Awards for Excellence 2017
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| Press release |
| Full results |
JPMorgan wins Euromoney’s award for excellence in providing clients with financing.
The bank won a market-leading 16.6% market share of ECM activity in the qualification period, according to Dealogic. It was also second in the DCM league table, generating $18.3 billion in international DCM around the region – or a 13.1% market share. It was the only bank to be in the top two of both categories.
Unsurprisingly, the bank was strong in many of the debt capital market sub-categories, leading deals for sovereigns including the $16.5 billion come-back bond issue for the Republic of Argentina – as well as the same sovereign’s $7 billion sale in January 2017.
The bank also led transactions for Chile and the Dominican Republic, as well as leading some sub-sovereigns such as the Provinces of Santa Fe and Neuquen. JPMorgan also led some key quasi-sovereign deals, including Pemex’s multi-tranche $5.5 billion deal in December 2016, Mexico City Airport’s $2 billion green bond in September 2016 and a $6.75 billion deal for Petrobras in May 2016.
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The Petrobras deal is a good example of a particular strength of JPMorgan: the high-yield emerging market bond. The bank was very active in this profitable category and led deals around the region, including Banco Galicia’s $250 million bond, a $265 million sale for Arcos Dorados, as well as bonds for Minerva, Nemak, Suzano and Cemex. Meanwhile, the bank’s high-grade portfolio included high-profile deals for Raizen, Fibria, Liverpool, Embraer, Banco de Bogotá and GrupoSura. The firm also financed a variety of companies in other ways, including Pemex’s $1.5 million senior unsecured revolving credit facility and Fibra Macquarie’s $516 million term loan and revolving credit facility – with loans for Enersis and Grupo Bimbo.
In a quiet market, JPMorgan also won a large share of the leading ECM deals. It led on the Jose Cuervo IPO, which raised $903 million in February this year – the first such deal in Mexico since the beginning of the Trump presidency. The bank then followed it quickly with another Mexican listing, Cementos de Chihuahua. It was also involved in the $1.6 billion follow-on for IEnova in October 2016 and the $1.4 billion follow-on for Argentine internet retailer Mercardo Libre.
In another large follow-on transaction, this time in Brazil, the bank brought CCR for $4.1 billion (which generated orders of R$11.8 billion). The deal was the largest in the country since 2015 and was an important vote of confidence from the international community. In Chile, JPMorgan worked on landmark deals such as Banco de Credito Inversiones’ follow-on in April 2016 and Cencosud’s issue of ADRs and common stock in July 2016.
