Awards for excellence - Uruguay
Best debt house:
Banco Comercial is the largest private-sector bank in Uruguay, with deposits of $1.3 billion, assets of $2 billion and net equity of $169 million. The bank is run as expertly as one might expect, considering that its principal shareholders include CSFB, Dresdner Bank and JPMorgan Chase, and has garnered investment-grade ratings from both Moody's and Standard&Poor's.
Uruguay has been an active sovereign borrower, with issues denominated in four different currencies over the past year. The most innovative bonds were the ones issued in Chilean pesos, and both of these were lead-managed by JPMorgan, which also lead-managed the $300 million 10-year bond.