Foreword
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The Citi that never sleeps
Banking and capital markets certainly didn’t lack drama in 2016 as the industry battled a complex and volatile operating environment, while individual firms pushed forward with strategic recalibrations and strove to improve returns. There may not have been any dazzling epiphanies, but one firm resolutely continued its steady progress and made impressive strides. Citigroup is IFR’s Bank of the Year.
Stronger, together
In a year that saw all kinds of shocks and surprises, one bank consistently stood out by staying ahead of the market’s changing winds and repeatedly delivering trend-setting transactions. Citigroup is IFR’s Bond House of the Year.
Still standing
Equity capital markets activity slumped in every region during the IFR awards period – but the bankers at JP Morgan barely noticed. Despite headwinds throughout the year from various events, JP Morgan did not stumble and delivered for clients, making it IFR’s Equity House and Americas Equity House of the Year.
Special events
For landing starring positions on the biggest global cross-border acquisition loans of the year and playing a leading role in Asia’s booming outbound M&A as China flexed its financial firepower, HSBC is IFR’s Loan House and Asia-Pacific Loan House of the Year.
Balancing act
Sweeping regulatory reforms and record-low rates sounded the death knell for many derivatives businesses. But for Societe Generale, with its rich financial engineering history, an opportunity emerged. For expanding its equity expertise across asset classes to solve complex problems that could not be addressed with a siloed approach, Societe Generale is IFR’s Derivatives House of the Year.
Landing the jumbos
HSBC demonstrated the breadth and depth of its emerging markets platform in 2016. It participated in the year’s four biggest emerging markets transactions, dominated in Asia, pioneered niche markets, and led some of the most challenging transactions. HSBC is IFR’s Emerging Markets Bond House and Asia Bond House of the Year.
Worth listening to
New advisory firms have sprouted like weeds since the global meltdown, jostling to show that they can help companies save money – and avoid very costly mistakes. But one firm has repeatedly shown that its long experience in the space is invaluable. Rothschild is IFR’s inaugural Capital Markets Adviser of the Year.
Timely advice
Defending a major client from an unwanted approach is the ultimate mandate for a corporate finance adviser; finding an alternative solution under such pressure is the hallmark of great advice. For achieving such outcomes for Time Warner Cable and others, Morgan Stanley is IFR’s M&A Adviser of the Year.
Into its own
In the year since its spin-off from Blackstone, the restructuring arm of PJT Partners has picked up momentum, winning assignments from private equity firms beyond Blackstone and closing tough transactions around the globe across many sectors quickly and deftly. PJT Partners is IFR’s Restructuring Adviser of the Year.
Rock-bottom interest rates, quantitative easing and negative yields have turned the fixed-income investor universe upside down. How do fund managers make sense of these changes and how are they positioning their portfolios in response?
2016 couldn’t have been much worse for equity capital markets bankers: big spikes in volatility, intermittent periods of market closure, pulled deals and a collapse in fees. How have they weathered the storm, and how will they carry their injuries into 2017?
Chinese banks and brokers are taking over the Asian investment banking league tables, as more mainland issuers and investors turn to the international markets. Global rivals need to rethink their approach.
Big banks have lost more than US$60bn in their corporate centres in the last four years. Some critics say the units can mask the true performance of business divisions.
The rise and rise of the passive fund is yet another result of the low interest rate environment. And a worrying one.
A long-term commitment to re-balancing the Chinese economy should make the M&A boom more sustainable. But worries about capital flight and the renminbi’s weakness may force the authorities to put a stop to the party.
Fintech start-ups have mostly played around the edges of investment banks’ core activities – but not for much longer. The global financial full-service model was already creaking, but an Uber-style disruption to front-office activity is no longer a distant threat.
A growing realisation that over-enthusiastic and uncoordinated banking regulation is damaging the real economy, combined with the shock election victory of Donald Trump, is likely to see the regulatory onslaught of the post-financial crisis period lessen in intensity, if not reverse course.
