2023 Q2FI Deal of the Year

Deals of the YEar awardsFI Deal of the Year:
BCI Chile $500M IssuanceIntro DividerChile’s Banco de Crédito e Inversiones, or BCI, achieved several milestones for the bank and for Chile’s banking sector as a whole. BCI returned to the debt capital markets in October 2021 after a four- year absence, placing $500 million in 144A Reg S bonds yielding 2.875% and 3.081%. The 10-year senior unsecured notes achieved the lowest yield for a bond of that duration issued by a Chilean financial institution, as well the lowest ever yield in international markets for a private financial institution in Latin America. It also achieved the lowest spread to sovereign ever by a Chilean financial institution, at 42bps over Chile’s sovereign curve. The issuance compared well with BCI’s previous deals as well. BofA Securities, which acted as joint bookrunner on the deal alongside J.P. Morgan and HSBC, says that the yield was 57bps lower than the previous 144A bond placed by BCI, in 2017. At that time, the spread was 70bps over Chile’s sovereign. The deal was also noteworthy for its execution: Initial Price Thoughts were in the T+170bps area, but following steady demand and large orders from quality investors, BCI was ultimately able to price at the tight end of guidance range at T + 155bps, according to BofA. The transaction was rated A2 by Moody's and A- by S&P. In the wake of the deal, BCI has not let up in its forays into the international debt capital markets. In January 2022, it issued a CHF200mn green bond in Switzerland. And in July, it became the first Chilean bank to join the IDB’s Green Bond Transparency Platform, which aims to support the harmonization and standardization of issuance reporting. The bank last year also jointed the Nasdaq Sustainable Bond Network (NSBN). LFDividing RuleSupporting OrganizationS:Joint Bookrunners: BofA; HSBC; J.P. MorganIssuer's Legal Advisors: Simpson ThacherUnderwriters' Legal Advisors: Carey & Cia; Cleary Gottlieb; Dentons Rencoret

All supporting financial institutions and law firms were transmitted to LatinFinance by the award category winners. For updates please email awards@latinfinance.comCoverMastheadLetterTable of ContentsDatabankMarket Talk: BondsMarket Talk: EquityMarket Talk: M&AMarket Talk: LoansCover Story: LatAm Capital MarketsScotiabankCover Story: Local Currency BondsBrazil: Economic PolicyBrazil: Interview: Gustavo LoyolaBrazil: Local Bond MarketsBrazil: Capital Market RegulationNearshoring in MexicoPeru's EconomyWinners: 2022 Deals of the Year AwardsSovereign Issuer of the YearCorporate Issuer of the YearSustainable Borrower of the YearSovereign Bond of the YearQuasi-Sovereign Bond of the YearCorporate High-Grade Bond of the YearCorporate High-Yield Bond of the YearSubnational Deal of the YearSovereign Liability Management of the YearQuasi-Sovereign Liability Management of the YearCorporate Liability Management of the YearIPO of the YearEquity Follow-On of the YearPrivate Equity Deal of the YearSovereign ESG Deal of the YearCorporate ESG Deal of the YearCross Border M&A Deal of the YearDomestic M&A Deal of the YearSyndicated Loan of the YearFinancing Innovation of the YearSovereign Restructuring of the YearCorporate Restructuring of the YearFI Deal of the YearSovereign Local Currency Deal of the YearCorporate Local Currency Deal of the YearStructured Financing of the YearLaw Firm of the Year - Latin AmericaSustainable Finance Law Firm of the YearLaw Firm of the Year – MexicoLaw Firm of the Year – BrazilLaw Firm of the Year – AndesBond House of the YearM&A House of the YearEquity House of the YearLoan House of the YearInvestment Bank of the Year Latin AmericaParting Shot: Maisa Rojas