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Taming the bear
For positioning itself better than peers to withstand the collapse in US ECM volumes and playing off its strengths in healthcare, energy and FIG to lead many of the year’s biggest offerings, JP Morgan is IFR’s North America Equity House of the Year.
Look, no hands!
Mobileye Global overcame a brutal new issue market to deliver the only US IPO to price above the marketing range as well as the year’s best performing large offering.
Takes the (yellow) cake
Cross-border acquisitions with concurrent stock sales have a lot of moving parts, making these some of the trickiest transactions in corporate finance.
Magic tricks
Even as global equity investors fled Latin America, BTG Pactual managed to secure funding for small and large issuers across the region. The bank is IFR’s Latin America Equity House of the Year.
Power play
Brazilian state-owned utility Eletrobras laid the groundwork for its financial rehabilitation through a R$33.7bn (US$6.9bn) follow-on in June, a privatisation that threaded the needle between the interests of the Brazilian government and those of global investors that participated.
Hitting the jackpot
There were few winners in 2022 as ECM issuance collapsed in Europe. Yet HSBC’s established presence across the Middle East meant the bank was suddenly at the top of the pile as activity in the region exploded. HSBC is IFR’s EMEA Equity House of the Year.
Pedal to the metal
Global brand recognition and a strong equity story made Porsche the perfect IPO candidate. The lingering Covid-19 pandemic, Russia's invasion of Ukraine and resulting market volatility made for the most inhospitable conditions for a new issue in years. All things considered, 2022 was a terrible time to float a quality asset.
The final step
Sampo's €1.84bn sale of shares in Nordea was the largest accelerated bookbuild in Europe during 2022, yet the transaction stood out for more than just its size.
Going the extra mile
In a year full of challenges for Asia’s equity capital markets, one bank went above and beyond to raise funds for clients by leveraging its global platform and entering new territory. For taking on risk even under extreme volatility, UBS is IFR’s Asia-Pacific Equity House of the Year.
Record demand
South Korean electric vehicle battery maker LG Energy Solution’s W12.8trn (US$10.7bn at the time) IPO was the world’s largest in 2022, demonstrating the impressive depth of the country’s equity capital market.
Powering up
Chinese electric vehicle battery maker Contemporary Amperex Technology’s Rmb45bn (US$6.55bn) A-share private placement drew significant demand from foreign investors in a year when China domestic offerings dominated the global equity capital markets.
Front row seat
In a year when jumbo IPOs were scarce, Piper Sandler’s leadership role on Corebridge Financial’s spin-off from its parent AIG proved a major coup. For sustaining long-standing client relationships while making prudent acquisitions, Piper Sandler is IFR’s US Mid-Market Equity 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.
