The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Capital Markets

DCM: Wachovia takes on the bulge bracket

Lead manages Guatemalan bank securitization deal.

The world of Latin debt capital markets is becoming increasingly competitive. It's no longer the domain of a handful of large New York institutions: there's money to be made, and a lot of different banks are interested in making it.

In September, for instance, Banco Industrial, the biggest bank in Guatemala, decided to start securitizing its income stream from remittances. It's the kind of structure that Latin banks have been using for many years, but it marks Industrial's first foray into the international capital markets, so they obviously wanted to get the deal done right.

In the end, they didn't choose a New York house at all: they chose Wachovia, in Charlotte, North Carolina.

Bond issues from central American issuers are rare beasts even in today's fluffy markets, and bonds lead managed outside the New York area are even rarer. But in reality, the difficult part of getting such deals done is building the relationship rather than selling the bonds. In this case, for instance, the first tranche of the bonds was wrapped by monoline insurer XL Capital, giving it a triple-A credit rating and guaranteeing a market for the paper.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree