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An even spread
Equity capital markets across the Americas were marked by diverse investment opportunities in 2017. Yet, against a backdrop of soaring equity valuations, identifying areas of outperformance proved elusive. Citigroup, through a diverse banking platform, provided unexpected sources of alpha, and is IFR’s North America Equity House of the Year.
Heroic endeavour
Regional reach
Latin America’s primary equity markets roared back to life in 2017, and one bank showed dominance across the region. For leading landmark trades, showing good market reads and bringing true value to clients, Bank of America Merrill Lynch is IFR’s Latin America Equity House of the Year.
Paving the future
Doubling up
Citigroup doubling its workload in a year without any negative impact on execution was remarkable. As the global coordinator of choice Citigroup led from the front and is IFR’s EMEA Equity House of the Year.
The right medicine
Scaling new heights
As Stifel scales up its investment banking practice to suit the needs of its more mature clients, it remains true to its core mandate of serving the middle-market. The senior roles and promotions it has earned through the longevity of its relationships and the breadth of its IPO platform make Stifel IFR’s US Mid-Market Equity House of the Year.
The disruptor
Having conquered its home market of Germany, Berenberg is rapidly building in the UK and elsewhere in Europe. In five years it has established itself as a leading ECM house that does things differently, making it IFR’s inaugural EMEA Mid-Market Equity House.
Focused effort
In a fiercely competitive market, one bank held off a growing number of local rivals to win an impressive number of sole-sponsor mandates from mid-cap clients in 2017. For its consistent focus, BNP Paribas is IFR’s Asia-Pacific Mid-Market Equity 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.