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Latin America Investment Banking Review First Quarter 2021 Refinitiv Deals Intelligence

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Latin America Investment Banking Review First Quarter 2021 Refinitiv Deals Intelligence Latin America Investment Banking Review First Quarter 2021 Refinitiv Deals Intelligence 1 QUARTERLY HIGHLIGHTS LATAM INVESTMENT BANKING ACTIVITY HIGHLIGHTS M&A FEES DOWN -3% M&A TOP FINANCIAL ADVISOR YTD ECM FEES UP 251% Banco BTG Pactual SA DCM FEES DOWN -13% ECM TOP BOOK RUNNER YTD Citi LOAN FEES UP 22% DCM TOP BOOK RUNNER YTD ANY INV. M&A UP 197% JP Morgan TARGET M&A UP 317% M&A TOP TARGETED NATION ECM PROCEEDS UP 12% Brazil DCM PROCEEDS DOWN -6% DCM TOP ISSUING ECM TOP ISSUING Click on any of the above arrows to NATION NATION go straight to the analysis. Mexico Brazil CLICK BELOW TO SIGN UP FOR OUR NEWSLETTERS, PURCHASE CUSTOMIZED DATA OR FOLLOW US ON SOCIAL MEDIA: 2 An LSEG business REPORT SUMMARY INVESTMENT BANKING FEES Investment banking fees in Latin America produced a combined total of US$804.9 million during the first quarter of 2021, up 47% and the strongest start to the first quarter in the region since 2007. Merger & Acquisition fees totalled US$185.4 million, down 3% from the same period last year. Equity underwriting fees marked the best start to the year in the region since our records began in 2000 with a total of US$392 million recorded in fees, a 251% increase from the same period last year. Debt underwriting fees declined 13% to US$174.3 million from the same period last year, while syndicated lending increased 22% to US$52.9 million. Citi earned the most investment banking fees in Latin America during the first quarter of 2021, a total of US$72.8 million, or a 9.0% share of the total fee pool. JP Morgan and Deutsche Bank come in second and third place, with 8.3% and 6.0% market share, respectively. MERGERS & ACQUISITIONS Announced M&A with any Latin America involvement totals US$52.1 billion in the first quarter, a 197% increase and already at half of the full year total of 2020. Deals with a target in Latin America increased 317% from US$10.4 billion to US$43.6 billion in Q1 2021, a 3-year high. Latin America inbound M&A increased 409% to US$22 billion, while outbound M&A increased 79% to US$4.8 billion in Q1 2021. The largest deal of the quarter was Brazil’s Hapvida Participacoes agreement to merge their business with Notre Dame Intermedica for an estimated US$9.5 billion. Deal making in the Healthcare sector accounted for 25% of Latin America target M&A by value, followed by the real estate sector with a 21% market share. Brazil was the most targeted nation in Latin America with US$26.1 billion M&A deals worth of deals, an increase of 404% from the same period last year. Banco BTG Pactual SA leads in the any involvement league table advising on US$17.9 billion worth of deals, closely followed by JP Morgan and Itau Unibanco in second and third place, respectively. EQUITY CAPITAL MARKETS Latin America equity and equity-related issuance totalled US$9.7 billion, during the first quarter of 2021, a 12% increase and the best start to the year since 2013. 48% of this total came from Latin America’s IPO Market with US$4.7 billion in proceeds raised, a 391% increase in IPO activity. The number of IPOs also experienced its best start to the quarter since 1980 with 18 IPOs in Latin America’s first quarter. Brazil was the top issuing nation with US$6.0 billion raised in ECM proceeds, followed by Mexico and Cayman Islands. Telecommunications raised the most from ECM issuance with US$2.8 billion in related proceeds, followed by Energy & Power and Financials. The largest issuance of the quarter was the US$2.6 billion convertible bond issuance from América Móvil through its Dutch subsidiary América Móvil B.V. in February. Citi leads Latin America ECM underwriting during the first quarter of 2021 with 13% market share, closely followed by Bank of America Securities with 12%. DEBT CAPITAL MARKETS Latin America debt issuance totalled US$54.9 billion during the first quarter of 2021, a 6% decrease compared to a year ago. Agency and sovereign bond issuance in Latin America totalled US$27.4 billion, a 52% increase compared to the same period last year and the highest total since 2017. Mexico led Latin America’s DCM issuance with a total of US$13.0 billion in issuance, followed by Brazil with US$9.3 billion. Government and Agencies was the most active sector in Latin America with US$27.4 billion in issuance, or 50% of all DCM issuance in the first quarter. JP Morgan maintained top spot for DCM underwriting in Latin America with 15% market share, followed by Citi and Santander with 10% and 9% market share, respectively. 