IFR marks its 50th anniversary in 2024. Since the first issue on March 22 1974, we’ve been covering the ups and downs and ins and outs of capital markets and investment banking. What to outsiders might seem a dry and technical subject has actually provided no end of drama and intrigue. And it was the same again in 2023. If anything, even more so. For all the clever deals covered in this awards book, 2023 wasn’t a vintage year for capital markets activity (especially if you’re counting fees). Rather, the spectacle came from two more banking...Read more
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The king is dead, long live the king
Investment banking is not just about deals, deals and more deals. It’s about people. And nothing makes that clearer than when one of the most successful bankers of his generation leaves the top job. Mess up the resulting handover and things can go wrong very quickly. Morgan Stanley looks to have handled its succession process extremely well while remaining on top of its game. It is IFR’s Bank of the Year.
Class of its own
BNP Paribas showed in 2023 what a world-class bond franchise it is. It was yet again the leading bank in the league tables in the euro market, made strides in the US and is now a top-four player in emerging markets. It’s a franchise that’s confident in its abilities, yet not complacent, and strives to keep getting better. BNP Paribas is IFR’s Bond House and Europe Investment-Grade Corporate House of the Year.
Big game hunting
In a year of jumbo transactions, Barclays was repeatedly involved in structuring and executing some of the most significant deals. Cross-border transactions, selldowns, IPOs and even a one-off trade in a rescued US bank showed the leadership of the UK bank. Barclays is IFR’s Equity House of the Year.
Rising to the challenge
Amid a steep decline in loan issuance in 2023 and challenging market conditions, JP Morgan carved out a role as the lender of choice on some of the biggest and most significant global transactions. It is IFR’s Loan House and Americas Loan House of the Year.
Bucking the trend
Declines in volatility and trading volumes caused a slowdown at most banks’ markets divisions in 2023 following a bumper prior year. For growing its market share through sustained investments across regions, products and clients, Bank of America is IFR’s Derivatives House and Foreign Exchange Derivatives House of the Year.
Truly global
No bank can match Citigroup’s consistency across global emerging markets and its ability to deliver for clients, whether big or small. Its experienced team knows how to navigate volatile markets and find pockets of liquidity when required. Citigroup is IFR’s Emerging Markets Bond House and Middle East Bond House of the Year.
Innovation and integrity
For its increasingly unmatched global reach in ESG products – including complex export and project financings and next-generation equity-linked instruments and securitisations – plus its notable stance on fossil fuel and renewables financing, as well as a leading ESG research effort across asset classes, BNP Paribas is IFR’s ESG Financing House.
Keeping busy
Being able to engage with thousands of companies of all sizes and in all sectors across the globe makes JP Morgan a major player in every segment of the capital markets. But balance sheet alone doesn’t win business. That takes intellectual prowess, finesse, experience and creativity – all of which were in evidence in the bank’s M&A group in 2023. JP Morgan is IFR’s M&A Adviser of the Year.
Navigating rising waters
Distressed companies and their creditors sought out PJT Partners for innovative solutions to increasingly complex balance-sheet troubles in 2023. Many sought to head off trouble with liability management transactions while others resolved crises in court. PJT Partners proved adept at managing every facet of the restructuring arena and remains IFR’s Restructuring Adviser of the Year.
Balancing act
Trickier times required more sophisticated advice for issuers looking to tap the market. Increasingly those needing to do more bespoke deals are turning to KKR’s capital markets advisory business for expertise. For carrying out such mandates in 2023's stormier waters, KKR Capital Markets is IFR’s Capital Markets Adviser of the Year.
Package deals
Bank runs and liquidity worries returned to the US and Europe in 2023, requiring some complex and speedy rescue packages. For its role advising UBS and other banks at times of stress, plus a raft of landmark insurance, market infrastructure and payments deals, Morgan Stanley is IFR’s Bank for Financial Institutions.
Challenge accepted
Higher interest rates and stretched public finances created a challenging backdrop for countries across the globe in 2023. For its work on innovative deals for Egypt, Chile, Sharjah and others to help them access markets, and making progress with multilateral development banks, ESG and digital trends, HSBC is IFR’s Bank for Governments.
Staying evergreen
As private equity firms limited their big deals for a second successive year, sponsor bankers had to stay nimble in 2023. For its work on landmark deals in technology and elsewhere, new financing structures, and prepping for better times ahead, JP Morgan is IFR’s Bank for Financial Sponsors.
Pushing forward
The energy transition picked up pace in 2023 as fears over global energy security outweighed pushback against ESG. For successfully accelerating and embedding the transition across all of its franchise, Societe Generale is IFR’s Bank for Sustainability.
Redefining expectations
While underwriting activity for debt and equity slumped in 2023, diversity firms continued to show their growing presence in syndicate roles is sustainable. No firm illustrated the ability to shatter expectations of what smaller investment banks are capable of better than Loop Capital Markets, and it is IFR’s US Diversity and Inclusion House of the Year.
Former ECM banker and self-described origination junkie Craig Coben looks back on the good times, bemoans the present and manages – just about – to be hopeful about the future.
After nearly 40 years in DCM, Chris Tuffey recalls the highs and lows and examines how things have changed. The thrill of the deal is still there, but perhaps not quite what it was.
Rupak Ghose looks back on a banking career in which it felt like everything changed, but some things remained the same.
PR veteran (and former IFR man) Jezz Farr explains what the awards process looks like for the unfortunate souls trying to line up all the egomaniacs involved (and that’s not just the bankers).
PRC institutions take lion's share of Asian investment banking fees, and are steadily expanding into overseas markets.
