for liquidity in the early months and the local banks with big balance sheets saw a flood of bank debt drawn down. Much of this was subsequently transformed into bonds in the local markets so it is something of a surprise that BTG Pactual, which wins the award for the Brazil’s best investment bank, topped the local DCM tables.
Competitors point out that the rapidly growing portfolio of its own companies explains some of this volume. The bank has built up a larger balance sheet in recent years, but it’s not what it’s known for. So to have booked a 34.9% market share on 32 deals shows the bank has been successful in building out its debt capabilities for clients in Brazil.
However, BTG Pactual, led by chief executive Roberto Sallouti, continues to win where it really counts for investment banks: it scooped the biggest share of equity capital markets fees, according to Dealogic, and was third in terms of volumes and first in terms of number of deals.
In total the investment bank led 53 equity deals throughout the qualification period spread across industries, IPOs and follow-ons, and for companies of different sizes and maturity. Importantly and reflecting the bank’s ability to generate more fees than anyone else, BTG was a junior bookrunner on just six of these deals.
BTG also maintained its presence near the top of the M&A league tables and claimed mandates in some of the most transformational transactions in the market. It advised B2W in its merger with Lojas Americanas – a R$15.2 billion ($3.01 billion) deal – and was also involved in GPA’s R$19 billion spin-off of Assaí Atacadista. BTG Pactual was also adviser to Globenet in the protracted negotiations over Oi, with BTG’s client ultimately buying 55% of Oi’s fibre network business for R$11.4 billion.