IFR Special Reports

IFR Top 250 Borrowers 2014

The bigger the better – in everything. Freddie Mercury, the late lead singer of Queen, wasn’t alone in judging the world and its wares solely on the merit of size. Take bond investors. When the Federal Reserve announced its intention to begin tapering its quantitative easing programme last May, expectations were of an inexorable rise in US yields.

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Stories in Special Report

Back on the horse

Like a lazy Lazarus, Italy’s banking system, and in particular its largest lender, UniCredit, is finally showing signs of life, having lain virtually dormant since the onset of the financial crisis.

Familiar models, new fashions

Bond market conditions are as tempting as ever for borrowers, but can DCM and other sources of capital rise to the challenge of meeting the evolving market environment driven by regulation, deleveraging and a more conservative approach to bank lending?

Gunning for the gap

CLO managers have been piling into the primary market in the past few months, racing to close deals before the advent of new regulation that could drastically curtail their business.

What rough beast

China’s economy is badly in need of structural reform and while authorities say they are aware of the problems facing the economy, recent evidence suggests investors are sanguine about prospects as debt issuance has risen at a fast clip, but defaults are also tainting the environment.

Hard to ignore

CITIC’s planned listing is expected to improve its corporate governance as it opens itself up to greater scrutiny. The move is also expected to benefit the market for state-owned enterprises by highlighting the possibilities of this sector for foreign investors.

Willing wallflower

Export Development Canada’s AAA status is given a boost by the fact that it is Canadian. This has allowed it to look at Green bonds and domestic currency debt.

Stealth approach

Some issuers make their presence felt by coming to the markets little and often, while others wait for the rarer stellar opportunities to make their name. EDF is one of the latter.

Of yuan and yen

Commodities trading is a capital-intensive business. With oil at more than US$100 a barrel and copper trading anywhere between US$6,000 and US$7,000 a tonne, Trafigura needed significant reserves of working capital to maintain flexibility in the market. It has found the debt markets highly receptive.

Fear and loaning

Banks have finally thrown off their shackles, tapping bond investors for extraordinary amounts of fresh capital, and yet the smell emanating from the industry is that of panic, not power; of frailty, not fortitude.

A clean pair of heels

Portugal has closed a troubled chapter: exiting from a €78bn bailout. Despite concerns over the country’s €214bn of debt, and the fact that its sovereign debt is still junk-rated, there is a general consensus that momentum is going in the right direction.

IFR Top 250 Borrowers 2014 - Methodology

The IFR Top 250 Borrowers ranking includes all eligible Thomson Reuters league table borrowings in syndicated loans, international bonds, equity-linked bonds and securitisations from May 1 2013 to April 30 2014. The rankings reflect the activity of borrowers at the parent level. In some cases, where the overwhelming majority of the borrowing was conducted by an entity that was not the parent, the name of the relevant subsidiary has been used. Borrowing by private equity companies has not been rolled up to the parent level, but where possible,...

Online sesame

China’s online retailing giant Alibaba is one of the country’s most conspicuous corporate success stories, having grown from a modest start-up to the world’s biggest online retailer in just 15 years.

Clearing the air

Since Moody’s upgrade in February, Mexico has upped its game and is raising money in the A League.

Sweet spot

Regulations brought in after the financial crisis have theoretically made it harder for banks to raise capital. In practice, favourable economic circumstances have left banks in a very strong position to finance themselves at appealing rates.

Lending a helping hand

French state agency Caisse d’Amortissement de la Dette Sociale was set up with a limited lifespan and is confident of fulfilling its programme of taking debt off official balance sheets before its term comes to an end in 2025.

Shrunk in the wash

The number of European corporates using the loans market to meet the majority of their long-term funding needs has fallen systematically since the financial crisis. While once proud lenders are being sidelined, they are still relevant.

Picking up the pieces

The French lender found itself caught in the cross-hairs of the credit crisis and eurozone crisis but, after three years of restructuring, it now looks to be back on its feet, growing revenues at a time when much of the industry is hurting.

Back to the future

European securitisation comes in from the cold: regulators are finally warming up to a vital market. What are its prospects now?

Dragon wounded by Abe's arrows

Has Abenomics proven to be a vainglorious exercise consisting of catchy soundbites?

Too hot to handle

The hunt for yield is driving a frenzy in demand for junk bonds – raising concerns among US regulators as risky investment behaviour is driven by demand. But the market may be cooling of its own accord.

Horns of a dilemma

It has been a roller-coaster ride for bond investors since the US Federal Reserve first signalled that it would need to tighten monetary policy. Investors and issuers may need to adapt to a steady rise in rates.

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