Brazil’s capital markets proved exceptionally sluggish in 2014 and prospects for 2015 do not look promising either. Equity deals brought to Brazil’s stock exchange last year were less than half the previous year, a total of $6.3bn. This included a record low of just one initial public offering (IPO) – the $192m listing of animal health company Ourofino Saúde Animal.
Meanwhile, machinery rental company Ouro Verde Locação e Serviços and airline Azul announced earlier this year they had decided to postpone planned IPOs due to adverse conditions in capital markets. Furthermore, although debt issuances were of similar levels to a year earlier, volumes were largely skewed by a few exceptionally large deals by state-owned firms.
