To purchase printed copies or a PDF of this report, please email leonie.welss@lseg.com and shahid.hamid@lseg.com
Trend leader
JP Morgan’s leadership across all the key market trends that ran through emerging Europe, the Middle East and Africa in 2023 – from distributing high-yield corporate risk at times of heightened volatility to guiding Middle East issuance and to developing FIG activity in Central and Eastern Europe – made it the standout bank in the region. JP Morgan is IFR’s Emerging EMEA Bond House of the Year.
Prudent derisking
Well aware that the year ahead would prove volatile and its credit story was being weakened by tensions with the European Union and a greater need to fund in international markets, Hungary seized the first opportunity that presented itself in 2023, raising US$4.25bn through three tranches on January 4.
Pipeline power
The success and innovation around GreenSaif Pipelines' US$4.5bn triple-tranche bond offering helped to banish the clouds around Middle East project bonds, revitalising a market that had seen deals previously fail to capture investors’ imagination, through what was a truly global deal.
Captain in the storm
In a turbulent 2023 dominated by volatility and a few short windows, JP Morgan led in issuance volume in Latin America bonds. For participating in many of the region’s landmark deals and providing its expertise to help clients address the year’s unique challenges, JP Morgan is IFR’s Latin America Bond House of the Year.
Market creator
In a year when Latin American issuers spent most of their time monitoring highly volatile international markets in search of a window in which to issue, America Movil strengthened the development of a peso market for international investors.
Serving up solutions
High offshore rates kept some companies away from the bond market, but one bank helped borrowers print in size, reviving Asian high-yield issuance and making ESG integral to its deals in the process. HSBC is IFR's Asia Bond House of the Year.
Striking a balance
South Korean chipmaker SK Hynix brought something new to the market when it sold its US$2.5bn triple-tranche bond deal in January, offering investors a choice of conventional, green or sustainability-linked 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.
