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Thursday, 17 August 2017

Top Awards 2015

Bank of the Year: UBS

Bank of the Year: UBS

IFR Review of the Year 2015

How often has any bank been able to lay genuine claim to creating a benchmark for how the business is conducted? Faced with some tough decisions about its own future amid the chaos of the new order, UBS fashioned an innovative and sustainable operating model that is now a blueprint for others to follow. It is IFR’s Bank of the Year.

Issuer Awards 2015

Issuer and Financial Issuer of the Year: ABN AMRO cartoon

Issuer and Financial Issuer of the Year: ABN AMRO

IFR Review of the Year 2015

Everyone battled volatility in 2015. ABN AMRO also faced a looming IPO. For running one of the year’s deepest and most diverse funding programmes in tandem with that process, ABN AMRO is IFR’s Issuer and Financial Issuer of the Year.

Bond Awards 2015

US Bond House: Bank of America Merrill Lynch cartoon

US Bond House: Bank of America Merrill Lynch

IFR Review of the Year 2015

Investment-grade bond issuance in the US set another record in 2015 of well over US$1.2trn, driven by massive M&A and share buybacks as companies locked in cheap financing before rates finally begin to rise. For being a leader on some of the biggest of those deals, and navigating massive headwinds at the same time, Bank of America Merrill Lynch is IFR’s US Bond House of the Year.

Structured Finance Awards 2015

EMEA Structured Finance House: Lloyds Bank cartoon

EMEA Structured Finance House: Lloyds Bank

IFR Review of the Year 2015

At a time when many other European banks’ commitment to structured finance is questionable at best, Lloyds Bank has been building out an impressive and well-rounded securitisation franchise, making the bank IFR’s EMEA Structured Finance House of the Year.

Emerging Markets Awards 2015

Emerging EMEA Bond: EA Partners' US$700m five-year bond

IFR Review of the Year 2015

In mid-September, Etihad Airways, its airport services business and five of its key strategic partners printed a US$500m five-year deal that stunned the market.

Derivatives Awards 2015

Equity Derivatives House: Morgan Stanley cartoon

Equity Derivatives House: Morgan Stanley

IFR Review of the Year 2015

In a year of stark contrasts, risk management and diversification were the difference between a strong half and a strong year. For one bank, better integration, cutting-edge technology and a content-driven model proved crucial in navigating extreme volatility to deliver double-digit growth. Morgan Stanley is IFR’s Equity Derivatives House of the Year.

Equities Awards 2015

Americas Equity House: Credit Suisse cartton

Americas Equity House: Credit Suisse

IFR Review of the Year 2015

Plenty of banks have bought their way up the league tables with accelerated risk business. Building market share and profitability is far rarer. Yet Credit Suisse gained as others watched issuance fall – and it is IFR’s Americas Equity House of the Year.

Structured Equity Awards 2015

Structured Equity House: JP Morgan cartoon

Structured Equity House: JP Morgan

IFR Review of the Year 2015

Market conditions were ripe for a big year in structured equity, but issuance disappointed. Yet JP Morgan managed a leadership position in every region and led trophy deals with skill and panache. It is IFR’s Structured Equity House of the Year

Digital version

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The hard copy of the 2015 IFR Review of the Year is sent to all IFR magazine subscribers, but non-subscribers can view a full digital version for free by clicking here.

If you would like to order the 2015 IFR Review of the Year in hard copy, please contact gloria.balbastro@tr.com.

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IFR Review of the Year 2015

IFR Review of the Year 2015

Miles Davis is reputed to have said that jazz is not about the notes you play, but those you don’t play.

2015 IFR Americas Awards

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The IFR Americas Awards seek to recognise outstanding capital markets achievement in the US, Canada and Latin America. These Awards will be presented at a special ceremony, taking place on February 10 2016 at the Thomson Reuters Building, Times Square, New York.

2015 IFR Asia Awards

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The IFR Asia Awards honour achievement in Asia’s capital markets. The Awards will be presented at the 2015 IFR Asia Awards Dinner, taking place on February 24 2016 at the Four Seasons Hotel in Hong Kong.

The pound, my part in its downfall and is it time to fight the central banks again?

The pound, my part in its downfall and is it time to fight the central banks again?

IFR Review of the Year 2015

Back in 1992, IFR’s Duncan Balsbaugh got a ringside seat from his position on Morgan Stanley’s London trading desk to watch George Soros’s attack on sterling. They say you can’t fight central banks, but as Soros showed, you can – and you should!

Exploring new frontiers

Exploring new frontiers

IFR Review of the Year 2015

A plunge in commodity prices has left many energy exploration and production companies locked out of markets and struggling to refinance. Some are starting to get creative in an effort to ensure continued funding for their ongoing businesses.

Bubble-wrapping credit

Bubble-wrapping credit

IFR Review of the Year 2015

Guidelines issued by the Fed, designed to limit leverage and reduce systemic risk, have made it harder for banks to compete in the leveraged lending business in the US. But while the leaders in the business have lost market share this year, lending remains healthy, with those borrowers looking for leverage able to find other options.

When gods become men

When gods become men

IFR Review of the Year 2015

There was a time, not all that many years ago, when central banks seemingly controlled the world. I’m not talking the eras of Ben Bernanke or even Alan Greenspan, but of the 1980s when Paul Volcker ruled the Federal Reserve, Karl Otto Pohl was master of the Bundesbank, Fritz Leutwyler was at the Swiss National Bank and Robin Leigh-Pemberton was governor of the Bank of England.

Fluctuating fortunes

Fluctuating fortunes

IFR Review of the Year 2015

Low interest rates and rising equity valuations, and an investor base desperate for paper, drove an increase in exchangeable bond issuance in 2015. Corporates hesitated to issue bonds convertible into their own stock but leapt at the chance to use large cross-holdings for cheap financing.

A modicum of success

A modicum of success

IFR Review of the Year 2015

The privatisation plan Narendra Modi touted when he came to power in India 18 months ago has failed to take off quite as the pro-business premier promised. Doubts over his reform agenda are mounting, but are they justified?

Big in Japan – and getting bigger elsewhere

Big in Japan – and getting bigger elsewhere

IFR Review of the Year 2015

If 2015’s banking narrative was supposed to centre on a defensive strategy re-think, replete with slashed assets and diminished headcount, no one told Japan’s ambitious commercial mega-banks.

Long march to sanity

Long march to sanity

IFR Review of the Year 2015

The dramatic rout that followed the latest bull run in China’s equity markets was a case of history repeating itself. Regulators are still grappling to understand the root cause, but they must realise there is only one solution – and it’s surprisingly simple.

Finding value in disruption

Finding value in disruption

IFR Review of the Year 2015

Fast-growing companies seeking to build confidence in their business models and raise financing are increasingly turning towards private fundraising rounds. So far, the trend has been limited but it could become to IPOs what Uber is to public transport.

Securitising the crowd

Securitising the crowd

IFR Review of the Year 2015

Securitisation has come a long way since the dark days of the financial crisis, when politicians – and many regulators – laid the blame for much of the chaos squarely at its feet. With both groups now broadly understanding the role it can play in stimulating lending, securitisation is on the march again, with a new and novel type of loan being considered for use in the asset pool.

Year in Numbers

IFR Review of the Year 2015