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Pool party
Higher interest rates breathed new life into the convertible bond market in 2023, as highly rated companies looked to the asset class as an alternative to straight debt funding. JP Morgan stood at the forefront of that transition and is IFR’s Americas Structured Equity House of the Year.
First-mover advantage
PPL, a US regulated utility, added a US$1bn five-year convertible bond to its funding complex in February, providing a lower-cost alternative to straight debt and setting a benchmark for other utilities.
Market drivers
BNP Paribas was comfortably the most active bank in terms of dollar issuance and number of deals, again, underlining its importance in the market's recovery in a changing rates environment and making it IFR's EMEA Structured Equity House of the Year.
Only EQL can do this
Structured equity isn't just about a standalone convertible or exchangeable bond, but it's also about deploying equity-linked products to enhance a wider transaction. This was best exemplified by Mexican holding company Fomento Economico Mexicano (Femsa) using EBs as part of selling €7.36bn of paper across drinks company Heineken and its parent Heineken Holdings in two steps in less than four months.
Proving value
South Korean chemical company LG Chem's record-setting US$2bn exchangeable bond showcased the depth of the equity-linked market and its value as an alternative fundraising channel amid rising interest rates.
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.
