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Equity markets: Issuance boom will continue

Deal flow to continue into Q1; Strong foreign capital inflows in Brazil

With the record-breaking Petrobras offering out of the way, bankers say there could be up to 10 further equity deals in Latin America over the next three months, maintaining the momentum built over the past year.

There have been 42 deals out of Latin America in the year to October 22, totalling $48.4 billion, according to Dealogic. Petrobras accounts for $26.5 billion of that volume. The Brazilian oil firm raised $70.1 billion in September but the government took up just under two-thirds of the offering.

Deals on the way

Deals in the pipeline include a potential $2 billion offering for Mexican financial institution Grupo Aval and a similar sized transaction for CSN’s iron ore mining unit.

"We expect approximately 10 more transactions by February," says Andre Maciel, head of Latin American equity capital markets at JPMorgan. "The outlook is very positive."

Last month, two Brazilian companies came to market with IPOs. Oil firm HRT Participações raised R$2.6 billion ($1.5 billion). The deal, for which Credit Suisse acted as global co-coordinator, was five times oversubscribed and provided investors with an opportunity to gain exposure away from Petrobras. HRT plans to develop greenfield projects in Brazil and Africa.

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