Looking through this awards book as it is about to be sent to the printers it is impossible not to be struck by the sheer energy and effort that has gone into the deals captured in these pages.
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One Goldman under a groove:
When David Solomon took over as CEO of Goldman Sachs he inherited an extraordinarily powerful franchise. But there was still work to be done and changes that were required. He wanted to move to a model where clients were partners not counterparties. Doing so has moved the bank to the next level. Goldman Sachs is IFR’s Bank of the Year.
Coast-to-coast success
As bond markets continued to thrive for most of 2021, issuers gravitated to banks with the best ideas, the best distribution and the best understanding of their needs. No bond franchise demonstrated these skills better than Citigroup. Citigroup is IFR’s Bond House, Asia Bond House, North America Financial Bond House, Europe Investment-Grade Corporate Bond House and Yankee Bond House of the Year.
Perfect balance
No one ever got sacked for hiring Goldman Sachs, they say. You know why? Because they’re bloody good at what they do. The bank is IFR’s Equity House, North America Equity House and Asia-Pacific Equity House of the Year.
Innovation and execution
In a record year for global loan issuance, one bank distinguished itself from the rest of the pack. For leading the most complex and transformative transactions, particularly in the cross-border leveraged finance market, and for providing creative solutions for its clients while increasing its market share, Goldman Sachs is IFR’s Loan House and Americas Loan House of the Year.
Staying the course
Competition among bank trading desks remained as fierce as ever in 2021 following a bumper 2020. For its steadfast commitment to growing its presence in global markets come rain or shine, BNP Paribas is IFR’s Derivatives House and Interest Rate Derivatives House of the Year.
Targeting the core
HSBC’s strategy has evolved to focus on the most important markets, clients and products. Its business is still global but no longer all-encompassing. This more targeted approach is paying off, especially in its core regions. HSBC is IFR’s Emerging Markets Bond House and Middle East Bond House of the Year.
Opening new markets
A top-tier global player and innovator in labelled bonds and loans, as well as a pioneer in emerging fields like ESG derivatives and sustainability-linked securitisation, Credit Agricole is IFR’s ESG Financing House of the Year.
On top
In a year when anything seemed possible until it wasn’t, Goldman Sachs stood out by helping clients fund at historically unprecedented terms early in the year and later taking a more strategic approach. The bank is IFR’s Structured Equity House, Americas Structured Equity House and Asia-Pacific Structured Equity House of the Year.
Titan of advice
Rothschild has scale on its side. It has more people scattered around the world than its rivals and leads more deals. When banks were buckling under the strain of deal flow, Rothschild's knowledge and resources were vital for clients and it is IFR's Capital Markets Adviser of the Year.
The indispensable bank
Year in, year out, Goldman Sachs claims to be the trusted adviser of choice, pointing to its dominant market share in the mergers and acquisitions market. A record year for deals offered a golden chance for the bank to show its mastery in this arena. It excelled once again and is IFR’s M&A Adviser of the Year.
Making hard decisions
Restructurings were rare in 2021 but PJT Partners followed a record-breaking 2020 with another strong year. Landmark assignments closed and new mandates were won as the pandemic continued to upend economic assumptions underpinning capital structures. For helping clients through uncertain times, PJT Partners is IFR’s Restructuring Adviser of the Year for the second year running.
FIG flywheel
Financial firms were a driving force behind booming capital markets in 2021, as fintech unicorns raised billions of dollars, M&A swept through asset management, and old-school banks and insurers struck deals to stay relevant. For its work in all the hot areas, Goldman Sachs is IFR’s Bank for Financial Institutions.
An independent path
In a year when abundant market liquidity led many rivals to fall back on cookie-cutter solutions, one advisory firm stood out for its willingness and ability to think creatively for its various government clients around the world. Rothschild is IFR’s Bank of the Year for Governments.
Sponsor form
A record year for the private equity industry as firms bought assets, sold or listed portfolio companies and made changes to their own capital structures kept banks busy on multiple fronts in 2021. For its work on repeat deals and moving into new areas, Morgan Stanley is IFR’s Bank of the Year for Financial Sponsors.
Leading the energy transition
While other banks raced to established energy transition teams as the push to decarbonise intensified in 2021, one bank was already pulling ahead. For showing clear leadership in the issue that will define our times, Societe Generale is IFR’s Bank of the Year for Sustainability.
Into the fast lane
It was a breakthrough year for diversity and inclusion firms as issuers sought to ensure that more than the typical Wall Street banks benefited from their corporate finance strategies. For its work on big deals and making sure a unique opportunity for inclusion is more than fleeting, Siebert Williams Shank is IFR’s inaugural US Diversity and Inclusion House of the Year.
The promise of greater efficiency – and cost savings – from the automation of debt capital markets appears to be getting closer, given the rising number of platforms or applications being marketed to syndicate desks. We’re not there yet but we might just see evidence of progress this year – at least in some parts of the new issue continuum.
The true effects of Brexit on Europe’s capital markets have yet to be felt, but they will be far-reaching as divergence accelerates in 2022 and the EU takes a tough line on cross-border arrangements.
Capital markets in the US have rallied around the fight to address environmental, social and governance issues, responding to the Biden administration’s increasing emphasis on climate change.
When India’s Masala bond market was launched in 2014, the hope was that it would become a vibrant issuance arena underpinned by deep secondary liquidity and a wide variety of foreign investors and traders. To say that the market has disappointed would be an understatement, but hope springs eternal and optimists are calling a turn.
The Tokyo Stock Exchange is restructuring in a process designed to rationalise its board structure, improve corporate governance and attract more investors to Japan. But do the changes go far enough?
