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Nimble approach pays off
Agility and sharp-eyed analysis of the true state of the market was essential in a year marked by extreme volatility. For this and its creativity in developing innovative structures to assist issuers, Goldman Sachs is IFR’s North America Structured Finance House of the Year.
Top of the chart
Concord Music struck the right chord with a US$1.8bn musical royalty securitisation, capping a year when this esoteric asset-backed sector reached a wider audience.
Standing tall
The US$2.73bn CMBS to partly fund Blackstone’s acquisition of PS Business Park’s industrial assets marked one of the bright spots in an otherwise dour commercial mortgage-backed market in 2022.
Meaty mandates
It was supposed to be the year that European securitisation got back to business as usual, but 2022 turned out to be dominated by new challenges. For sinking its teeth into the market’s meatiest problems and coming out on top, Bank of America is IFR’s EMEA Structured Finance House of the Year.
A tough call
As spreads marched steadily wider in the months following Russia’s invasion of Ukraine, the spectre of extension risk began to loom over the European RMBS market. Step-up coupons designed to incentivise calls began to look less punishing than a dicey refinancing.
Green light
The dynamics of 2022’s capital markets created numerous challenges for bond issuers, but China’s domestic borrowers were able to lean into the renminbi market, which still provided attractive pricing options and receptive buyers.
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.
