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Opening doors:
US corporate bond activity in 2021 marked a shift from the mad dash for capital in 2020 to an environment focused on rebuilding and growth opportunities. For excelling as a partner to corporate clients accessing the US dollar market with impeccable timing and execution, Morgan Stanley is IFR’s US Bond House and North America Investment-Grade Corporate Bond House of the Year.
Flight of fancy
Star-spangled Barclays
US issuers in the euro and sterling markets are becoming a much more common sight, often pushing the boundaries when they come. With its transatlantic focus Barclays has been at the forefront of this trend and is IFR’s Reverse Yankee Bond House of the Year.
Locking in the long end
Reaching for the stars
The competition is stiffening but no other bank can match BNP Paribas’s all-round excellence across all the asset classes in the euro markets. From SSA at one end of the ratings spectrum to high-yield at the other, the French bank remains the benchmark for others. BNP Paribas is IFR’s Euro Bond House and Europe Financial Bond House of the Year.
Sole success
In another tough year for the international yen market, one bank stood out for its ability to not only bring challenging clients to the market, but to do so on a sole basis. The bank is SMBC Nikko, IFR's Yen Bond House of the Year.
Big commitment
Bigger slice
The sterling bond market grew in stature in 2021 as it proved itself able to provide opportunities across the asset classes in greater size than before. What was required was a bank to step up and take on greater responsibility to help drive the market towards an even more influential future. HSBC is IFR’s Sterling Bond House of the Year.
The innovator
The Swiss market is not usually known for new ideas, but 2021 saw three novel structures appear in a year dominated by domestic issuance. For its innovation and stellar performance throughout the period, Zuercher Kantonalbank is IFR's Swiss Franc Bond House of the Year.
Into the digital future
Starting with a bang
Joining the big league
Trusted partner
Key roles on many of the year’s most important transactions, an increase in market share, and a resurgent sterling business were all hallmarks of Deutsche Bank’s activities in 2021. ESG was another area where the bank led the market. Deutsche Bank is IFR’s SSAR Bond House of the Year.
Perfect timing
For showing finesse in identifying key opportunities across currencies and jurisdictions in a year when the covered bond sector remained undersupplied and investors favoured higher value and more strategic trades, HSBC is IFR’s Covered Bond House of the Year.
Standing tall
In a record-breaking year that saw US high-yield bond issuance hit an all-time high, one bank was the go-to for strategically important financings and companies taking their debut steps in the bond market. For its consistency in executing the most challenging deals, Goldman Sachs is IFR’s North America High-Yield Bond House of the Year.
Dodging volatility
Banks were forced to pick their spots in a European high-yield market that saw plenty of volatility thanks to the ongoing pandemic. For its consistency, leadership on market-defining transactions, and sheer depth of distribution, Barclays is IFR's Europe High-Yield Bond House of the Year.
Feeding frenzy
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?
