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Deals of the Year 2012: BTG Pactual

BTG Pactual
Date: April 23
Size R$3.66 billion
Structure IPO
Bookrunners BTG was global coordinator, and Banco do Brasil, Bradesco BBI, Citi, Goldman Sachs and JPMorgan were joint bookrunners. Deutsche Bank, Morgan Stanley and UBS were lead managers
return to the Latin America Deals of the Year index

The region’s equity markets had a mixed year. In Brazil, the region’s largest market, the equity market had a terrible time, especially for IPOs. Issuance was at its lowest for a decade. Deals launched and were pulled, and those that made it to market were priced well below the range. Amid this weakness stood BTG Pactual. BTG is a bank in hurry, and its rapid growth necessitated an injection of capital and a change in its ownership structure to enable its business plan to maintain its momentum. Rather than wait, it launched amid bad market conditions – the two smaller deals either side of BTG Pactual’s IPO failed to price in its range.

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