The two most active investment banks in the Caribbean region are Citi and JPMorgan. While it would seem natural to consider them competitors – and of course they are – it is striking how many deals there are in which they team up.
From sovereign transactions for the Republic of Panama and the Dominican Republic to corporate deals, such as Central America Bottling Corp’s $1.1 billion transaction and Investment Energy Resources $700 million, the two banks have worked together in bringing debt financing into the region.
It is also very close in terms of league table positions. Citi beats JPMorgan in debt capital markets, largely due to the bank switching partners to BofA for its $1.85 billion bond for Aeropuerto Internacional de Tocumen.
But JPMorgan has the upper hand in M&A – there was no ECM activity from the region last year.
Therefore,