Santander retains top spot in Latin American bond underwriting, outpacing Wall Street rivals while BBVA climbs into the top five
Executive summary: Santander maintained its lead in Latin American bond underwriting, beating Bank of America, JPMorgan and Citi, while BBVA rose into the top five. The outcome highlights European banks' competitiveness in LatAm debt markets, influencing pricing, fee structures and capital allocation for issuers. Santander, BBVA, Bank of America, JPMorgan, Citi, and Latin American sovereign and corporate bond issuers. Continued rivalry may pressure underwriting fees, spur further expansion of European banks in the region and attract regulatory scrutiny of market concentration.
Santander kept its lead in Latin American bond underwriting despite aggressive competition from Bank of America, JPMorgan and Citi, according to the latest rankings. BBVA’s advance into the top five shows that Spanish banks are gaining ground on Wall Street in the region’s debt capital markets. The result suggests that pricing pressure may increase for underwriting mandates and that issuers could benefit from more competitive bids. Continued rivalry is likely to shape fee structures and market share dynamics in LatAm fixed income.
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