Competitors might have been surprised to see JPMorgan bankers Ricardo Leoni and Daniel Pombo at the negotiating table earlier this year helping Brazilian mining company Samarco Mineracao SA restructure about $3.8bn in debt.

Bloomberg News reports that after all, restructuring advice isn’t what the bank is known for in Brazil. Leoni and Pombo are trying to change that.

As demand for traditional banking services suffers through a nationwide credit squeeze and the worst recession in a century, global banks such as JPMorgan and Credit Suisse are trying to elbow in on the top players in the restructuring business, including Moelis, PJT Partners, Rothschild and Lazard.

“As the top bond underwriter in Latin America, we saw our business really shrink on the flow side in 2015, so it was a strategy for us to look for new opportunities,” Leoni, head of debt capital markets for JPMorgan in Brazil, said in an phone interview this month.

To access the complete Bloomberg News article hit the link below:

JPMorgan Makes Push for Debt-Restructuring Business in Brazil

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