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Latam Investment Banking Review q42021
Latam Investment Banking Review q42021
1 An LSEG business
QUARTERLY HIGHLIGHTS
LATAM INVESTMENT BANKING ACTIVITY
HIGHLIGHTS
Brazil Brazil
2 An LSEG business
REPORT
SUMMARY
INVESTMENT BANKING FEES
Investment banking fees in Latin America (LATAM) earned a total of US$2.9 billion throughout 2021, an increase of 19% and the highest annual total since 2007. Advisory fees increased 56% to US$981.6 million,
reaching its second-highest year on record, and making up one-third of the fee pool. Equity capital markets delivered its strongest year since 2007 with US$949 million in fees, up 8% and accounting for 32% of fees
in Latin America. Debt capital market fees increased marginally by 1% to US$622 million representing a four-year high. Syndicated lending made a total of US$410 million in fees increasing 15% from 2020.
Syndicated loans accounted for the smallest proportion of fees making up 21% of the fee pool. Brazil earned the most fees in Latin America earning US$1.3 billion, up 36% from the same period last year, followed
by Bermuda. The financial sector earned 40% of fees in the region with US$1.1 billion in the full year. JP Morgan earned the most investment banking fees in the LATAM region with a total of US$283 million or 9.5%
of the total fee pool.
3 An LSEG business
LATAM BACK TO
HIGHLIGHTS
INVESTMENT BANKING FEES VOLUMES TOP FEE PAYING INDUSTRIES TOP FEE PAYING COUNTRIES
• Outer Rim: 2021
Annual Fees • Inner Rim: 2020
7,000
6,000 19%
5,000 29%
US$ Million
25%
4,000 34% 40%
37% 4% 39% 45%
3,000
3%
2,000 10%
1,000 13%
6% 12%
8%
0 6%3% 8% 12%
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 6% 10%
8% 11%
12%
INVESTMENT BANKING FEES BY ASSET CLASS
Financials Materials Brazil Mexico
BONDS EQUITY LOANS MA
2,500
2,000
1,500
1,000
500
0
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21
4 An LSEG business
LATAM BACK TO
HIGHLIGHTS
ANY INVOLVEMENT M&A VOLUMES & NUMBER OF DEALS TOP TARGETED INDUSTRIES TOP TARGETED COUNTRIES
Annual Volumes #Deals
• Outer Rim: 2021
• Inner Rim: 2020
350,000 3,000
300,000 9%
2,500 22%
6%
250,000
2,000 10%
US$ Million
19%
200,000 36% 7%
31%
1,500 12%
150,000
1,000 7% 5%
100,000 3% 54%
15% 56%
50,000 500 6%
3% 36% 16%
0 - 5%
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 15%
8% 10%
9%
TARGET M&A VOLUMES & NUMBER OF DEALS
Annual Volumes #Deals
300,000 2,500
Energy and Power Healthcare Brazil Mexico
250,000 2,000
200,000 Financials High Technology
US$ Million
Bermuda Chile
1,500
150,000
Materials Other Colombia Other
1,000
100,000
50,000 500
0 -
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21
5 An LSEG business
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HIGHLIGHTS
US$ Million
150,000 150,000
US$ Million
800
US$ Million
Mexico 9,230 Canada 9,506 Chile 1,957 Mexico 1,759 Colombia 7,384 10,77
Bermuda
4
6 An LSEG business
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HIGHLIGHTS
300,000
250,000
200,000
US$ Million
150,000
100,000
50,000
0
07 08 09 10 11 12 13 14 15 16 17 18 19 20 21
60,000
50,000
40,000
US$ Million
30,000
20,000
10,000
0
07 08 09 10 11 12 13 14 15 16 17 18 19 20 21
7 An LSEG business
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HIGHLIGHTS
8 An LSEG business
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HIGHLIGHTS
US$ Million
20,000
40,000 20000%
100
15,000 15000%
30,000 80
60 10000%
20,000 10,000
40 5000%
10,000 5,000 339% 378%
20 -8% 0% 0%
0 0 -5000%
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 Brazil Mexico Chile Uruguay Argentina
150%
US$ Million
30,000 5,000
25,000
4,000 100%
20,000
3,000
15,000 50%
10,000 2,000 19%
5,000 0% 0% 0%
1,000 -14%
0
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 0 -50%
Financials Energy and Power High Technology Healthcare Telecommunications
9 An LSEG business
LATAM BACK TO
HIGHLIGHTS
US$ Million
US$ Million
300,000 1000
27%
250,000 800 30,000 20%
200,000 600 5%
20,000 0%
150,000
400 -15%
100,000 10,000 -19% -20%
50,000 200
0 0 -40%
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 Brazil Mexico Chile Cayman Islands Bermuda
US$ Million
250,000 50,000
150%
40,000
100%
US$ Million
200,000 30,000
20,000 50%
150,000
10,000 -7% -1% -11% -5% 0%
100,000 0 -50%
Government and Financials Energy and Materials Consumer
50,000 Agencies Power Products and
Services
0
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21
10 An LSEG business
LATAM BACK TO
HIGHLIGHTS
08/12/2021 2,591.5 IPO Nu Holdings Ltd Brazil High Technology Software NYSE
30/06/2021 2,286.1 Follow-On Petrobras Distribuidora SA Brazil Energy and Power Oil & Gas PAOLO
03/08/2021 1,154.6 IPO Raizen SA Brazil Energy and Power Oil & Gas PAOLO
Agency, Supranational,
03/03/2021 3,957.3 Peru Peru Government and Agencies National Government U.S. Dollar
Sovereign
Agency, Supranational,
28/10/2021 3,953.8 Peru Peru Government and Agencies National Government U.S. Dollar
Sovereign
Agency, Supranational,
22/07/2021 3,713.0 Chile Chile Government and Agencies National Government U.S. Dollar
Sovereign
Agency, Supranational,
18/02/2021 3,535.0 Corporacion Andina de Fomento Venezuela Government and Agencies Supranational U.S. Dollar
Sovereign
Agency, Supranational,
06/04/2021 3,254.9 Mexico Mexico Government and Agencies National Government U.S. Dollar
Sovereign
11 An LSEG business
LATAM BACK TO
HIGHLIGHTS
250
7.3%
200
5.9% 5.8% 5.6%
150 5.1% 4.9%
4.4% 4.0%
100
2.6%
50
0
0 1 2 3 4 5 6 7 8 9 10 11
Rank
12 An LSEG business
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HIGHLIGHTS
13 An LSEG business
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14 An LSEG business
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HIGHLIGHTS
15 An LSEG business
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HIGHLIGHTS
16 An LSEG business
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18 An LSEG business
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