The smooth conclusion of the takeover of a big US steel company by a Latin American-owned pretender still raises eyebrows, although perhaps these days only a Roger Moore-style half inch. But when such deals are financed with a jumbo bridging loan and carried out in the teeth of a global credit squeeze, bankers do take note. Brazilian-owned Gerdau Ameristeel’s deal to buy Chaparral of Texas for more than $4bn in a move with bridge financing from JPMorgan was concluded in mid-September and speaks volumes about the maturing of Latin financial markets and their slow decoupling from the US.

M&A bankers covering Latin America say the region is set to continue to buck the weakness seen in developed markets.