Ciro Matuo & team Itaú Securities
The Itaú Securities trio under Ciro Matuo slips one notch to the second tier, but the São Paulo–based analysts continue to impress clients with their “deep insights” and “broad-based corporate contacts,” as well as their “solid trading ideas.” Especially prized: a December recommendation to seize Construtora Norberto Odebrecht’s credits on the heels of a Moody’s Investors Service upgrade. The Itaú team advised investors to buy the Brazilian construction and engineering conglomerate’s 9.625 percent April 2014 notes, at R113.50; 7.5 percent October 2017 notes, at R102.30; and 7 percent April 2020 notes, at R99.20. By the end of July, the bonds had appreciated to R117.40, R108.20 and R104.80, respectively. “Ciro leverages his long experience to produce unparalleled analyses,” cheers one backer.
