SECOND TEAM

Alexandre Müller & team  BTG Pactual

The BTG Pactual team led by Alexandre Müller, who according to one money manager demonstrates “an in-depth knowledge of Brazil’s local bond market,” drops one notch to second place. The São Paulo–based trio initiated coverage in mid-March on Braskem’s 7 percent May 2020 Eurobond offering with a buy rating, at $105.67; the bonds were to be issued the following month with a Ba1 rating from Moody’s Investors Service and a BB+ rating from Standard & Poor’s, but the analysts believed that the São Paulo–based petrochemicals company’s strong fundamentals would support a ratings upgrade, which would spur investor demand. They were right. The agencies rerated the bonds in late March, elevating them to investment grade (Baa3 and BBB-, respectively). By the end of July, they were trading at $108.68.