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Keeping on track
Building on an already impressive track record, BNP Paribas maintained its standing in the single currency and once again helped navigate corporate clients through their fundraising initiatives. BNP Paribas is IFR’s Euro Bond House and Europe Investment-Grade Corporate Bond House of the Year.
Amazon delivers
The right way
Global delivery
In a market still struggling under the effects of Japan’s negative interest rates, one bank used its global network to deliver for both issuers and investors. For its leading role in international yen issuance, Morgan Stanley is IFR’s Yen Bond House of the Year.
Senior success
Top of the tree
Recognising market themes, understanding client needs, serving the investor base and leveraging relationships is what many aspire to but few achieve. Barclays managed just that in the sterling market, however, climbing to the top of the tree across the various asset classes in the process. Barclays is IFR’s Sterling Bond House of the Year.
New challenges
In a year that presented new challenges that needed fresh thinking to overcome, and despite major changes in its bond team, one bank stood out. For its leadership, innovation and consistent approach, Credit Suisse is IFR’s Swiss Franc Bond House of the Year.
The comeback kid
Tailor-made
In a year when it felt like the US high-grade corporate market couldn’t get any hotter and every bond issue flew off the shelf, one bank stood out by customising solutions for issuers that appealed to investors too. Morgan Stanley is IFR’s North America Investment-Grade Corporate Bond House of the Year.
Michelin-starred
Against a blistering backdrop for financial issuers, banks had to fight harder than ever to prove their mettle in 2017. For its market-leading advice in the European regulatory quagmire while proving dominant in league tables, Barclays is IFR’s Europe Financial Bond House of the Year.
Uncharted waters
Hitting the right notes
A mostly benign market backdrop made competition in the sovereign, supranational, agency and regional space fiercer than ever in 2017, but Barclays successfully managed to retain meaningful market share by hitting major markets and key parts of the curve. It is IFR’s SSAR Bond House of the Year.
Ready for take-off
Commerzbank has always held its own in the covered bond market, but 2017 proved to be the year it firmly entrenched itself as a major player. For its hard-fought transformation to covered bond heavyweight, Commerzbank is IFR’s Covered Bond House of the Year
Top of the tree
Green bonds completed the journey from niche market to mainstream product last year as France planted the first liquid Green benchmark in a sovereign curve. For its central role in arranging 2017’s landmark deal while driving growth and innovation across Green and Social-impact bonds, Credit Agricole is IFR’s SRI Bond House of the Year.
Leading from the front
In a year of record-breaking volumes, one bank led the way not just with jumbo trades but also in terms of pushing the boundaries of the market without overstepping the mark. Deutsche Bank is IFR’s Europe High-Yield Bond House of the Year.
Part of the furniture
Going into battle
The first year of the Trump presidency brought a great deal of uncertainty to the US high-yield market. For striking the right balance between sponsor and corporate clients while delivering dependable advice and execution, Barclays is IFR’s North America High-Yield Bond House of the Year.
Bankers have long complained that the rules that arose from the ashes of the financial crisis are ill-prepared at best and punitive at worst – and ultimately driven by a spirit of banker-bashing. The election of a US president with a similar view looked set to unleash a wave of creative regulatory destruction. But the early signs indicate that authorities will take a more constructive approach.
Green bonds have quickly become an important piece of sustainability financing. Yet while Green loans have emerged more slowly, they have plenty to offer both borrowers and lenders – and provide options not available in the bond market. Environmentally responsible lending may finally be ready to take off in earnest.
A reformed and reshaped global banking industry is investing for growth again. But with decent profits still elusive for some, and a host of headwinds to battle against, it’s too early to declare that happy days are here again.
Growth is (relatively) strong, markets are up as a result and capital markets activity is buoyant. The return of Tepco to the bond markets and the funding dynamism of Softbank were among factors that gave bankers in Japan and those who focus on the market from abroad a certain swagger.
Banks are in a fight for talent with technology, consulting and other firms, but are they ignoring too many students from poorer backgrounds? Some bankers think so, and want the net widened so they can add true diversity.
Singapore and Hong Kong look poised to allow shares with weighted voting rights in a bid to attract more listings from the new economy. But will it change anything?
Not so long ago it looked like the classic standalone investment bank would become a thing of the past. But with all the regulations put in place in the wake of the financial crisis, could the standalone model be poised for a comeback?
Grand plans to transform Saudi Arabia’s oil-focused economy have caught the attention of every major bank over the past year. But many could be in for a long wait as they seek returns on the resources being lavished on the country.
The weakness in the oil market, relative to the highs enjoyed in past years, has provided a supportive backdrop for Islamic bonds, forcing oil-rich Middle Eastern issuers to fund in the market. The market’s outlook will be determined in large part by oil’s future path, though investors will also be looking for assurances that Middle Eastern issuers honour their legal obligations.