LatinFinance is the leading source of value-added financial markets intelligence for Latin America and the Caribbean.

Published from New York and Miami, with a network of correspondents across Latin America and the Caribbean, LatinFinance has covered banking and capital markets in the region for two decades.

It is the authoritative source on debt, equity, structured finance, syndicated loans, private equity and M&A, as well as multilateral financing, people moves and secondary trading.

The LatinFinance Daily Brief delivers the latest news, while the monthly magazine and data-intensive website, www.latinfinance.com, add the further context and analysis required to do business in these fast-moving markets.

Read the Digital Issue: Latin Finance Magazine, September/October 2009

INVESTMENT BANKING SURVEY
14 Brazil is the focus of a new fight for LatAm fees. For the first time, we rank the region’s leading investment banks.
OTPP INVESTMENT STRATEGY
23 Canada’s OTPP is blazing a trail for pension funds targeting stable returns in LatAm. Its strategy is based on partnerships and strict due diligence.
CENTRAL BANK SCORECARDS
26 For the first time, LatAm central banks have been able to use counter-cyclical policy to fight crisis. Controlling inflation as growth returns is the challenge ahead.
BRAZIL LIABILITY MANAGEMENT
29 Brazil jumped into a flush pool of LatAm liquidity with a trailblazing long-dated reopening. It remains opportunistic.
BRAZIL INVESTMENT REPORT
30 Real estate equity resurrected
37 Structured finance forecasts
MEXICO INVESTMENT REPORT
39 Grim outlook, reform required
45 Banorte seeks to grow
ANDEAN INVESTMENT REPORT
46 Peru spending hits a block
50 BCP sees better days
CARIBBEAN INVESTMENT REPORT
55 Loan volume tumbles
SUSTAINABLE BANKING
67 The top 30 banks ranked for corporate governance.
LEGAL SERVICES SURVEY
69 Restructuring is the name of the game for the leading law firms.
PARTING SHOT
79 Gulf-based investor

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FRONT NOTES
Buy Now Pain Later

Markets have tip-toed back from the brink of Armageddon, valuations are revving up and junk-rated borrowers have swooped in to feed investors eager for a hit. Brazil has emerged with a new sense of importance as the proxy for LatAm, riding high as if the last 18 months were all a bad dream.

The buyside hurled more than $37.0 billion in orders at the $6.5 billion July cross-border LatAm bond bender, which was a huge step up from the typical summer dribble. For issuers, the binge makes perfect sense, as investors of all stripes whip out ample checkbooks for almost any LatAm name.

And it is almost too good to be true for Wall Street’s dusty DCM teams. Many rediscovered their purpose, while also leaving substantial cash on the table to ensure they did not have to work too hard to move product. Lack of recent comparables and lingering disorder make it easy to cover up poor execution with the excuse that getting a deal done is enough to proclaim it a success. ...

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