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Steady hands
US corporate bond issuers faced a lot of adversity in 2023 as months of rapidly rising rates finally took their toll. Banks failed, volatility persisted and – at times – capital was scarce. For helping issuers across the credit spectrum deftly handle the end of the easy money era, Citigroup is IFR’s US Bond House.
Finding a way
Pfizer’s financing for the purchase of drugmaker Seagen in May was the biggest in the investment-grade market in 2023. But the deal particularly stood out for the deft navigation of a difficult antirust environment.
Pathfinder
In 2023 the US bond market contended with a damaging banking crisis, the end of Credit Suisse, a possible recession, interest rate gyrations and political and market turmoil. For providing experience, creativity and gumption to issuers navigating a challenged Yankee bond market, Barclays is IFR's Yankee Bond House of the Year.
Punching above its weight
Societe Generale brought an array of non-European issuers to the euro market in 2023, delivering diversification for its clients and pricing arbitrage opportunities too. Its ability to leverage the capabilities of its cross-currency platform and provide leadership makes Societe Generale IFR’s Reverse Yankee Bond House of the Year.
Euro power
That the euro market has matured into an important source of funding for the world’s biggest corporates is no longer in doubt.
Momentum gathered
Success requires hard work: lots of it, often over many years and sometimes seemingly in vain. But commitment is key, because when they come, the rewards are usually well worth it. Credit Agricole CIB is IFR’s Euro Bond House and Covered Bond House of the Year.
Going big and long
Robert Bosch demonstrated the depth of the European investor base in a challenged market environment when, in May, it priced the biggest euro investment-grade corporate bond transaction in more than 19 months.
Shaken, but not stirred
One Japanese bank successfully kept the domestic and cross-border yen markets running by bringing the right issuers at the right times in the right tenors and playing an active role in the ESG space. That bank is Mizuho, IFR's Yen Bond House of the Year.
Clearing the air
Sumitomo Mitsui Financial Group sold the first Additional Tier 1 bond from a global systemically important bank following Switzerland's controversial wipeout of Credit Suisse’s capital notes in March, helping clear the uneasy atmosphere prevailing in the AT1 market and paving the way for recovery in the asset class.
Navigating the labyrinth
The UK bond market was beset by a series of challenges in 2023 that combined to create a less than stable backdrop for issuance. For those on the outside, this represented a labyrinth seemingly impossible to navigate. But for those with the relevant expertise and experience, it was an opportunity to shine. NatWest Markets is IFR’s Sterling Bond House of the Year.
Green shoots
Vattenfall reopened a corporate hybrid sector that had seen no supply for almost two years with its £250m 60.25-year non-call 5.25 green bond in early May. Its reception and demonstration of the currency’s pricing power when compared to euro alternatives put a marker in the sand and encouraged others to follow.
Out on its own
In a year of unprecedented change in the Swiss market, one bank stands out as the biggest and best. Its market share grew by double digits, while it was the top-ranked bank for almost every market segment. UBS is IFR's Swiss Franc Bond House of the Year.
The medicine goes down
Sandoz Group brought its debut bond deal to the Swiss franc market in late October, mere weeks after it was spun off from Novartis, with a SFr750m (US$833m) dual-tranche offering.
Climbing the table
Breaking into a market historically dominated by US bulge-bracket institutions isn’t easy, but Mizuho managed that feat in 2023. For its persistent effort, steady advice and increased market share, Mizuho is IFR’s North America Investment-Grade Corporate Bond House of the Year.
Weaving its magic
Before Tapestry’s M&A financing in November, bond investors were not well acquainted with the company even though it held storied brands Coach, Kate Spade New York and Stuart Weitzman.
Showing the light
For its work on guiding US banks through the collapse of Silicon Valley Bank and other regional lenders and leading some of the most important financial bond transactions of 2023, Morgan Stanley is IFR’s North America Financial Bond House of the Year.
Three-point shot
RenaissanceRe’s reopening of the Tier 3 bond market was key for Bermudan reinsurers who relied on the instrument for loss-absorbing capital.
One-stop shop
To dig into the deals that constitute Barclays’ impressive showing across the full FIG product suite in 2023 is to be reminded of the best of issuers’ achievements in a uniquely challenging year. For its leadership in AT1 and its advice and execution prowess across markets, Barclays is IFR’s Europe Financial Bond House of the Year.
Leading from the front
The Additional Tier 1 market was thrust unwillingly into the limelight in 2023 as Credit Suisse collapsed in March, taking with it its entire stack of AT1 capital.
Managing curveballs
Deutsche Bank was a go-to house for SSAR issuers in 2023 as the market threw curveball after curveball. Its ability to expand its business, grow market share and provide liquidity to its clients particularly stood out, making Deutsche Bank IFR’s SSAR Bond House of the Year.
Record breaker
Spain not only managed to successfully navigate a thorny euro market with its return to the inflation-linked market in the second half of 2023, but it secured a record book while doing so.
Not missing a trick
In a tough year for the covered bond market, and especially tricky for issuers visiting the long end, ING got ahead of the curve in February with a €4bn dual-tranche transaction that comprised €2bn three-year and €2bn 10-year notes.
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.
