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Game-changer
US investment-grade bond volumes dropped for the first time in eight years in 2018 after tax reform reduced the need for some companies to borrow. For its strategy of focusing on its M&A strengths to win high-grade market share and for tackling some tough high-yield bond stories, Goldman Sachs is IFR’s US Bond House of the Year.
Talented individuals are all well and good but collaboration and understanding are also necessary to create a winning team. BNP Paribas once again demonstrated its ability to do just that across asset classes and is IFR’s Euro Bond House and Europe Financial Bond House of the Year.
Yen bond issuance rebounded in 2018 as geopolitical tensions eased and global issuers capitalised on better swap rates and rising Japanese risk appetite. For doing more than its peers to connect issuers and investors, Mizuho Securities is IFR’s Yen Bond House of the Year.
While it has been on something of a journey over the past few years, NatWest Markets never took its eye off the bond ball. It stuck valiantly to the task in hand, especially in its home market. NatWest Markets is IFR’s Sterling Bond House of the Year.
It’s not easy changing the course of one of the biggest banks in a country, but with its strong vision, leadership and innovative deals, and its ability to eat away at its great rival’s leading market position, UBS is IFR’s Swiss Franc Bond House of the Year.
In a year defined by volatility for corporate issuers, one bank navigated those challenges expertly while avoiding pitfalls and racking up the most volume. Bank of America Merrill Lynch is IFR’s North America Investment-Grade Corporate Bond House of the Year.
In an unpredictable year, one bank picked up market share by offering corporates an unglitzy but vital solution to their problems: consistency. Societe Generale is IFR’s Europe Investment-Grade Corporate Bond House of the Year.
In a year when banks looked to the US dollar bond market to sell debut capital deals, and flatter yield curves and market volatility saw both opportunities and disruptions, one bank showed leadership in structuring and timing trades. Citigroup is IFR’s North America Financial Bond House of the Year.
The SRI market in 2018 was characterised by subtle innovations for Green and Sustainable bonds. For its leading role in focusing on novel yet robust instruments amid a shifting landscape, Credit Agricole is IFR’s SRI Bond House of the Year.
In a year when US junk bond volumes dropped sharply and portfolio managers faced one refinancing trade after another, one bank stood out by doing things differently. For redefining how start-ups access capital, Morgan Stanley is IFR’s North America High-Yield Bond House of the Year.
Leveraged buyouts dominated 2018. But while many banks managed deals, just one was consistently there for the trickier names. For executing the most complex LBOs in a volatile year, Deutsche Bank is IFR’s Europe High-Yield Bond House of the Year.
A decade on from the demise of Lehman Brothers – and with a new generation of leaders at the helm – the banking sector has reached a turning point. Legacy issues from the crisis have faded in intensity and, while some potentially formidable challenges lie on the horizon, the industry narrative has at last shifted to thinking about the future.
Only a small number of European banks have the firepower and geographic reach to compete with rampant US rivals. The rest must either focus on pockets of excellence or merge.
Over the decades, Japanese banks have been criticised, fairly or unfairly, as having a boom-bust approach to international business. How do the international ambitions of Japan’s major financial groups stack up today amid ongoing monetary stimulus at home and a challenging environment overseas? Is it different this time?
With the US Federal Reserve shrinking its balance sheet and the ECB emerging from quantitative easing, the bond market is likely to present opportunities in corporate debt.
The barriers around China’s capital markets are coming down, just as politicians threaten to escalate Sino-US tensions into an all-out trade war.
2018 has been an exciting year for Green finance. It may not have been a record-breaking year for issuance, but the product has conquered new markets such as Schuldschein and commercial paper.
