IFR Top 250 Borrowers 2015

Shifting sands – Credit markets posted yet another year of storming supply, a scene played out in an unnatural landscape constantly reshaped by shifting sands. On the one hand, the US called time on its quantitative easing bond-buying programme; but, on the other, the European Central Bank scrambled up the dunes to proclaim an initiative of its own. In the QE stakes, Frankfurt simply replaced Washington.

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IFR Top 250 Borrowers 2015 - 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 2014 to April 30 2015. 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,...

Burden of abundance

Liquidity in the bond market is becoming increasingly difficult to find and there are no easy solutions to the conundrum as ever-tighter banking regulations push lenders to raise their levels of risk-weighted assets.

Finding common ground

With Europe’s efforts to emulate the US financing regime, where corporate bonds are the norm rather than the exception, the regulation-bound, scaled-down banks are on a difficult path, but one heading in the right direction, thanks to the Capital Markets Union.

Shoots and scores

New-issuance of Green bonds is lagging over-enthusiastic targets set last year but the market continues to grow in stature.

Still not full

Regulatory change means a never-ending process of recapitalisation for banks. Treasurers are grappling with a new wave of acronyms and gorging on CoCo debt but without quite knowing the rules of engagement.

Lame duck learns to fly

The launch of the ECB’s quantitative easing programme had the desired effect on the markets, pushing yields down and offering room to breathe, while also diverting investors into riskier assets.

On the boil

Has the recent relaxation of investment rules in Taiwan ushered in an issuance bonanza in offshore currencies from the country, or is it just an arbitrage-driven flash in the pan?

Shadowlands

The extension of municipal bonds throughout China represents an effort to bring desperately needed transparency to opaque local government financing and avert a debt crisis.

Showing its brilliance

China’s new AIIB multilateral bank is a symbol of a bold new foreign policy that places the country in a position to lead the next round of globalisation.

Balancing acts

Leveraged buyouts were a symbol of the boom ahead of the global financial crisis. Eight years on and leveraged loans are back, but this time regulators are keen to curb bankers’ enthusiasm.

The centre holds just fine

Scandal-wracked Brazil has staged a dramatic comeback after an eight-month absence from the bond market, which had stoked pent-up demand for Latin America paper across the board and encouraged issuers in other countries in the region to step up.

Full steam ahead

Forget the political issues taxing Europe, ample liquidity and competition between lenders are creating a boom time for companies looking to finance their acquisition plans.

Model in search of catwalk

Private placements are increasingly seen as a solution to Europe’s SME financing conundrum, but authorities must first find a way to entice investors to these markets.

Repetitive crane injury

Thanks to a need for yield, investors are chasing project bonds. After some initial stumbles, such bonds are becoming a global phenomenon.

Changing the rules

The US Federal Housing Finance Agency wants Fannie Mae and Freddie Mac to use capital markets to reduce their dependence on the taxpayer. Freddie’s credit risk transfer programme might just do the trick.

Behemoth trying to dance

The European Stability Mechanism/European Financial Stability Facility is a curious institution. Formed in the early months of the eurozone debt crisis to provide financing to unstable member states, it can often, as well as big, be almost uninspiringly boring.

Finding the right dosage

Germany’s largest drug-maker is no stranger to the bond market and has hooked many a juicy worm. Last year was no exception, with banks eager to take whatever sliver of yield they could get.

Shop till you drop

The separation of Westfield into two distinct units has been welcomed by fixed-income investors but will its credit metrics survive a commercial real estate downturn?

Opportunity knocks

Amid historic reforms to Mexico’s energy sector, oil giant Pemex has been more active than ever in the capital markets as it looks to diversify its financing strategy and prepare for a hike in US rates.

Far-reaching ambitions

Altice-backed Numericable gave a master-class in how to manage a banking syndicate when it clocked up a record high-yield bond offering to fund its US$23.3bn acquisition of SFR.

Gargantuan reputation

Sinopec earned its chops this year with a record-breaking dual trancher. But was this as good as it gets as China looks to reform its bloated SOEs? The prospect of being broken up heralds a new issuance landscape for the China state-owned oil industry.

Set in tone

With a US$200bn capital return programme to fund by 2017, Apple has completed this year’s funding by looking beyond the domestic market.

Once bitten, twice lucky

AbbVie’s US$16.7bn M&A financing for its acquisition of Pharmacyclics represented a triumph following the cancellation of an earlier deal after the US tightened up on inversion trades

The parent trap

European concerns about systemically important banks have raised the cost of borrowing for Credit Suisse as it borrows both from a holdco and an opco.

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