IFR Special Reports

Top 250 Borrowers 2012

A year on from the last Top 250 Borrowers report and the issues that dominate the funding landscape remain largely the same as they did then. Concerns about the eurozone were at the top of the worry list and they are still there today, casting a long shadow that stretches far further than the continent of Europe.

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Stories in Special Report

Top 250 international borrowers by volume - 1 May 2011 - 30 April 2012

See the PDF link for the Top 250 table.

League Tables

See the PDF link for the Top 250 League tables.

Latching on to the promise of growth

A tepid first quarter and an uncertain outlook for the rest of the year suggests that a boost in M&A and related financing from Asia may just remain a pipedream.

Changes afoot

One topic dominating conversation in the EMEA loan market as the half year approaches is the lack of deals. Plummeting dealflow shows that the loan market is still at the forefront of bank deleveraging, and is being used as a key tool to help banks manage capital ratios.

Reigniting the debate

Opinions are divided on the EFSF’s decision to offer a five-year bond deal through auction rather than syndication. While there has been a noticeable lack of enthusiasm in some quarters, others point to the UK as an example of how the two processes can co-exist and even enhance each other.

Backdoor bailout 2.0

The Maiden Lane III vehicle was once labelled a back-door banking bail-out, as the Fed stepped in to buy up AIG’s toxic CDOs. Now, as RMBS and CMBS have started to outperform the broader markets, those very same banks are battling each other to win bids on these highly sought-after securities.

Smoothing the curves

Many issuers have been left with a glut of high dollar-priced bonds which has distorted their ability to price new ones. Now they are engaging in exchanges to offload junk bonds.

Growing beyond the homeland

Global sukuk issuance this year will be up to US$44bn, with 60% of that from Malaysia – while other Asian markets are trying to muscle in on the act, it may not happen overnight.

Too big to ignore

The internationalisation of the renminbi has been the most significant development in the financial markets since the introduction of the euro.

Reshaping the future of funding

The European Commission released on June 6 a set of proposals aimed at eradicating the “too big to fail” concept and force bondholders to share the burden when banks run into difficulties. “Bail-inable” bonds will reshape the bank funding market, but only gradually.

Uphill struggle

Latin American cross-border bond issuance has been reduced to a trickle after a record start during the first quarter. European debt woes have been threatening to close the markets over the summer and beyond as investors fret about the impact of a Greek exit from the eurozone. Yet deals can get executed, and at attractive costs, if borrowers can bear the brunt of higher new issue premiums.

Fair weather for convertibles

For a brief period this spring the convertible bond market began to show signs of emerging from years of lethargy. Long relegated to the backwaters of corporate finance, the asset class gained traction among a handful of technology companies that boasted attractive credit profiles and favourable growth characteristics.

Changing face of convertibles

Siemens had seemingly given up on the equity-linked market after it shrank into obscurity, but after a nine-year absence it returned with a market-defining transaction.

No mean feat

The EU has achieved its goal of lengthening its maturity profile, despite the fractious market – last year the average maturity was just under 8.5 years, so far this year it is more than 21.25 years – certainly no mean feat.

Accomplished with flair

Amid heightened volatility, SoftBank not only maintained its contact with the capital markets; it improved its credit quality as well.

Credit where it is due

Despite Washington’s best efforts to undermine the creditworthiness and credibility of the world’s largest and most important bond issuer, the US Treasury market remains the touchstone fixed income asset class for global investors.

A rich seam

Despite many European banks battening down the hatches in the face of the economic storm, Glencore was still able to attract huge global support for its loan deals.

The art of survival

Although Italy’s name repeatedly comes up in discussions about struggling European sovereigns, it has so far kept its head above water and managed to keep investors happy. Yet there is still no resolution in sight for a sovereign that is surely too big to fail.

Prospect of Mexican fare

America Movil has what it takes to be one of the top borrowers in the capital markets, despite global uncertainty in the markets.

Here, there and everywhere

The fate of European sovereigns and financial institutions has been tied ever closer together over the past 12 months, with investors questioning how banks will cope with sovereign defaults, and how sovereigns will cope with collapsing banks. In these circumstances, Societe Generale had to take funding wherever it could find it.

Waiting for a slipstream

US auto groups planning to diversify their funding have begun revving their engines amid rising confidence in the wake of Ford’s upgrade to investment-grade status by Moody’s.

Smart timing, good pricing

The Asian Development Bank has pre-funded most of its needs for the year without ever losing its implied funding costs from sight.

Still the sweetheart

Boring is good. Investors looking for steady income streams from a reliable issuer line up every time Fannie Mae comes to market.

With style and panache

It would be no exaggeration to describe the Export-Import Bank of Korea as Asia’s star issuer. No other issuer from ex-Australia, ex-Japan Asia prints as much in the offshore bond markets annually as Kexim, nor across a wider breadth of currencies or with as consistent a record of superlatives, be it for size or canny and often daring timing.

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