2022 was a year when the dog didn’t bark. There were many significant events but from the perspective of finance and the markets, what is perhaps most interesting is what didn’t happen.
To purchase printed copies or a PDF of this report, please email leonie.welss@lseg.com and shahid.hamid@lseg.com
When the going gets tough
2022 was the 200th anniversary of the oldest of the institutions that came to make up BNP Paribas. In those two centuries the bank has lived through innumerable crises and turned them into opportunities. In the past year – and the decade that preceded it – it did so again. BNP Paribas is IFR’s Bank of the Year.
Over the bridge
Issuers and underwriters faced unprecedented circumstances in 2022 as volume plummeted and deals fell apart. For being a disciplined voice in unstable and uncertain markets and advising clients through the worst of the year, JP Morgan is IFR’s Bond House, Latin America Bond House and North America Leveraged Finance House of the Year.
Big and small in the ark
As issuance collapsed in 2022, many banks struggled to remain relevant across the globe, but not Goldman Sachs. It drove the biggest deals and some of the smallest, leveraging its expertise to deliver transactions that worked in difficult times. For the third consecutive year, Goldman Sachs is IFR’s Equity House of the Year.
Everything, everywhere
For being at the forefront of event-driven financing in its home market and internationally in a year of exceptional market volatility, for the depth of its lending relationships and for its unrivalled footprint across the globe, Citigroup is IFR’s Loan House and Americas Loan House of the Year.
Built to last
The twin shocks of Russia’s invasion of Ukraine and soaring inflation made 2022 the most challenging year for investors and companies since the financial crisis. For its consistent presence across asset classes while helping clients navigate these turbulent times, JP Morgan is IFR’s Derivatives House of the Year.
Moulding success
A combination of spiralling rates and fears about global growth saw emerging markets volumes slide. Those issuers that did venture into the primary market needed a bank with a global reach, experienced hands and a sure touch. Citigroup was that bank and is IFR’s Emerging Markets Bond House and Asia Bond House of the Year.
Ubiquitous leader
2022 saw HSBC move beyond its traditional strengths in ESG bonds and loans to successfully focus on equities, convertibles and derivatives too. A key player in the vital transition regions of Asia and the Middle East and with new momentum in the Americas, HSBC is IFR’s ESG Financing House of the Year.
Climbing higher
Deal fever died down in 2022 compared to the record heights achieved in 2021 but the leading adviser on transactions by value increased its share of the M&A market and worked on all of the 10 largest deals of the year. For its continuing dominance of the market, Goldman Sachs is IFR’s M&A Adviser of the Year.
Healthy solution
PJT Partners’ restructuring practice proved an unstoppable force in 2022, wrapping up legacy restructurings, giving troubled companies runway through aggressive liability management exercises and taking on the pick of new assignments emerging in the second post-pandemic restructuring cycle. PJT Partners is IFR’s Restructuring Adviser of the Year.
Friend in need
Financial industry dealmaking slowed in 2022 but there was still hot M&A activity among banks and asset managers, a jump in work to defend companies from activists, and a need for more bespoke financing for fintech firms. For its leading role in all of those areas, Goldman Sachs is IFR’s Bank for Financial Institutions.
Emergency extension
The restructuring of Ukraine’s debt after Russia’s invasion, crucial for the nation’s defence and future economic stability, was hammered out under intense scrutiny. For its role on that landmark deal and advisory work for Chad, Benin, Germany and beyond, Rothschild & Co, for the second year running, is IFR’s Bank of the Year for Governments.
Shaking up sponsors
A capital markets team that was set up 16 years ago by a private equity firm to handle its own deals has evolved to win acceptance and mandates from a slew of rivals. For continuing to shake up the industry and driving finance in a tough 2022, KKR Capital Markets is IFR’s Adviser for Financial Sponsors.
Clear and consistent
For a coherent and consistent top-down approach to ESG that has taken a decade to refine, setting targets that exceed industry standards and a pioneering approach to biodiversity and social issues, BNP Paribas is IFR’s Bank for Sustainability.
Built to last
In a golden age for diversity firms in capital markets, Hispanic-led Ramirez & Co remained a go-to shop despite increasing competition for municipal business and for debt and equity capital markets mandates. Ramirez is also taking on more senior roles and is IFR’s US Diversity and Inclusion House of the Year.
The Middle East was one of the few bright spots globally in equity capital markets in 2022, with IPOs regularly flooded with billions of dollars of demand. Bankers believe that not only is issuance sustainable, but the diversity of sectors, types of deals and even geographic location of companies tapping the market will expand, ensuring the region is a significant part of future ECM activity.
The UK’s LDI crisis was one of the most shocking events in the financial markets in 2022. What went wrong and what happens now?
So-called perfect storms are becoming more frequent in the financial world. The UK will need to tread carefully to avoid being caught in another one.
Buffeted by Covid-19 and caught in the crosshairs of Sino-US tensions and an authoritarian Chinese regime, Hong Kong’s ability to adapt is under sharp focus as it seeks to remain relevant as a global financial centre.
As Japan makes the crucial move to net-zero carbon emissions and other environmental targets, it is relying on transition finance as the mechanism to get there.
