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Ready for take-off:
In a year of record US bond volumes that favoured banks with the sharpest focus on serving corporate clients, one stood out for the intellectual capital it brought to the table and the innovative ways it helped companies navigate the market. Goldman Sachs is IFR’s US Bond House and North America High-Yield Bond House of the Year.
Focused under stress
In a difficult year for the yen market, one house stood out for its ability to deliver funding for both international and domestic issuers. For adapting as needed and supporting its clients, Mizuho Securities is IFR’s Yen Bond House of the Year.
Epic numbers
Inflation is hard to come by in slow-growth Japan, despite the central bank’s best efforts, but one issuer still managed to almost double the previous record with the biggest yen bond in history.
Attention to detail
There was a risk challenges thrown up by the pandemic could undermine the sterling bond market. But NatWest Markets called on its in-depth and long-standing knowledge of the sector to ensure this was not the case, with its careful shepherding leading to a successful conclusion. NatWest Markets is IFR’s Sterling Bond House of the Year.
A cool head
Like every other financial market, the Swiss bond market in 2020 was shaped by the global pandemic. Issuers and their bookrunners had to be strategic, but also nimble. For keeping a cool head while showing consistent leadership and versatility, Credit Suisse is IFR’s Swiss Franc Bond House of the Year.
Focus back to Swissies
Delivering solutions
The local markets bond business is the underappreciated arm of a debt capital markets franchise. But while attention naturally gravitates to the mainstream currency markets, niche markets continue to provide a crucial source of funding, especially during times of crisis. For its ability to lead transactions in markets across the world, HSBC is IFR’s Niche-Market Bond House of the Year.
Bank of first call
For leading companies through a frantic grab for liquidity during the onset of the Covid-19 pandemic and its leadership in social bonds, Bank of America is IFR’s North America Investment-Grade Corporate Bond House of the Year.
The tough get going
For skillfully leading diversified financials and regional banks through a difficult year that required speed to access at times and patience at other times – and a cool head at all times – Morgan Stanley is IFR’s North America Financial Bond House.
A global read
For guiding issuers through an unprecedented year, with a global vision and sure-handed execution across the capital stack, HSBC is IFR’s Europe Financial Bond House.
Tackling the debt pile
Swelling budget deficits and rapidly increasing funding needs put public sector issuers at the heart of governments’ responses to the Covid-19 crisis in 2020, with the scale of the task seemingly unsurmountable. Yet Barclays stepped in to deliver funding at crucial times, making it IFR’s SSAR Bond House of the Year.
Pushing boundaries
A fast start
For showing versatility and innovation in a year characterised by volatility and dwindling issuance, Credit Suisse is IFR’s Covered Bond House of the Year.
Health crisis Caisse Francaise de Financement Local picked up the baton from the SSA sector in late April by becoming the first European financial institution to issue a Covid-19 bond. Until the French institution’s deal, issuance of bonds dedicated to raising funds to combat the health and economic crisis had mostly come from SSAs. But the €1bn five-year bond showed that the burden could be spread with all proceeds earmarked for the financing of loans to French public hospitals originated by public development bank SFIL. Moreover, while it...
On a roll
The year in the European high-yield market started much as the previous one had finished, with the market seemingly open to all-comers. But when the Covid crash came in February, high-yield bankers found themselves in the eye of the storm. For its ability to guide clients through the turmoil, Goldman Sachs is IFR's Europe High-Yield Bond House.
Failure is not an option
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.