3 An LSEG business LATAM BACK TO HIGHLIGHTS INVESTMENT BANKING FEES PAGE INVESTMENT BANKING FEES VOLUMES TOP FEE PAYING INDUSTRIES TOP FEE PAYING COUNTRIES YTD Fees Rest of Year Fees • Outer Rim: YTD • Inner Rim: YTDLY 7,000 6,000 16% 27% 5,000 27% 29% 20% 4,000 7% 40% 40% 48% 5% 3,000 8% US$ MillionUS$ 8% 2,000 6% 13% 15% 8% 1,000 5% 7% 13% 17% 0 4% 18% 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 8% 11% INVESTMENT BANKING FEES BY ASSET CLASS BONDS EQUITY LOANS MA Financials Materials Brazil Bermuda 1,200 Energy and Power Government and Agencies Mexico British Virgin 1,000 Islands(United Kingdom) Consumer Products and Other Services Cayman Islands 800 Other 600 US$ MillionUS$ 400 200 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 4 An LSEG business LATAM BACK TO HIGHLIGHTS MERGERS & ACQUISITIONS PAGE ANY INVOLVEMENT M&A VOLUMES & NUMBER OF DEALS TOP TARGETED INDUSTRIES TOP TARGETED COUNTRIES YTD Volumes Rest of Year Volumes #Deals • Outer Rim: YTD 350,000 700 • Inner Rim: YTDLY 300,000 600 2%3% 250,000 500 16% 3% 25% 6% 200,000 400 12% 17% 150,000 300 5% 9% 2% US$ Million 100,000 200 6% 1% 3% 8% 50% 50,000 100 7% 26% 0 - 67% 60% 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 16% 17% 22% TARGET M&A VOLUMES & NUMBER OF DEALS 17% YTD Volumes Rest of Year Volumes #Deals 300,000 600 Healthcare Retail Brazil Colombia 250,000 500 Real Estate Materials 200,000 400 Bermuda Peru 150,000 300 Energy and Power Other Chile Other US$ Million 100,000 200 50,000 100 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 LATAM BACK TO HIGHLIGHTS MERGERS & ACQUISITIONS PAGE INBOUND M&A DOMESTIC M&A OUTBOUND M&A Inbound M&A up 409% from YTD last year, accounting Domestic M&A up 252% from YTD last year, Outbound M&A up 79% from YTD last year, accounting for $22 Billion so far this year. accounting for $21.5 Billion so far this year. for $4.8 Billion so far this year. YTD Volumes Rest of Year Volumes #Deals YTD Volumes Rest of Year Volumes #Deals YTD Volumes Rest of Year Volumes #Deals 120,000 300 200,000 300 40,000 100 250 80 100,000 250 150,000 30,000 80,000 200 200 60 20,000 60,000 150 100,000 150 40 100 10,000 40,000 100 50,000 US$ Million 20 US$ Million US$ Million 50 20,000 50 0 - 0 - 0 - 10 11 12 13 14 15 16 17 18 19 20 21 10 11 12 13 14 15 16 17 18 19 20 21 10 11 12 13 14 15 16 17 18 19 20 21 INBOUND M&A VOLUMES DOMESTIC M&A VOLUMES OUTBOUND M&A VOLUMES TOP TARGETED / TOP ACQUIRING NATIONS TOP TARGETED / TOP ACQUIRING NATIONS TOP TARGETED/ TOP ACQUIRING NATIONS US$ Million US$ Million US$ Million US$ Million US$ Million US$ Million 0 10,000 20,000 0 5,000 10,000 0 10,000 20,000 30,000 0 10,000 20,000 30,000 0 1,000 2,000 3,000 0 1,000 2,000 3,000 United States 8,548 Brazil 21,034 Brazil 20,988 India 2,125 Bahamas 2,213 Bermuda 11,265 of America Cayman Canada Peru 186 Peru 328 South Korea 1,175 1,905 Brazil 5,137 6,922 Islands United Arab United Chile 2,311 1,650 Colombia 166 Chile 119 424 Bermuda 595 Emirates Kingdom 6 An LSEG business BACK TO LATAM HIGHLIGHTS MERGERS & ACQUISITIONS PAGE TARGET M&A VOLUMES BY DEAL SIZE X < US$500 US$500m to US$1Bn US$1Bn to US$5Bn US$5Bn to US$10Bn X > US$10Bn 90,000 80,000 70,000 60,000 50,000 40,000 US$ Million 30,000 20,000 10,000 0 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 MID MARKET TARGET M&A VOLUMES YTD X < US$500 16,000 14,000 12,000 10,000 8,000 6,000 US$ Million 4,000 2,000 0 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 7 LATAM BACK TO HIGHLIGHTS MERGERS & ACQUISITIONS PAGE ANY INVOLVEMENT M&A TOP DEALS YTD Ranking Rank Target Acquiror Acquiror Status Target Name Target Industry Target Advisors Acquiror Name Acquiror Advisors Value ($Mil) Date Nation Nation Industry JP Morgan Securities LLC Banco BTG Pactual SA 9,577.3 Pending 02/27/2021 Notre Dame Intermedica Brazil Healthcare Hapvida Participacoes II Brazil Financials Banco JP Morgan SA Itau Unibanco SA Brookfield Property Brookfield Asset 6,497.6 Pending 01/04/2021 Bermuda Real Estate Lazard Canada Financials Partners Management BR Partners JP Morgan Banco Itau-BBA SA 5,363.5 Completed 03/01/2021 Sendas Distribuidora SA Brazil Retail Banco BTG Pactual SA Shareholders Brazil Financials BofA Securities Inc Banco Bradesco SA Santander Corp & Invest Bkg Hygo Energy Transition Energy and Goldman Sachs & Co Energy and 2,930.1 Pending 01/13/2021 Bermuda New Fortress Energy Inc United States Morgan Stanley Ltd Power Citi Power 2,877.7 Completed 02/09/2021 Vale SA Brazil Materials - PREVI Brazil Financials 2,109.8 Intended 01/11/2021 Vedanta Ltd India Materials - Vedanta Resources Ltd Bahamas Materials JP Morgan India Citi Petroleo Brasileiro SA- Energy and Mubadala Investment Co 1,650.0 Pending 02/08/2021 Brazil Rothschild & Co Utd Arab Em Financials RLAM Power PJSC Santander Corp & Invest Bkg Energy and 1,524.0 Pending 01/13/2021 Golar LNG Partners LP Bermuda Industrials Deutsche Bank Securities New Fortress Energy Inc United States Morgan Stanley Power 1,358.6 Pending 03/24/2021 Grupo BIG Brasil SA Brazil Retail - Atacadao SA France Retail
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