Awards for Excellence 2022: Best investment bank in Peru – BofA Securities
Best Investment Bank: BofA Securities
Last year was a quiet year for investment banking in Peru, with no equity capital markets activity and precious few M&A deals closing during the period, although BTG Pactual has been notably successful in winning recent mandates and will be a bank to watch next year.
For BofA Securities, which has done well by having strength and breadth throughout the region, a country dominated by debt activity would seem to be an award beyond its grasp. Nevertheless, BofA pulled out a league-table winning performance in Peruvian debt – taking a 27.52% market share of deal volumes – comfortably ahead of second-placed JPMorgan, according to Dealogic.
BofA’s team in Peru – led by Antero Carrillo – was the only one to have led debt transactions in the mining sector following the presidential election, which is a reputational coup as an underwriter of sensitive issuance.
The bank was global coordinator on Minsur’s $500 million bond in October, which achieved the company’s lowest ever coupon, and BofA was also deal manager on its tender offer.
The bank was also global coordinator on the Republic of Peru’s €1 billion benchmark, issued last November and was a bookrunner on the sovereign’s $4 billion sustainable, three-tranche, dollar-denominated debt offering.
In M&A, BofA was exclusive adviser to Alicorp on its 100% sale of Pastificio Santa Amalia to Camil Alimentos for R$410million, and advised Petroperu on its transfer of a direct stake and operatorship in a hydrocarbon field to Altamesa.