GlobalCapital reveals the winners of its second annual Latin America Bond Awards

GlobalCapital

April 23, 2025 03:45 PM

The standout deals, issuers, banks and other market participants were crowned at a gala industry dinner in New York

Organisations from every corner of the Latin American debt market came together at The Metropolitan Club of New York on Tuesday night to celebrate the winners of GlobalCapital's second Latin America Bond Awards.

The awards recognise the banks, issuers, and deals — as well as investors, law firms, rating agencies and other key market participants — who shone the brightest during 2024.

Compared to the previous two years, conditions in Latin American and Caribbean bond markets in 2024 were fairly benign. But market participants took this as an opportunity to demonstrate their ingenuity, astuteness and creativity.

Whether it was the several sovereigns clinching their largest ever deals, more sophisticated structured deals appearing, or the region blazing a trail for the rest of the world in debt for nature conversions, LatAm and Caribbean issuers provided many memorable moments.

The GlobalCapital awards are unique in that the winners are decided by the market itself. Every single name on the shortlist has been applauded by peers, rivals, clients and counterparts for their sterling work. This year’s awards were voted for online between December and January by issuers, banks, investors, law firms, rating agencies and others, and reflect performance in the 2024 calendar year.

Congratulations on behalf of everyone at GlobalCapital to all the winners and nominees. And thank you to everyone who took the time to vote in the poll. We hope to see you next year!

The full list of winners and nominees is below. To download a PDF of the winners, please click here.

Photo Gallery

winners

Bank Awards

Best Overall Bank for Latin American Bonds

Winner: Bank of America

Citi
Itaú
JP Morgan
Santander

Best Bank for Latin American Sovereign Bonds

Winner: JP Morgan

Bank of America
Citi
Goldman Sachs
Santander

Best Bank for Latin American Corporate Bonds

Winner: Santander

Bank of America
BBVA
Citi
JP Morgan
Morgan Stanley

Best Bank for Latin American Financial Institution Bonds

Winner: Goldman Sachs

Bank of America
BNP Paribas
Citi
JP Morgan

Best Bank for Sustainable Bond Markets in Latin America

Winner: BNP Paribas

Bank of America
Crédit Agricole
JP Morgan
Standard Chartered

Best Bank for Latin American Local Markets

Winner: Citi

BBVA
HSBC
Itaú
Santander

Most Innovative Bank for Latin American DCM

Winner: Bank of America

BBVA
Goldman Sachs
JP Morgan
Morgan Stanley

Best Latin American Bond Trading House

Winner: Barclays

Bank of America
Deutsche Bank
Goldman Sachs
JP Morgan

Best Bank for Liability Management in Latin American Bond Markets

Winner: JP Morgan

Bank of America
Citi
Goldman Sachs
Santander

Best Syndicate Desk for Latin American Bonds

Winner: JP Morgan

Bank of America
Citi
Goldman Sachs
Itaú

Best Bank for Latin American Structured Finance

Winner: Goldman Sachs

Bank of America
Citi
Itaú
JP Morgan
UBS

Best Bank for Latin American Syndicated Loans

Winner: Citi

BBVA
Deutsche Bank
JP Morgan
Borrower Awards

Overall Most Impressive Bond Issuer in Latin America

Winner: Corporación Andina de Fomento

América Movil
Cabei
Chile
Mexico
Raízen

Most Impressive Sovereign Bond Issuer in Latin America

Winner: Mexico

Brazil
Chile
El Salvador
Paraguay
Uruguay

Most Impressive Latin American Supranational Bond Issuer

Winner: Corporación Andina de Fomento

Cabei
Fonplata

Most Impressive Corporate Bond Issuer in Latin America

Winner: Raízen

America Móvil
Latam Airlines
Vale
YPF

Most Impressive Financial Institution Bond Issuer in Latin America

Winner: BCI

Banco do Brasil
Banco Estado
Banorte
BBVA Mexico
Santander Mexico

Most Impressive ESG Bond Issuer in Latin America

Winner: Cabei

CAF
Chile
COFIDE
Raízen

Most Impressive Debut Bond Issuer in Latin America

Winner: LD Celulose

3R Petroleum Óleo e Gás
Caja los Andes
Orygen
Valia Energía
Vista Energy
Deal Awards (all priced 2024)
Latin American Bond Deal of the Year

