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Capital Markets

Deals of the year 2010: Latin American awards

Fixed income makes its mark: Chile led the way as records tumbled across the region.

Republic of Chile dual-currency bond
Size: $1.52 billion (two tranches: $1 billion; Ps272 billion ($556 million)
Date: July 29 2010
Lead managers: Citi, HSBC, JPMorgan
Launch spread: 90bp over US treasuries; N/A
Coupon: 3.875%; 5.5%
Tenor: Both 10 years
América Móvil triple-tranche bond
Size: $4 billion (three tranches: $0.75 billion; $2 billion; $1.25 billion)
Date: March 23 2010
Lead managers: Citi, Goldman Sachs, JPMorgan
Launch spread: 125bp over US treasuries; 140bp over US treasuries; 160bp over US treasuries
Coupon: 3.625%; 5.0%; 6.125%
Tenor: 5 years, 10 years, 30 years.
Lancer Finance Company secured bond
Size: $270 million
Date: October 15 2010
Lead arranger: Nomura
Launch spread: 467bp vs CT5
Coupon: 5.85%
Tenor: 6.25 years
CNOOC’s acquisition of a 50% stake in Bridas Corporation
Size: $3.4 billion
Date: March 14 2010
Lead advisers: JPMorgan advised CNOOC, Hopu Investments advised Bridas

CREDIT MARKETS IN Latin America enjoyed an unprecedented year in 2010, establishing records in size of issuance and yield, as well as a number of currency-denominated firsts.

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