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Saturday, 22 September 2018

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IMF Wold Bank Cover 2018

Better together

IFR IMF/World Bank Special Report 2018

If there is one thing that characterises both the International Monetary Fund and the World Bank, it is, by their very nature, their internationalism. Their results over their 70-odd-year histories have been achieved through collaboration – the greater the collaboration, the better the result.

IFR Green Financing Roundtable 2018 Cover

IFR Green Financing Roundtable 2018

IFR Green Financing Roundtable 2018

The IFR Green Financing Roundtable, sponsored by the European Investment Bank, Luxembourg Stock Exchange, and White & Case, welcomed a panel of experts in green finance to discuss recent developments in Green bonds and other instruments, and to outline the next steps that need to be taken as issuance becomes more widespread.

IFR ECM Roundtable 2018 Cover

IFR ECM Roundtable 2018

IFR ECM Roundtable 2018

Thomson Reuters IFR’s 2018 ECM Roundtable took place in London on April 11. It was a fascinating moment-in-time discussion that covered general market matters but more specifically looked under the bonnet of deal management and tactics, and how to get transactions over the line in the challenging environment the year had become. 

IFR DCM Roundtable 2018 Cover

IFR DCM Roundtable 2018

IFR DCM Roundtable 2018

The 2018 Thomson Reuters IFR Debt Capital Markets Roundtable – held in London on April 11 – took place at a very thought-provoking time. Equity and bond markets had been volatile; the US had clearly moved into tightening mode and there was talk of potentially accelerated Fed moves; while the how, when and how much of ECB tapering had been keeping market participants transfixed and the markets anxious.

IFR SSA Special Report 2018

IFR SSA Special Report 2018

IFR SSA Special Report 2018

Rising interest: Investors have long been bemoaning the fact that returns have been way lower than they would crave, especially in the rarefied realms of the public sector. Signs now, however, are of a move towards ‘normalisation’ as far as interest rates are concerned, although there are suspicions in a number of quarters that some are beginning to think they should have been more careful what they wished for.

IFR Reg S Bonds Roundtable 2018 Cover

IFR Reg S Bonds Roundtable 2018

IFR Reg S Bonds Roundtable 2018

The rise of Asia’s own dollar bond market: The growth of the Reg S bond market has been one of the defining trends of the Asian capital markets in recent years. Driven by the seemingly unstoppable rise of Asian wealth – especially deep-pocketed Chinese investors – US dollar bond sales in the region no longer depend on the participation of US institutions. 

IFR Special Reports and Roundtables

Throughout each year, IFR publishes a series of Special Reports - distributed as a supplement to IFR magazine subscribers and available, free to view, on IFRe.com.

These supplements are either specially commissioned reports on emerging themes in key asset classes, countries and regions, or transcripts of IFR Roundtable events; insightful discussions between industry thought leaders on the issues driving today’s markets.

For information on the advertising and sponsorship opportunities that our reports and events offer, please contact Shahid Hamid

If you are interested in attending or speaking at an IFR event, please contact Paul Holliday.

IFR RoY Cover 2017

IFR Review of the Year 2017

IFR Review of the Year 2017

Markets, as the cliche has it, hate uncertainty. To which the only sensible response is “who doesn’t?”. But markets don’t seem to hate it very much at the moment.

IFR German Corporate Funding RT 2017 Cover image

IFR German Corporate Funding Roundtable 2017

IFR German Corporate Funding Roundtable 2017

IFR’s seventh annual German Corporate Funding roundtable, which took place in Frankfurt in early November, found participants upbeat but at the same time pensive and rather preoccupied. It was an unusual emotional juxtaposition.

IFR IMF World Bank RT 2017 Cover image

IFR IMF/World Bank Roundtable 2017

IFR IMF/World Bank Roundtable 2017

The IMF/World Bank annual meetings this year provided an ideal backdrop for a discussion on the internationalisation of Asia’s capital markets.

IFR US ECM Roundtable 2017

IFR US ECM Roundtable 2017

IFR US ECM Roundtable 2017

IFR’s US ECM Roundtable was held on September 15, as stock market indexes were ticking historic highs. Investors were showing greater resolve to chase higher returns by participating in ECM deals.

