It is traditional for this foreword to say something along the lines of “Blimey, what a year that was”. But come on, what a year THAT was.
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Hitting it for six:
Best-in-class return on equity, best share price performance of its peers, record revenues across a now balanced institution – and a deal roster to be proud of. Given the tragic circumstances of 2020, a victory lap for those who have been along for the journey might be unseemly. But a quiet moment of satisfaction is surely in order. Morgan Stanley is IFR’s Bank of the Year.
Simply the best
BNP Paribas might be mostly a euro powerhouse but in 2020 it demonstrated it was very much a player in many other sectors of the bond markets. In a remarkable year for debt capital markets, the French bank showed that balance sheet can be married with creativity, that quality of service can extend from Triple A to Triple C and that being best doesn’t mean just being global. BNP Paribas is IFR’s Bond House, Euro Bond House and Europe Investment-Grade Corporate House of the Year.
If you’ve got a problem …
With their very survival at risk, many companies were forced to issue equity as Covid-19 wrought havoc in the markets. Other firms were, however, enjoying a bounce that allowed them to issue from strength. Whether desperate or in rude health, when they needed advice, they called on Goldman Sachs. The bank is IFR’s Equity House, North America Equity House and EMEA Equity House of the Year.
Rescue remedy
Using its platform as a European banking powerhouse, BNP Paribas led the global loan markets through the pandemic. From innovative structuring and expert advice, to pursuing ESG goals and providing liquidity financing to borrowers struggling with the Covid-19 fallout, BNP Paribas is IFR's Loan House and EMEA Loan House of the Year.
Stress test
The global pandemic ensured 2020 was a trading year like no other. For remaining a consistent and reliable trading partner for its clients during this extraordinary period, Citigroup is IFR’s Derivatives House and Interest Rate Derivatives House of the Year.
EM’s comfort blanket
With the pandemic scrambling markets, issuers had to place their confidence in a bank that could read the conditions and help them access vital funding on a grander scale than ever before. For its advice and leadership for borrowers in a turbulent and groundbreaking year, Citigroup is IFR’s Emerging Markets Bond House and Emerging EMEA Bond House of the Year.
Spots changed
For underwriting more ESG risk and bonds than any other bank, innovating with new product developments and harnessing the power of its global investment bank to play a key role in transitioning high-emitting companies, JP Morgan is IFR’s ESG Financing House of the Year.
Protecting the weak
Never has advice been more valuable than when companies across many sectors saw their operations effectively cease in early 2020. To be trusted enough that clients will rely on your advice about critical financings despite never meeting in person is quite a thing. Lazard is IFR’s Capital Markets Adviser of the Year.
Trusted adviser
During the upheavals prompted by the pandemic, clients needed a reliable adviser if they had to defend themselves from unwanted approaches or carry out opportunistic acquisitions that could transform their businesses. For being the first port of call throughout 2020’s storms, Morgan Stanley is IFR’s M&A Adviser of the Year.
Taking the driver’s seat
In a year when restructuring specialists were in demand, advisers needed to rise to the challenge to help clients manage emergency negotiations with creditors. For being the first in line to advise with aplomb on rescue situations, PJT Partners is IFR’s Restructuring Adviser of the Year.
Navigator for all seasons
In a year of blockbuster deals from exchanges, data providers, payments firms and lenders, one bank stood above the rest in providing trusted advice, offering liquidity and helping FIG clients navigate the pandemic. Morgan Stanley is IFR’s Bank of the Year for Financial Institutions.
Support crew
The Covid-19 pandemic left governments fighting on all fronts during 2020, and their partners in the finance industry were key to saving lives and livelihoods. For its wide-ranging support to the public sector in every corner of the globe, Citigroup is IFR’s Bank of the Year for Governments.
Winner winner, chicken dinner
Advising private equity firms, family offices and other financial sponsor clients required the full range of talents in 2020 as activity was turned on its head by the Covid-19 crisis and then rebounded almost as sharply. For its ability to stay nimble and advise on the biggest deals, Morgan Stanley is IFR’s Bank of the Year for Financial Sponsors.
Sustaining its lead
While other banks spent 2020 playing catch-up with their commitments on environmental, social and governance issues, one bank pushed on to even more ambitious goals. For its leadership over many years, BNP Paribas is IFR’s Bank of the Year for Sustainable Finance.
The Shanghai Star Market has been a shining success since its launch in 2019. Global investors and investment banks are paying close attention.
After a slump in international issuance in 2020, fresh thinking may be needed to restore the appeal of the Japanese yen as a global funding currency. Japanese banks should also make another effort to get local investors to fund lower-rated issuers.
Travel restrictions and social distancing as a result of the coronavirus crisis transformed investment banking in 2020, introducing a more efficient, more flexible way of working. Asia-Pacific was the first region to go into the crisis and in some ways is the furthest through it. As health concerns begin to ease, does the region’s experience suggest that changes will stick?
Despite the best efforts of the Trump administration and a less-than-supportive regulatory climate, the ESG financing market in the US still managed to move forward in 2020. US ESG financing lags behind much of the rest of the world (Europe in particular) but a greener administration in the US will add momentum to efforts to harness financial markets to address climate change and other social ills.
With increased attention on the ESG sector, the second-party opinion providers have come under greater scrutiny from regulators and the maturing of the sector should lead to greater transparency and harmonisation.
Covid-19 was a major distraction for everyone in 2020, including those in the midst of the huge task of transitioning Libor to a new set of risk-free rates. Nevertheless, at the end of December 2021, Libor as we know it – for all but some important US dollar benchmarks – will be no more.
