Once again, Euromoney can't make an award for best bank in Costa Rica, since the economy is dominated by the dreadful state-owned banks. Smaller, privately owned banks are attempting to compete by growth through consolidation and acquisition, but it's far from clear that any of them is doing so in a sensible, sustainable way.
The debt house award is easy, however. For the second year in a row, Deutsche Bank was the sole bookrunner on the sovereign's only bond issue. It won the mandate with wafer-thin nine basis point fees, but it was still a pretty good deal: a dual-tranche $200 million five-year bond and $250 million 10-year issue. Between them, they comprised the largest offering ever by Costa Rica, and attracted more than 100 investors, many of which had never bought the credit before.