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One of the big equity themes in Latin America in 2012 was that issuance from companies outside Brazil, and from Mexico in particular, enjoyed a strong year. Santander Mexico’s $4.1 billion IPO is one of the deals of the year because of its size and its secondary markets performance. In a domestic market dominated by foreign banks, Santander’s local listing is an important development for the bank and the market. It was the third-largest IPO in the world in 2012 and the second-largest-ever SEC-registered IPO by a Latin American issuer (behind Santander Brazil’s 2009 IPO). It also performed very well in the secondary markets. Contrasting with the two larger IPOs in 2012 – those of Facebook and Japan Airlines – the deal was trading up after five days and is still above the launch price (by 13%) at the time of going to press. Speaking to Euromoney immediately after the deal launched, underwriters said Santander, which was left lead, would have lost some of the large bids from long-only accounts had it tried to move the price above the middle of the range. It therefore opted to price at the middle of its Ps29 to Ps33 range to generate Ps52.81 billion. The global marketing effort incorporated anchor sales to sovereign wealth funds and a 14-day roadshow schedule, with three teams visiting 384 investors in 24 cities.

Further south, the standout M&A deal of the year was Chinese company Jinchuan’s R9.112 billion ($1.02 billion) acquisition of Metorex. It told us a lot about the changing nature of Chinese acquisition in resource-rich Africa.

The annual Private Banking and wealth management survey provides a qualitative and quantitative review of the best services in private banking, by region and by areas of service. It is an informative guide for high net-worth individuals on the range of professional wealth management service providers that are available.

In a buoyant year for international bond issuance from Latin America, structural innovation was what counted, rather than the size and pricing records that were broken. In the equity markets, which, in Brazil at least, were quiescent, persistence and a high regard for a fair deal for investors were crucial.

Many of the perceived shadowy corners of the global financial system have had a spotlight cast on them in the wake of the 2008 credit crisis, highlighting some acute problems that might have otherwise remained in the shadows.

Sinopec’s acquisition of a 49% equity interest in Talisman’s UK subsidiary for $1.5 billion in cash stood out not least because it was among the first high-profile acquisitions by a Chinese state-owned enterprise in the North Sea, one of the world’s most important oil and gas fields. The joint-venture structure allowed Sinopec to benefit from the well-established capability of TEUK in mature field operations and field-life extensions, with a rapid execution timeline. The transaction gave Sinopec a North Sea presence in line with the stated group strategy of establishing regional hubs across international oil and gas provinces. HSBC acted as the sole adviser to Sinopec, while JPMorgan advised Talisman. For HSBC, internal teams combined across the franchise – including Beijing, Hong Kong, Calgary and London – to implement the deal, demonstrating the need for a global team on a transaction of this nature.

RBS’s investment banking head John Hourican is the fall-guy for the bank’s Libor-rigging fine, but he should be lauded for the job he has done in the most difficult circumstances.

The private banking industry has had to modernize as never before to keep pace with the global needs of clients, new regulation and rebuild trust. Change has not come easy, but for those wealth managers that have blended global capability with product expertise in local markets, they continue to stand out from the crowd.

Reflecting on the jumbo senior secured €8 billion refinancing package for Schaeffler, a German auto parts supplier, an investor says: "While exposure to the cyclical automotive sector would have normally have made this a nonstarter, the diversity offered by a new European levered corporate deal combined with an ebitda of €2 billion-plus made it a must-do."

Large IPOs in Asia last year were something of a rarity. The $2.1 billion July IPO of IHH Healthcare was the largest-ever healthcare IPO in Asia. It was also noteworthy for its concurrent listing on two exchanges in the rising Asean region. And it posted good aftermarket volumes on both, with one-month average daily trading volume of $6.8 million on the Bursa Malaysia and $2.3 million on the Singapore Exchange, the venue for its secondary listing.

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.