sections

Friday, 15 December 2017

International Dialling

Americas Issuer

IFR Americas Review of the Year 2011

International dialing: It was a year to remember for America Movil. The Mexican telecommunications giant opened or reopened the debt markets in five currencies, did a jumbo debt swap and repriced the entire corporate loan market for Latin America with a remarkable revolver. For opening new frontiers in capital markets amid volatile times, America Movil is IFR’s Americas Issuer of the Year.

A safe pair of hands

Canada Bond House

IFR Americas Review of the Year 2011

A safe pair of hands: A great bond underwriter in Canada had to be able drive a small group of issuers and investors to new limits. Deal sizes had to expand, tenors had to be pushed out, and new pockets of demand opened up. For doing all this and more, RBC Capital Markets is IFR’s Canada Bond House of the Year.

    Smart and bold

    Latin America Bond House

    IFR Americas Review of the Year 2011

    Smart and bold: Bank of America Merrill Lynch was the most active bank in Latin America, having done the highest number of deals across sectors and throughout the rating spectrum. For leading the way successfully, exploring new structures, and bringing fresh names to the market, Bank of America Merrill Lynch is IFR’s Latin America Bond House of the Year.

    IFR Review of the Year 2011 - Americas

    IFR Americas Review of the Year 2011

    IFR Americas Review of the Year 2011

    Sometimes a year is more than the numbers show it to be. If you look at the data for 2011 you see a rising volume of debt offerings and falling yields.

    Social skills in demand

    Social skills in demand

    IFR Americas Review of the Year 2011

    The past year will be remembered as less than a banner period for US IPOs, especially in terms of overall performance. One bright spot in an otherwise challenging ECM landscape was the return of hyper-growth offerings – including some of the best and brightest social media companies – as compelling and highly sought-after IPO candidates.

    The great buyback binge

    The Great Buyback Binge

    IFR Americas Review of the Year 2011

    There has been a stock repurchase boom across the US in 2011 as many companies flush with cash have decided that they would prefer to buy back their own stock at deflated prices rather than expand their operations in a bad economy. Some banks have been able to join the party. But not all.

    'Don't tie us down'

    'Don't tie us down'

    IFR Americas Review of the Year 2011

    The Volcker Rule has cast a long shadow. It was intended to prevent US banks from making big bets on markets with their own money, or backing private equity or hedge funds to do it for them. But several important issues remain unsettled and many in the industry still hope it will undergo significant changes before it is finalised.

    2011: crisis and fatigue

    2011: Crisis and fatigue

    IFR Americas Review of the Year 2011

    We’ve reached the end of a pretty momentous year in the markets. It’s been fascinating and captivating, but at the same time it’s also been incredibly frustrating, occasionally frightening, and certainly confounding. Here, Keith Mullin, IFR’s editor-at-large, gives a Mullin’s eye view of a turbulent year.

    Late rush in Munis

    Late rush in munis

    IFR Americas Review of the Year 2011

    The US municipal bond market began 2011 in a vulnerable state. Most federal economic stimulus programmes, including the first large-scale move into selling taxable securities, ended in 2010. Long-awaited political initiatives to support tax-exempt borrowing  never materialised and investor confidence ebbed, depressed further by a cacophony of negative headlines.

    The gathering force

    The gathering force

    IFR Americas Review of the Year 2011

    Canada’s “big five” banks have sailed through the crisis-hit last few years and are now in a strong position to make overseas acquisitions. They are likely to remain relatively cautious, but know that troubles in Europe and the US give them once in a generation opportunities to expand into new areas.

    The Generation Game

    The generation game

    IFR Americas Review of the Year 2011

    Since the onset of the financial crisis in 2008, there has been considerable flux in the leadership of the investment banking industry. The change has been considerable in terms of personnel. But has it produced a change of culture, to go with a more humble time for the industry?

    The wait goes on

    The wait goes on

    IFR Americas Review of the Year 2011

    As the months wore on, bankers and lobbyists alike had begun to lose hope that any meaningful progress would be made to establish a covered bond market in the US. After all, efforts to create a platform for banks to issue the debt instruments so popular in Europe has been years in the making.