In line with the surge in mergers and acquisitions, structured debt issuance saw a sharp increase during the first half of 2021. According to an analysis by S&P Ratings, new structured debt issuance in the first six months of the year rose 60% compared to the same period last year, exceeding projections and reaching US$685,000 million. This figure also represents a 30% increase compared to the first half of 2019. Based on this result, S&P Ratings projects that the year will end with approximately US$1.4 trillion in new structured debt issuances, the highest volume in real terms since the Great Recession.

Latin America has not been immune to this trend and also exceeded S&P Ratings’ expectations, with a volume of US$10,000 million in the first half of the year. Brazil accounts for the bulk of this activity, and the agency expects it to remain dynamic in the second half of the year given favorable interest rate conditions. S&P Ratings raised its projection for structured debt issuance in Latin America for all of 2021 by 20%, bringing it to US$17.5 billion.