Citi is facing increased competition in the small central American and Caribbean countries from other US investment banks and the emerging Latin American investment banks with regional aspirations. However, it still wins Euromoney’s award for excellence in 2013. Its local presence and long-standing relationships will be hard to replicate by the competition and Citi can point to some important transactions in the past year. For example, Citi led Banco Industrial’s $500 million 10-year bond in 2012, the first senior bond issued by a Guatemalan financial institution and just the second ever deal from a Guatemalan financial institution to be sold in the international debt capital markets. The deal was oversubscribed 14.7 times, which enabled Banco Industrial to increase its target amount from $300 million.
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