Winner: Mexico $7.5bn five, 12 and 30 year (priced January)

United Mexican States, Barclays, Bank of America, JP Morgan, Morgan Stanley, Santander, Cleary Gottlieb Steen & Hamilton, Sullivan & Cromwell, Ritch Mueller Heather & Nicolau
BCI AT1 (priced September)
CAF £1bn five year (priced April)
Chile Electricity Lux MPC II $1.437bn securitization by IDB Invest (priced October)
YPF $800m seven year (priced January)
Most Innovative Latin American Bond Deal of the Year

Winner: Fiemex $1.49bn 16 year (priced September)
Fiemex, Barclays, BBVA, BNP Paribas, Santander, Scotiabank, SMBC, Cleary Gottlieb Steen & Hamilton, Galicia Abogados, Milbank, Ritch Mueller Heather & Nicolau
Ecuador Amazon biocorridor debt-for-nature swap (priced December)
El Salvador debt-for-nature swap (priced October)
KingAir $480m 12 year (priced September)
Murano $300m six year (priced September)
Latin American Sovereign Bond Deal of the Year

Winner: Mexico $7.5bn five, 12 and 30 year (priced January)
United Mexican States, Barclays, Bank of America, JP Morgan, Morgan Stanley, Santander, Cleary Gottlieb Steen & Hamilton, Sullivan & Cromwell, Ritch Mueller Heather & Nicolau

Brazil $4.5bn 10 and 30 year (priced January)
Colombia $3.64bn 12 and 30 year (priced October)
Dominican Republic $750m 12 year green bond (priced June)
Ecuador Amazon biocorridor debt-for-nature swap (priced December)
Latin American Quasi-sovereign Bond Deal of the Year

Winner: Codelco $2bn 12 and 30 year (priced January)
Codelco, Bank of America, Citi, JP Morgan, Santander, A&O Shearman, Cleary Gottlieb Steen & Hamilton
Banco Estado AT1 (priced April)
Ecopetrol $1.85bn 12 year (priced January)
Metro de Santiago Sfr155m Swiss franc seven year (priced October)
YPF $800m seven year (priced January)
Latin American ESG Deal of the Year

Winner: The Bahamas debt conversion project for marine conservation (priced November)
Bahamas, Standard Chartered, A&O Shearman, Hogan Lovells, Clifford Chance

Barbados debt-for-nature swap (priced December)
Dominican Republic $750m 12 year green bond (priced June)
Ecuador Amazon biocorridor debt-for-nature swap (priced December)
Promigas / IFC Ps$540 billion Colombian peso social bond (priced December)
Latin American Investment-Grade Corporate Bond Deal of the Year

Winner: Raízen $1.5bn 10 and 30 year (priced February)
Raízen, Bank of America, BNP Paribas, Bradesco, Citi, Itaú, JP Morgan, Morgan Stanley, Santander, Milbank, Pinheiro Neto Advogados, Simpson Thacher & Bartlett, Stocche Forbes Advogados
America Móvil Ps17.5bn ($1.043bn) peso five year (priced March)
CMPC $500m 10 year (priced February)
Gruma $800m 10 and 30 year (priced December)
Vale $1bn 30 year (priced June)
Latin American High Yield Corporate Bond Deal of the Year

Winner: Latam Airlines $1.4bn long five year (priced October)
Latam Airlines, Barclays, BNP Paribas, Citi, Deutsche Bank, Goldman Sachs, JP Morgan, MUFG, Natixis, Santander, Claro & Cia, Cleary Gottlieb Steen & Hamilton, Morales & Besa, Simpson Thacher & Bartlett
3R Lux $500m seven year (priced January)
Oceânica Engenharia e Consultoria $375m five year (priced September)
Vista Energy $600m 11 year (priced December)
YPF $800m seven year (priced January)
Latin American Structured Financing Deal of the Year

