Bank of America’s recognition as Latin America’s best investment bank for equity capital markets (ECM) is due to its measured and execution-first approach.
Last year was defined by patchy primary issuance windows, higher-for-longer rates and sharply diverging country risks – yet the bank still delivered the region’s most active and diversified deal calendar, positioning issuers to access capital when circumstances allowed.
During the review period, BofA sustained regional leadership with league tables showing it finishing the year with the top net-revenue share in Latin American ECM, well ahead of its nearest global and local peers. The franchise completed 10 equity offerings in four different countries – Brazil, Mexico, Chile and Argentina – demonstrating the breadth of its on-the-ground teams in six core markets. That geographic spread mattered in a year when local politics often dictated which markets were open on any given week.
The bank’s signature mandate was July’s R$13.7 billion ($2.7 billion) secondary follow-on for São Paulo water utility Sabesp, a deal that effectively privatised one-third of the company, becoming Brazil’s third-largest equity sale ever and the largest sanitation offering worldwide.
Earlier in the review period, the bank helped reopen Mexico’s international IPO market by joint-bookrunning the $677 million listing of BBB Foods; as at the time of research, shares had since gained roughly 70%, underlining investor appetite for well-priced consumer names. Brazilian healthcare champion Rede D’Or executed a $421 million block trade – the fifth largest such placement in the country’s history – again with BofA as sole bookrunner.
The bank’s willingness to underwrite selectively … helped issuers lock in timetables while containing execution risk
The team also steered a series of mid-cap follow-ons: Energisa ($504 million) and Inter&Co ($161 million) in Brazil, and Fibra Mty ($444 million) in Mexico, each drawing balanced books from both local and international long-only investors. Smaller but strategically important trades – including two quick-turn block disposals in digital bank Nu and the first Argentine ECM transaction since 2021 for travel-tech player Despegar – illustrate an ability to clear risk even in thin windows. In Chile, the $192 million follow-on for Mallplaza closed 3.6x covered after an intensive global roadshow.
From fully marketed IPOs to accelerated overnight blocks, the platform handled utilities, real estate, fintech, healthcare and consumer names, reflecting deep sector research support and a well-practised syndicate process. The bank’s willingness to underwrite selectively – often acting as sole or global coordinator – helped issuers lock in timetables while containing execution risk.
More than 110 tier-one accounts engaged during the Mallplaza pre-marketing; similarly broad outreach characterised every marquee deal, supported by experienced sales desks in New York, São Paulo, Mexico City and Santiago. This reach, coupled with disciplined sizing and pricing, translated into books that were routinely oversubscribed and that left limited aftermarket overhang.
Bank of America’s 2024 record has demonstrated a consistent pipeline delivery. The bank’s combination of regional commitment, product versatility and pragmatic judgement is why Latin American corporates already view it as their preferred ECM partner.
