IFR Top 250 Borrowers Special Report 2013

The past year has been characterised by spread-tightening across the credit spectrum. This has left investors scrambling for yield in a low-rate, low-return market, with a few changing the way they viewed their mandates.

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League tables

IFR’s Top 250 Borrowers ranking includes all eligible Thomson Reuters league table borrowings in syndicated loans, international bonds, equity-linked bonds and securitisations for the period May 1 2012 to April 30 2013.

Memories of deja vu

Credit spreads have come a long way in a short time and investors are struggling to lock in acceptable returns. This has led to increasing flows higher-yielding alternatives. What happens to returns when global government bond yields normalise?

Jumping on the bond wagon

Central bank QE measures have pushed yields down and allowed corporates to get cheap pre-funding and return capital to shareholders while M&A remains muted as high valuations make it less attractive.

Edging to recovery

The eurozone periphery is back. But it is not just opportunistic hedge funds searching for yield; real-money accounts with faith in reform have returned too.

Fickle haven of high-yield

The past year has been an absolute ripper for issuers and underwriters of high-yield debt. Investors across the world, fleeing ultra-low returns on sovereign and investment-grade debt, have piled into the asset class.

Medium rare

Bank deleveraging and SME financing has become a political hot potato in Europe. The cost of cutting bank lending is huge to economies, requiring capital markets to swoop in and save the day. Progress has been rapid but for now anything other than the larger SMEs remain rare.

New life for frail assets

There are positive signs that Europe’s moribund CLO sector is due for a revival this year with leaner, cleaner deals.

Minding the gap

Emerging markets are on track to issue a record level of debt this year but investors are becoming wary about allocating more money towards EM corporates because of tighter commodity markets.

Back in the race

After years of languishing largely ignored at the back of the equity capital markets cupboard, the equity-linked product is flavour of the month with issuance back to pre-crisis levels. Key to success has been the return of blue chips and a global approach to marketing that has cut pricing dramatically.

Down Under and looking up

Although an explicit government guarantee will not become law before January next year, Rentenbank is already funding close to rival German development bank KfW.

A great networker

Snam is firing up its expansion plans after last year’s polished debut on the bond markets.

Environmental niche

Green issues are becoming more of an issue in the political sphere, but their presence in the financial world is minimal. The IFC has embraced this issue, almost doubling its volume of outstanding Green bonds, which stands at US$2.2bn to date.

Hidden talents

Supporters of the Inter-American Development Bank suggest the stable performance of the Triple A rated LatAm multilateral – below the World Bank, at US$11bn, but above the ADB at US$9bn – does not fully reflect the institution’s role.

No break for top cat

An ongoing hunt for yield in the investment-grade bond market has left some low-beta issuers with the need to ramp up premia to get funding done. Nestle has chosen not to. Instead, over the past year it has printed tirelessly, dismissing speculations that investors may be becoming saturated with credit from the Kitkat maker.

Changing fortunes

In the world of personal computing Dell is a giant, fighting mighty battles for market share on the global stage. From a bond market point of view, however, it is a juvenile whose recent wayward behaviour has sent it to the bottom of the class.

Thirsty work

AB InBev provided strategic clarity and decisive execution with its event-driven loan and bond financing.

Far and wide

Wells Fargo’s success stems from an opportunistic approach to financing around the world. Its future challenge is tackling a falling net interest margin as older mortgages that pay higher interest are replaced.

Unalloyed opportunism

Hutch has earned a reputation over the past 15 years of being one of Asia’s most shrewd borrowers in the region’s capital markets, whether in offshore public debt, private placements or syndicated loans.

Calling the shots

If 2012 was defined by an ongoing slump in big-ticket M&A as many European banks reduced their balance sheets, nobody told Russian oil firm Rosneft. The company tested the appetite of its relationship banks and they passed with flying colours.

Riding out the storm

Poland has benefited from combining EU membership with EM roots.

Special Report

Special Report

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