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| BTG Pactual | |
| Date: | April 23 |
| Size | R$3.66 billion |
| Structure | IPO |
| Bookrunners | BTG was global coordinator, and Banco do Brasil, Bradesco BBI, Citi, Goldman Sachs and JPMorgan were joint bookrunners. Deutsche Bank, Morgan Stanley and UBS were lead managers |
| return to the Latin America Deals of the Year index | |
The region’s equity markets had a mixed year. In Brazil, the region’s largest market, the equity market had a terrible time, especially for IPOs. Issuance was at its lowest for a decade. Deals launched and were pulled, and those that made it to market were priced well below the range. Amid this weakness stood BTG Pactual. BTG is a bank in hurry, and its rapid growth necessitated an injection of capital and a change in its ownership structure to enable its business plan to maintain its momentum. Rather than wait, it launched amid bad market conditions – the two smaller deals either side of BTG Pactual’s IPO failed to price in its range. The bank’s confidence in its reputation, its deal-pricing discipline and its innovative ownership structure that aligns external shareholders and the selling partnership enabled the bank to price a large deal amid the carnage and move on.
