Thursday, 17 August 2017
Even great businesses can suffer when their capital structure is carrying too much leverage. For executing an astonishing capital turnaround that culminated in a successful IPO, First Data is IFR’s Americas Issuer of the Year.
The deals in the US bond markets were jumbo-sized in 2015, but so were the problems. Regulation, volatility, rates – everything, it seemed, gave investors reason for pause. But Morgan Stanley proved time and again it could execute high-grade deals despite all the noise and the chatter, making it IFR’s US Investment-Grade Bond House of the Year.
Privatisations are rarely uncontroversial and the sale of a power distribution company serving 1.4m residents of rural Ontario was never going to be an exception.
It was a terrible year for bankers struggling to win mandates in a region that suffered its first dramatic drop in issuance volumes since the global financial crisis. By quickly adapting to clients’ changing needs, one bank excelled above all others. Bank of America Merrill Lynch is IFR’s Latin America Bond House of the Year.
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!
The hard copy of the 2015 IFR Americas 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 firstname.lastname@example.org.
In many ways, 2015 didn’t seem as if there was much of a correction going on. US investment-grade bond issuance steamed to yet another annual record – breaking the mark in October this time, as opposed to November in 2014 and December the year before that. The Fed’s first rates hike was supposed to come early in the year, then the spring, then the summer. But it didn’t – and new offerings just kept piling into the primary market.
The IFR Awards honour achievement in capital markets and are celebrated at the annual IFR Awards Dinner.
This year’s ceremony will be held on January 27 2016 once again at Grosvenor House in London. For full details, visit www.ifrawards.com.
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. For full details, visit www.ifrasiaawards.com.