Over the last year, European underwriters have been overshadowed by their U.S. peers in the shrunken market of cross-border securitizations out of Latin America. Domestically, the picture is different. Across Latin America, banks from the Old World have no reason to envy the Street or even local banks for that matter. What follows is a snapshot of what European banks have recently been up to in the major markets of the region.
In Argentina, it comes as no surprise that a number of European players have partially or fully withdrawn from the country, following the sweeping pesification of foreign currency debt and massive defaults. In addition, the domestic market has offered little in the way of liquidity for the last year.