Last year saw moderate activity in capital markets from Chilean issuers. In terms of league table, there was no dominant player, but BTG Pactual wins the award for best investment bank due to a blend of volume and prestige. The Brazilian bank, which bought Celfin in Chile in 2012, had a strong performance outside its domestic market in Latin America this year, with Peru and Colombia producing record numbers for the firm. But Chile remains its second biggest market.
Juan Guillermo Agüero
Led by country chief executive Juan Guillermo Agüero, the bank worked on four equity deals, for a combined volume of $430 million and a market share of 13%, including the $530 million IPO of Mall Plaza (the largest ever Chilean IPO and the largest Latin America real estate IPO since 2014) and the $70 million IPO of Inmobiliaria Manquehue. It was also sole bookrunner on a $76 million accelerated book-build for Hortifrut.
BTG’s Chile office also closed five M&A transactions, including acting as sole financial adviser to AES Gener in the sale of 100% of its regulated transmission assets to Chilquinta Energia for $220 million. This was the first deal in Chile’s transmission industry following 2016’s regulatory and tax reforms.
BTG was also sole financial adviser to Zurich Insurance Group in its $153 million acquisition of EuroAmerica’s Life Insurance and Asset Management business.