Latin American markets promised much but delivered little in terms of equity transactions. Brazil, the traditional engine of ECM activity, flattered to deceive with a successful IPO by Arezzo in January. Then the market fell away as deal after deal has priced at the bottom of or below its pricing range.
But instead, and unusually for the region, the only ECM deal of the year goes to a follow-on transaction: the Gerdau R$4,985 million ($3.14 billion) follow-on transaction that priced in April and raised eyebrows because of who wasn’t bookrunner: any international bank.
Osvaldo Burgos Schirmer, Gerdau’s executive vice-president and CFO, says:
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For full details and the story behind this deal, click here