In 2024, Citi reaffirmed its leadership in Latin America’s debt capital markets (DCM), delivering landmark transactions that not only shaped the region’s financial landscape but also demonstrated its unmatched execution capabilities, innovation, and client trust.
With a commanding $17.4 billion in DCM volume – outpacing its nearest competitor by over US$6 billion – Citi’s performance was both quantitative and qualitative.
Citi’s 2024 success was centred on its ability to lead and structure transformative deals across the region. A standout example was its role as joint bookrunner for the Dominican Republic’s multi-tranche sovereign issuance, including the Caribbean’s first-ever sovereign green bond. This pioneering transaction, totalling approximately $3 billion, was issued at a flat-to-negative new issue premium, underscoring Citi’s ability to generate incremental demand from ESG-focused investors and to position clients at the forefront of sustainable finance.
In Brazil, Citi served as global coordinator for LD Celulose’s inaugural international bond offering, a $650 million transaction that showcased Citi’s integrated product capabilities. The bank simultaneously executed a loan transaction, demonstrating its ability to deliver holistic financing solutions. The deal’s success was driven by Citi’s extensive investor engagement, including meetings with over 100 accounts and outreach to nearly 200 via a net roadshow.
Citi also played a pivotal role in Argentina’s return to international capital markets. As joint bookrunner for YPF’s $800 million issuance – the largest corporate transaction from Argentina since 2017 – Citi capitalised on renewed investor optimism and helped reopen the country’s new money markets. This transaction marked a critical milestone in Argentina’s financial recovery and demonstrated Citi’s deep understanding of complex, high-stakes environments.
Citi’s 2024 track record in Latin America was defined by strategic insight, execution and a commitment to advancing sustainable and inclusive finance
In the Caribbean, Citi led the largest transportation infrastructure bond in Jamaica through the KingAir transaction, a $480 million deal rated above the Jamaican sovereign. This was Citi’s second Caribbean airport financing in 2024, reinforcing its leadership in infrastructure financing.
Citi’s leadership extended to the aviation sector with Latam Airlines’ $1.4 billion issuance – the airline’s largest order book since its exit financing in 2022. As lead-left joint bookrunner, Citi orchestrated a comprehensive three-day roadshow that engaged nearly 110 accounts across emerging markets and US high-yield investors. The result was a strong market re-entry for Latam and a demonstration of Citi’s syndication strength and investor connectivity.
Finally, Citi’s role in Eletrobras’ $750 million “bond incentivado” offering marked a first-of-its-kind transaction in Brazil’s utilities sector. By reopening this segment and executing a concurrent debenture transaction, Citi again exhibited its ability to innovate.
Across sovereigns, corporates and infrastructure issuers, Citi’s 2024 track record in Latin America was defined by strategic insight, execution and a commitment to advancing sustainable and inclusive finance. Its ability to deliver landmark outcomes across diverse geographies and sectors cements Citi’s position as Latin America’s best investment bank.
