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A guiding light
With markets once again engulfed in crisis, one bank stood out from the crowd, harnessing its unparalleled experience and market knowledge to guide its clients through the economic storm. For being at the forefront of keeping the loan market open and functioning in increasingly challenging conditions, BNP Paribas is IFR’s EMEA Loan House of the Year.
Pushing the right buttons
Elevator and escalator manufacturer Otis Worldwide worked with sole underwriter Morgan Stanley to steer a course through Spanish acquisition finance requirements to fund its purchase of the remaining 49.99% of Spanish elevator company Zardoya Otis that it did not already own.
Good call
Telecoms towers company Phoenix Tower International navigated multiple jurisdictions, evolving financing needs and shifting investor appetite amid global economic and political uncertainty to raise the largest syndicated transaction in Latin America in 2022.
Moving on up
The €9.675bn loan backing the €50bn take-private of Italian transport infrastructure giant Atlantia was the outstanding EMEA loan of 2022. The complex multi-layered transaction flawlessly navigated a turbulent market through swift and impeccable execution.
Nimble under pressure
As global financial markets struggled under the impact of geopolitical and macroeconomic factors in 2022, one bank remained nimble enough to navigate the challenges. For underwriting event-driven financings, delivering innovative solutions to borrowers and achieving breakthroughs in distribution, HSBC is IFR’s Asia-Pacific Loan House of the Year.
Concrete support
Adani Group wrapped up a US$5.25bn debt financing package in 2022, enabling it to buy Swiss building materials firm Holcim’s Indian cement business holdings, even as risk appetite for acquisition finance cooled worldwide.
Paving the way
The US$1.96bn debt package backing Blackstone and Canada Pension Plan Investment Board's purchase of drug research services company Advarra exemplified how direct lending became an increasingly important source for buyout financings in 2022, when uncertain macroeconomic conditions plunged the traditional syndicated leveraged market into turmoil.
Breaking new ground
In a year that saw Europe’s leveraged loan market largely shut down, bankers had to be creative in order to find liquidity. In June, pharmaceutical company Norgine’s €715m buyout financing became the first underwritten deal to primarily target a direct lender syndication.
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.
