IFR Top 250 2008: Tables

Sailing troubled waters

AIG has been rocked by losses in structured credit and significant subprime exposure, and despite a year of weighty borrowing there are concerns it may still find itself strapped for cash. Yet in the longer term its diversified business model stands it in good stead. Solomon Teague reports.

LatAm lending

Minimal credit risk, real liquidity and the prospect of outperformance are just three reasons to lend to the IADB. That is before you take into account the broad array of currencies available and, of course, the warm feeling you get from socially responsible investing, which all explain why the bank has no trouble meeting its annual funding requirements. Solomon Teague reports.

Currency pioneers

From Australia to Canada and Ghana to Brazil, the world is home to a plethora of currencies, opening doors to a diverse range of investors and economies. For borrowers willing to put in the extra effort – and take the extra risk – the non core markets offer considerable rewards.

Planning for the future

Institutional investor habits are creating dislocations in the inflation market, skewing demand for fixed income towards the long end of the curve and encouraging bank structuring desks to dream up new products to allow them to better manage their liabilities. Solomon Teague reports.

Merged and ready

Following the highly strategic acquisition of DEPFA BANK last year, the Hypo Real Estate group has become a heavyweight in commercial real estate, public and infrastructure finance. As the second largest covered bond group, its position is unique, but it is not been without headline risk. Rachelle Horn reports.

VW breeds investor loyalty

In the broken post credit crisis world of secuitisation, few players have been able to access the market, and those that have only managed it under questionable circumstances. Volkswagen stood head and shoulders above other borrowers with a remarkable string of undisputable successes – in both securitisations and the senior bond market. William Thornhill and Andrew Perrin report.

All hail the Samurai

The Samurai market has shrugged off the negative sentiment hanging in the air when at the end of last year some market participants were suggesting it reached its jet-coaster ride ascent. The nearing of the half way through 2008 has already accumulated volume from Samurai issues, including self-led deals, topping ¥1.4trn (US13.3bn). Atanas Dinov reports.

Opportunity knocks

US bellwether GE has long enjoyed the reputation of being able to withstand any kind of market instability, so the company’s bitterly disappointing first quarter results came as a real shock to many, underscoring the severity of the financial crisis that has constrained the world economy for almost a year. Savita Iyer reports.

A very different scenario

Mid-2007 marked the high-water mark in the international credit markets, since which time well-documented crises have undermined confidence and stymied borrowers. Yet supply has not dried up completely and for the strongest credits, demand remains. For those lower down the scale, acknowledgment of the new reality has been paramount and no return to the past looks likely. Philip Wright reports.

Top Borrower

Since being established in 1932 to finance banks and support mortgage underwriting, FHLB – comprising 12 regional banks – has grown to over a trillion dollars. As a borrower, in volume terms, they don't come much bigger, as Jonathan Bracey-Gibbon reports.

Untangling the web

The past year has been challenging for all investment banks. For Merrill Lynch, the process of deconstructing a web of mortgage, LBO debt, CDOs and other problematic loans involved a multi-faceted financing strategy, targeting multiple investor bases on an opportunistic timetable. Stephen Lacey reports.

When two is stronger

M&A activity is one barometre of the health of an economy, and sure enough, deals have dropped off from the highs before the onset of the credit crunch. But there is a feeling such activity could bounce back quite quickly, with parts of the world enjoying considerable commodity-wealth and balance sheets typically enjoying relatively low leverage. Savita Iyer reports.

Prime times down under

Casting its net far and wide for funding, ANZ has attracted investor support from a diverse pool of investors, its lack of sub-prime exposure ensuring its breadth of appeal. Its activity in Japan has grabbed the headlines, being an early mover among Australian banks issuing Samurai bonds that has since become a stampede. Adrian Murdoch reports.

Steady as she goes

None in the banking industry have been immune to the malaise infecting the market for the best part of the past year, but some appear to have emerged in better shape than others. Rabobank’s untainted reputation and conservative approach have served it well, as has its ability to avoid over-reliance on the public markets. Philip Wright reports.

Currency soup

The European Investment Bank has traditionally acted as a role model for other issuers in the European capital markets with its multi-currency based approach to funding its borrowing requirement. Central to this is a core focus on the role of financing in US dollars, euros and sterling, while continuing to push the frontiers in the less frequently used currencies. Mike Winfield reports.

Crisis? What crisis?

KfW, the Triple A rated promotional bank of the Federal Republic of Germany established in 1948, has the largest funding need of the European agencies at €70bn for this year. Despite this the issuer still tries to makes opportune use of the capital markets to achieve its funding and maximise the performance of its public deals. Mike Winfield reports.

Toyota on new circuits

The Toyota brand stands tell on the auto sector profits pedestal despite difficult economic circumstances. Through its various subsidiaries it has explored a range of fundraising methods, from RMBS to other, non-traditional methods, including a forthcoming inaugural Islamic financing. Atanas Dinov reports.

Keeping the market guessing

Poised to take a place next to the big three commercial banks, North Carolina-based Wachovia stumbled with ill-timed acquisitions and conflicting statements. With a change in CEO, is the bank now headed down a different path? Andrew Stein reports.

Regaining momentum?

ICICI has established itself as the most innovative and prolific of India’s offshore borrowers on the back of frequent visits to the international debt markets. But analysts’ warnings its borrowing binge might result in investor fatigue appear to have been vindicated, as Jonathan Rogers reports.

Keep your investors close

Times are tough in the financial markets but some companies are better placed than others to deal with credit problems. When investors fly to quality, E.ON is among the favoured destinations. The company is capitalising on its popularity among investors and trying to reach out to new groups to consolidate its position of strength. Solomon Teague finds out more.