IFR IMF Report 2017 Cover

IFR IMF/World Bank Report 2017

IFR IMF/World Bank Special Report 2017

Keeping afloat: Emerging market countries, where the IMF has concentrated much of its resources, reveal a strange state of affairs.

2018

IMF Wold Bank Cover 2018

Better together

IFR IMF/World Bank Special Report 2018

If there is one thing that characterises both the International Monetary Fund and the World Bank, it is, by their very nature, their internationalism. Their results over their 70-odd-year histories have been achieved through collaboration – the greater the collaboration, the better the result.

IFR Green Financing Roundtable 2018 Cover

IFR Green Financing Roundtable 2018

IFR Green Financing Roundtable 2018

The IFR Green Financing Roundtable, sponsored by the European Investment Bank, Luxembourg Stock Exchange, and White & Case, welcomed a panel of experts in green finance to discuss recent developments in Green bonds and other instruments, and to outline the next steps that need to be taken as issuance becomes more widespread.

IFR ECM Roundtable 2018 Cover

IFR ECM Roundtable 2018

IFR ECM Roundtable 2018

Thomson Reuters IFR’s 2018 ECM Roundtable took place in London on April 11. It was a fascinating moment-in-time discussion that covered general market matters but more specifically looked under the bonnet of deal management and tactics, and how to get transactions over the line in the challenging environment the year had become. 

IFR DCM Roundtable 2018 Cover

IFR DCM Roundtable 2018

IFR DCM Roundtable 2018

The 2018 Thomson Reuters IFR Debt Capital Markets Roundtable – held in London on April 11 – took place at a very thought-provoking time. Equity and bond markets had been volatile; the US had clearly moved into tightening mode and there was talk of potentially accelerated Fed moves; while the how, when and how much of ECB tapering had been keeping market participants transfixed and the markets anxious.

IFR SSA Special Report 2018

IFR SSA Special Report 2018

IFR SSA Special Report 2018

Rising interest: Investors have long been bemoaning the fact that returns have been way lower than they would crave, especially in the rarefied realms of the public sector. Signs now, however, are of a move towards ‘normalisation’ as far as interest rates are concerned, although there are suspicions in a number of quarters that some are beginning to think they should have been more careful what they wished for.

IFR Reg S Bonds Roundtable 2018 Cover

IFR Reg S Bonds Roundtable 2018

IFR Reg S Bonds Roundtable 2018

The rise of Asia’s own dollar bond market: The growth of the Reg S bond market has been one of the defining trends of the Asian capital markets in recent years. Driven by the seemingly unstoppable rise of Asian wealth – especially deep-pocketed Chinese investors – US dollar bond sales in the region no longer depend on the participation of US institutions. 

2017

IFR RoY Cover 2017

IFR Review of the Year 2017

IFR Review of the Year 2017

Markets, as the cliche has it, hate uncertainty. To which the only sensible response is “who doesn’t?”. But markets don’t seem to hate it very much at the moment.

IFR IMF Report 2017 Cover

IFR IMF/World Bank Report 2017

IFR IMF/World Bank Special Report 2017

Keeping afloat: Emerging market countries, where the IMF has concentrated much of its resources, reveal a strange state of affairs.

Top 250 Borrowers 2017

Top 250 Borrowers 2017

IFR Top 250 Borrowers Special Report 2017

Normality redefined: There comes a time when things have been out of kilter with what would generally be construed as normal for so long that they begin to become accepted as ‘just the way it is’. And so it is in the debt markets. Few would claim that conditions are currently normal, although just what that actually means is open to question.

IFR SSA Special Report 2017

IFR SSA Special Report 2017

IFR SSA Special Report 2017

Up in the air: While once viewed as the one market sector that could be relied upon to offer a sea of calm within a turbulent world, the sovereign, supranational and agency arena has become increasingly influenced by events that have called previously trusted notions into question.

IFR Optimising Sustainable Finance Report 2017

IFR Optimising Sustainable Finance Report 2017

IFR Optimising Sustainable Finance Report 2017

Optimising Sustainable Finance: China’s journey and its impact

IFR US ECM Roundtable 2017

IFR US ECM Roundtable 2017

IFR US ECM Roundtable 2017

IFR’s US ECM Roundtable was held on September 15, as stock market indexes were ticking historic highs. Investors were showing greater resolve to chase higher returns by participating in ECM deals.