Winner: Fiemex $1.49bn 16 year (priced September)
Fiemex, Barclays, BBVA, BNP Paribas, Santander, Scotiabank, SMBC, Cleary Gottlieb Steen & Hamilton, Galicia Abogados, Milbank, Ritch Mueller Heather & Nicolau
Chile Electricity Lux MPC II $1.437bn securitization by IDB Invest (priced October)
El Salvador debt-for-nature swap (priced October)
KingAir $480m 12 year (priced September)
Yinson Boronia $1.035bn 18 year (priced May)
Niche Currency Deal of the Year from a LatAm Issuer

Winner: Metro de Santiago Sfr155m seven year (priced October)
Metro de Santiago, BNP Paribas
CAF A$500m ($325m) Australian dollar five year (priced February)
Engie Energía Sfr190m Swiss franc five year (priced August)
Mexico ¥152bn ($1.045bn) three, five, seven, 10 and 20 year Samurai (priced August)
Uruguay ¥46.3bn ($373m) three, five, seven and 20 year Samurai (priced December)
Local Currency Deal of the Year from a LatAm Issuer

Winner: Paraguay G3.643bn ($500m) guarani seven year (priced February)
Paraguay, Citi, Goldman Sachs, Itaú, Cleary Gottlieb Steen & Hamilton
America Móvil Ps17.5bn ($1.043bn) peso five year (priced March)
CAF CRc$47.bn ($94m) Costa Rican colón eight year (priced April)
Dominican Republic Ps105bn ($1.78bn) peso 12 year (priced June)
Municipalidad Metropolitana de Lima Sl1.25bn ($328m) nuevo sol 19 year (priced September)
Paraguay G3.643bn ($500m) guarani seven year (priced February)
Most Impressive Liability Management of the Year

Winner: Ecuador Amazon biocorridor debt-for-nature swap (priced December)
Ecuador, Bank of America, A&O Shearman, Bustamante Fabara, Clifford Chance, Hogan Lovells
Dominican Republic dual-currency triple tranche new issue, and dollar buyback (priced June)
El Salvador debt-for-nature swap (priced October)
Peru Sl7bn ($1.85bn) nuevo sol 15 year and dollar buyback (priced June)
Uruguay Ps57.8bn ($1.5bn) peso 21 year and dollar buyback (priced May)
Best Multilateral-backed Deal of the Year

Winner: Ecuador Amazon biocorridor debt-for-nature swap (priced December)
Ecuador, Bank of America, A&O Shearman, Bustamante Fabara, Clifford Chance, Hogan Lovells

The Bahamas debt conversion project for marine conservation (priced November)
Chile Electricity Lux MPC II $1.437bn securitization by IDB Invest (priced October)
Ecuador Amazon biocorridor debt-for-nature swap (priced December)
El Salvador debt-for-nature swap (priced October)
Scaling4Impact IDB Invest securitization (priced October)
Most Impressive Project Finance Deal of the Year

Winner: Valia Energía $530m 15 year project bond (priced January)
Valia Energía, BNP Paribas, Citi, JP Morgan, Morgan Stanley, Société Générale, Clifford Chance, Mijares, Angoitia, Cortés y Fuentes, Milbank
Fiemex $1.49bn 16 year (priced September)
Orygen (Niagara Energy) $1.2bn 10 year (priced September)
Yinson Boronia $1.035bn 18 year (priced May)
Most Impressive Acquisition Financing of the Year

Winner: Orygen $1.2bn 10 year (priced September)
Orygen, BBVA, BNP Paribas, Citi, Goldman Sachs, JP Morgan, Natixis, Santander, Garrigues, Milbank
Latin American Syndicated Loan of the Year

