Wednesday, 12 December 2018
Seize the moment: The past 12 months were hazardous for international banks. Market volatility and economic uncertainty ran into transformational changes brought about by sweeping regulatory change. One bank took some very early and courageous decisions, moved aggressively to boost capital and liquidity, and cut risk-weighted assets at the same time as it began executing on the first stages of a bold shift in its corporate and investment bank strategy. BNP Paribas is IFR’s Bank of the Year.
Tapping markets the smart way: Wells Fargo taught its FIG peers a lesson or two in fundraising in 2012 as it flawlessly executed a series of transactions in multiple markets and currencies that earned the US financial firm all-round praise and respect. For an outstanding fundraising effort through 2012, Wells Fargo is IFR’s FIG Issuer and Issuer of the Year.
A fistful of dollars: US dollar bonds were the best (and sometimes only) funding solution for many issuers in 2012. And whether it was in the US, Europe or Asia, one bank stood out in making dollar deals happen. With unmatched execution across products and regions, JP Morgan is IFR’s US Dollar Bond House of the Year.
Beyond the norm: The structured finance market of 2012 has been smaller but more exciting than 2011, with a lot more variety than the recent past. For consistently looking for new takes on old ideas, and reshaping structured finance convention, Royal Bank of Scotland is IFR’s EMEA Structured Finance House of the Year.
A winning strategy: Bank of America Merrill Lynch shifted its focus away from relationship lending to blue-chip firms in order to boost its return on capital in 2012. For its vision, its commitment to M&A and its strategic realignment, Bank of America Merrill Lynch is IFR’s North America Loan House of the Year.
Skinny dipping: As Ally severed Residential Capital in bankruptcy, the task of coming up with the liquidity to keep the business afloat long enough to run an auction fell to Barclays who structured a unique DIP solution drawing on several corners of the bank’s expertise. The ResCap DIP is IFR’s Americas Restructuring of the Year.
The regional powerhouse: In a phenomenal year for the Emerging EMEA bond market, one bank stood out for its geographical reach, its ability to push product boundaries and the sheer volume of deals it has printed. Citigroup is IFR’s Emerging EMEA Bond House of the Year.
Rumble in the ECM jungle: An explosion in overnight risk trades in the US has broken the cosy cartel that saw US ECM teams for years earn huge fees. For applying the lessons from its European experience and aggressively promoting the profit-share approach to blocks – for the benefit of clients – Citigroup is IFR’s North America Equity House of the Year.
Gold blend: Banks continue to struggle with structured equity as a global business, such is the regional focus created by accounting and legal differences. But by blending equity and derivatives, Goldman Sachs ensured deals got done when none seemed possible and is IFR’s Structured Equity House of the Year.
Coming together: Turmoil in the eurozone complicated an already challenging year for the rates market as it readied itself for sweeping new regulations coming into force in 2013. For leading the way in adapting to the new rules while guiding clients through a difficult trading environment, JP Morgan is IFR’s Interest Rate Derivatives House of the Year.
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 at the Thomson Reuters Building, Times Square, New York on February 6 2013.
The IFR Asia Awards honour achievement in Asia’s capital markets and are celebrated at the annual IFR Asia Awards Dinner.
This year’s ceremony will be held on February 20 2013 at the Four Seasons Hotel in Hong Kong. For full details, visit www.ifrasiaawards.com.
The hard copy of the 2012 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 2012 IFR Review of the Year in hard copy, please contact alison.swaisland@thomson reuters.com.
It has been a long road back for RBS’s investment banking unit from the day that the British government stepped in to prop up the bank with a £20bn cash injection. The story of its partial recovery involves two separate restructurings, the slashing of £700bn from its assets, a surprising (and temporary) surge in profits and a series of ruthless decisions.
The process of restructuring Greece’s sovereign debt was, for the banking professionals involved, one of the most complicated they had ever experienced. The fact that it was accomplished in nine months was, perhaps, a minor miracle. Here, IFR examines how the deal made it over the line.
Global investment banking fees are expected to drop 10% in 2012. But that number flatters the reality experienced by a number of market participants. To many, the year felt a lot worse than that.
The JOBS Act has made the IPO process for smaller companies in the US quicker, cheaper and easier. That may have boosted listings – and possibly even employment (and not just among bankers). But has it taken away the time investors need to make informed decisions?
New capital and liquidity requirements under Basel III are likely to have all kinds of consequences – including a slowdown in lending across the spectrum. Banks must find new ways of drumming up capital and cleaning up their balance sheets.
A string of insider-trading scandals in recent years has tarnished the reputation of Japan’s banking community and prompted the country’s Financial Services Agency to review regulations on insider information. Observers hope the efforts will clean up the industry and restore faith in Japanese banks.
It is not easy to kill the loan markets. But with a sharp drop in volumes, the European syndications market certainly looked close to death in 2012. Nevertheless, bankers are confident that syndications will rebound strongly in the year ahead.
Users of derivatives, both in the banking industry and the wider world, have spent months gearing up for the profound changes in regulations that 2013 will bring. But as implementation of the changes comes ever closer, room for considerable confusion remains.
It has been a long road back for RBS’s investment banking unit from the day that the British government stepped in to prop up the bank with a £20bn cash injection. The story of its partial recovery involves two separate restructurings, the slashing of £700bn from its assets, a surprising (and temporary) surge in profits and a series of ruthless decisions. (From the IFR Review of the Year 2012)
Argentina has imposed capital controls, seized assets, nationalised companies – and shows little sign of yielding in a bitter and long-running legal battle with its so-called holdout creditors. Antagonising the markets is no way to attract the long-term investment the country needs, which raises the question: how much longer can this go on?
From the ECB’s cheap money to the wildly different price expectations of buyers and sellers, there are plenty of reasons why Europe’s banks are not deleveraging quickly enough. Will they pick up the pace in 2013?