Brazilian bankers are pinning their hopes on renewed interest from international investors to drive a recovery in capital markets activity in 2023.
The order book for a rare Brazilian equity capital market issuance in recent months – the R$2.7 billion follow-on for wholesale retailer Assai at the end of November – was dominated by international investors.
Hans Lin, co-head of Brazil investment banking at Bank of America in São Paulo, says he believes greater interest in Brazilian companies’ debt and equity – as well as potential M&A targets – will be a source of strength as activity begins to recover from 2022 lows.
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