Latin America's best bank for advisory 2019: Goldman Sachs
Awards for Excellence 2019
Latin America’s best bank for advisory is Goldman Sachs. The bank has continued with its strategy to deliver highly complex, large-scale deals that set it apart from the local and international competition.
One of the landmark deals in the awards period was its sole lead deal of R$3.2 billion ($832 million) for a 1.5 gigawatt power plant in the state of Sergipe.
The notes were issued through an entity called Celse, which was able to issue local currency notes to international investors to finance a green-field project thanks to the participation of Swiss Export Risk Insurance – the export finance provider of the turbine.
It was a successful if highly bespoke trade and another example of Goldman using innovation and balance sheet (the bank fully underwrote the deal) to match risk appetite with financial demand.
Under the co-leadership of Gonzalo Garcia, the bank is investing in the region again. Naturally it has focused on the region’s largest market and it conducted some of Brazil’s key equity transactions in the awards period. It led the first B3-listed IPO in nearly a year with Centauro’s $772 million listing.
It also used its international presence to take Stone to be Brazil’s first ever IPO on the Nasdaq and was also lead left on its subsequent follow on.
Goldman also delivered clear leadership in M&A, which included advising Walmart on the sale of 80% of its Brazilian operation to Advent and the Carlyle Group on the sale of 30% of Tempo Assist to Swiss Re.
Goldman continues to make progress outside Brazil and can point to many other important deals elsewhere, including six M&A and equity deals in Argentina. In total, the bank claimed top spot in ECM last year, with 12 deals representing $2.7 billion and a market share of 15.3%. In M&A, the bank came third in terms of volume, with $10.8 billion, and first in terms of number of deals with 45 for a market share of 17.3%.