Latin America's best investment bank 2018: Bank of America Merrill Lynch

The rising economic fortunes of the largest countries lifted nearly all investment banking boats. Local investment banking franchises continued to notch up strong deal flow and fees, but last year was noticeable for the improvement in the fortunes of the international banks. 

In recent years, local banks have been very successful in leveraging balance sheet relationships; this has led to ‘bookrunner inflation’ on deals and, as the locals have begun to win global coordinator or stabilization roles, this has impacted international banks’ share of the fees.

However, last year not only saw fees rise for all participants but also the international banks as they reasserted their differentiation by bringing an edge through international investors, global industry expertise or structuring innovation. Many of the international banks enjoyed strong years, but Bank of America Merrill Lynch was the most consistent performer across the region – and notably strong in the year’s critical markets of Brazil and Argentina.

The bank is traditionally strong in M&A and equity capital markets, and it again played to these strengths last year, gaining the top spot in the region’s ECM and M&A volumes with market shares of 11.8%