Thursday, 24 January 2019
The whole package: In a market flush with liquidity and low rates it is difficult for underwriters to differentiate themselves. Yet Citigroup managed to do so in 2012 by providing corporates with innovative methods of accessing capital and transforming balance sheets, making it IFR’s US Investment-Grade Bond House of the Year.
High and mighty: Only a few banks in the world can boast the kind of single-market domination that RBC Capital Markets has demonstrated in Canada. For its unmatched ability to open and reopen funding avenues and for further developing the country’s debt markets, RBC Capital Markets is IFR’s Canada Bond House of the Year.
2012 was a year of scandal in the investment-banking industry. From interest-rate rigging to allegations of money-laundering and the massive trading losses of JP Morgan’s “London Whale”, it seemed as if nothing that bankers did went right at all.
The hard copy of the 2012 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 2012 IFR Review of the Year in hard copy, please contact alison.swaisland@thomson reuters.com.
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.
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?
The US equities market showed it had liquidity and risk appetite in spades in 2012, scooping up new listings of everything from Santander Mexico to Manchester United. (Oh, and Facebook.) When it came time to list in 2012, the place to do it was New York – and that could be the case for some time to come.
The woes of Spain have taken their toll on the country’s banks, not least because of all that exposure to bad loans. Their subsidiaries in Latin America, though, have been coming to the rescue, helping to shore up their capital positions.