THIRD TEAM

Anne Milne & team  BofA Merrill Lynch Global Research

BofA Merrill Lynch Global Research, in its first appearance since 2001, captures third place. The three-member team led by New York–based Anne Milne “has provided a broad coverage of names in the region, with timely local insight and valuable cross-asset reports,” observes one advocate. In January 3 the trio recommended overweighting the 5.125 percent October 2016 Eurobonds of the Venezuelan state-owned oil company, Petróleos de Venezuela, then at $53.50. “Our outlook for oil prices was positive. PDVSA is an important cash flow generator, and its debt levels were reasonable for a company of its size,” explains Milne. By the end of July, those Eurobonds were trading at $68.50, she reports.