Winner: Barbados debt-for-nature swap (priced December)
Barbados, CIBC, White Oak Advisory, Cleary Gottlieb Steen & Hamilton, Clifford Chance, Hunton Andrews Kurth
Bahamas debt-for-nature swap (priced November)
El Salvador debt-for-nature swap (priced October)
Banco Cooperativo Sicredi $297m five year term loan (priced May)
Other Awards

Best Investor in Latin American Sovereign Bonds

Winner: BlackRock

Loomis Sayles
Ninety One
RBC BlueBay Asset Management
Wellington Management

Best Investor in Latin American Corporate Bonds

Winner: Wellington Management

Capital Group
Eaton Vance
Marathon
T. Rowe Price

Best Investor in Latin American Local Currency Bonds

Winner: Eaton Vance

Ashmore
Capital Group
JP Morgan Asset Management

Best International Law Firm for Latin American Bonds

Winner: Clifford Chance

A&O Shearman
Cleary Gottlieb Steen & Hamilton
Milbank
Simpson Thacher & Bartlett

Best Locally-Headquartered Law Firm for Latin American Bonds

Winner: Garrigues

Brigard Urrutía
Bruchou & Funes de Rioja
Creel, Garcia-Cuellar, Aiza y Enríquez
Galicia Abogados

Best International Law Firm for Latin American Loans

Winner: White & Case

Cleary Gottlieb Steen & Hamilton
Clifford Chance
Holland & Knight
Milbank

Best Locally-Headquartered Law Firm for Latin American Loans

Winner: Galicia Abogados

Bruchou & Funes de Rioja
Creel, Garcia-Cuellar, Aiza y Enríquez
Garrigues

Best Secondary Market Trading Platform for Latin American Bonds

Winner: MarketAxess

Bloomberg
Tradeweb

Best Rating Agency for Latin American Bonds

Winner: Fitch Ratings

Moody's Ratings
S&P Global Ratings

Best Second Party Opinion Provider for Latin American ESG Bonds

Winner: Moody's Ratings

S&P Shades of Green
Sustainable Fitch
Sustainalytics

Best Latin American Credit Research Team

Winner: JP Morgan

Balanz
Bank of America
Jefferies
People Awards

Most Impressive Sovereign or Supranational Funding Official in Latin America

Winner: Manuel Valdez, CAF

María del Carmen Bonilla, Mexico
Victor González, Chile
Herman Kamil, Uruguay
Humberto Rodríguez, CABEI

Most Impressive Corporate or FIG Funding Official in Latin America

Winner: Beatriz Muñoz Villa, BBVA Mexico

Marina Dalben, Raízen
Carlos García-Moreno, América Móvil
Felipe Lima, Embraer
Juan Pablo Risco, BCI

Most Impressive Latin American Bond Syndicate Banker

Winner: Jonas Knoll, JP Morgan

Matthew Dukes, Itaú
Josh Gajdos, Goldman Sachs
Jennifer Wohland, Bank of America

Most Impressive Latin American Bond Origination Banker

Winner: Sergio Fernandez, Bank of America

Rodrigo Gonzalez, BNP Paribas
Gordon Kingsley, Crédit Agricole
Raimundo Langlois, JP Morgan
Ricardo Navarro, Itaú

Most Impressive Sustainable Finance Banker for Latin America

Winner: Michael Bellantoni, BNP Paribas

Danielle Fisher, Crédit Agricole
Camilo Soler, JP Morgan
Luiza Vasconcellos, Itaú

Rising Star Latin American Bond Banker

Winner: Eduardo Buendia, Bank of America

Erick Castillo Mares, Goldman Sachs
André Salva Martins, Morgan Stanley
Andrea Molina, Itaú
Connor Prochnow, Crédit Agricole

Most Impressive Sell-side Analyst for Latin American Credit

Winner: Natalia Corfield, JP Morgan

Badr El Moutawakil, Barclays
Anne Milne, Bank of America
Siobhan Morden, Santander