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Deals of the Year 2012: Santander Mexico

Santander Mexico
Date September 25
Size $4.1 billion
Structure IPO
Bookrunners Santander, Bank of America Merrill Lynch, Deutsche Bank and UBS were the global coordinators. Barclays, Citi, Credit Suisse, Goldman Sachs, Itaú, JPMorgan and RBC were joint bookrunners
return to the Latin America Deals of the Year index

One of the big equity themes in Latin America in 2012 was that issuance from companies outside Brazil, and from Mexico in particular, enjoyed a strong year. Santander Mexico’s $4.1 billion IPO is one of the deals of the year because of its size and its secondary markets performance. In a domestic market dominated by foreign banks, Santander’s local listing is an important development for the bank and the market. It was the third-largest IPO in the world in 2012 and the second-largest-ever SEC-registered IPO by a Latin American issuer (behind Santander Brazil’s 2009 IPO). It also performed very well in the secondary markets. Contrasting with the two larger IPOs in 2012 – those of Facebook and Japan Airlines – the deal was trading up after five days and is still above the launch price (by 13%) at the time of going to press.