IFR Covered Bonds Roundtable 2017

IFR Covered Bonds Roundtable 2017

IFR Covered Bonds Roundtable 2017

IFR held its Covered Bond roundtable on January 31 with delegates coming together at a strong start to the year for the asset class.

IFR Mexico Roundtable 2017

IFR Mexico Roundtable 2017

IFR Mexico Roundtable 2017

IFR held its Mexico Capital Markets Roundtable on November 28, 2016, just weeks after Donald Trump defied expectations by winning the US presidential election on November 8. 

2016

IFR Review of the Year Cover 2016

IFR Review of the Year 2016

IFR Review of the Year 2016

It’s normally fair to say that bankers grumbling about the state of the markets deserve the same sympathy as farmers moaning about the weather. It goes with the territory. And it is up to them to simply get on with it.

Top 250 2016

Top 250 Borrowers 2016

IFR Top 250 Borrowers Special Report 2016

Strength and depth: Few would claim that conditions in the capital markets could currently be described as normal. Nor that they have they been so for a while now, given the various stimulus programmes that have been enacted around the world in an effort encourage growth in the face of economies flirting with stagnation.

IFR Financing Sustainable Infrastructure Report 2016

IFR Financing Sustainable Infrastructure Report 2016

IFR Financing Sustainable Infrastructure Report

Sustainable infrastructure agenda moves centre-stage

IFR Turkey Special Report 2016

Turkey 2016

IFR Turkey Special Report 2016

Star turn: In the fluid world of emerging markets, Turkey has this year presented more opportunities than its CEEMEA peers for investors to indulge their views.

IFR SRI Special Report 2016

IFR SRI Special Report 2016

IFR SRI Special Report 2016

Green shoots: There are few subjects in the capital markets that have generated more headlines over the past few years than socially responsible investment.

IFR Germany Special Report 2016

IFR Germany Report 2016

IFR Germany Special Report 2016

Overcoming hurdles: With attention more often than not focused on other parts of the eurozone and the problems faced by countries mainly in the southern part of the region, it is easy to forget that Germany is not without issues of its own.

IFR Latin America Special Report 2016

IFR Latin America Special Report 2016

IFR Latin America Special Report 2016

One step forward, one step back: While it has been Argentina that has grabbed the bulk of the recent headlines after finally reaching an agreement with holdout bond investors, there is much more to Latin American capital markets.

Picture 1

IFR German Corporate Funding Roundtable 2016

IFR German Corporate Funding Roundtable 2016

IFR convened its fifth annual German Corporate Funding Roundtable in Frankfurt in mid-November just as bond markets, led by US Treasuries, were starting their sharp re-pricing off the back of higher inflation expectations and tighter US money.

Batik background/Dreamstime

IFR India's path to sustainable growth 2016

IFR India's Path to Sustainable Growth RT 2016

IFR recently convened a highly insightful roundtable discussion in Washington DC, entitled “India’s Path to Sustainable Growth: Challenges and Opportunities”. State Bank of India chair Arundhati Bhattacharya delivered some affirmative opening comments that eloquently framed the discussion that followed.

IFR German SME Funding Roundtable 2016

IFR German SME Funding Roundtable 2016

IFR German SME Funding Roundtable 2016

IFR’s 4th annual German SME Funding Roundtable, held at the end of September in Frankfurt, was another absorbing encounter. 

IFR US ECM Roundtable 2016

IFR US ECM Roundtable 2016

IFR US ECM Roundtable 2016

IFR’s US ECM Roundtable was held on September 12, just ahead of the Fed’s decision to hold the line on interest rates and the US presidential election. The Fed only postponed a cycle of rate-tightening and the end of the accommodative environment that has sustained the current bull market.

IFR India Special Report 2016

IFR India Special Report 2016

IFR India Special Report 2016

Ready for take-off: It has taken some deep surgery, but India’s capital markets are at last on a much stronger footing. Now that regulators have done their part, it is up to investors and business leaders to take the economy to the next level.

IFR India Offshore Financing Roundtable 2016

IFR India Offshore Financing Roundtable 2016

IFR India Offshore Financing Roundtable 2016

IFR was back in Mumbai in September to host another excellent roundtable, on this occasion focusing on offshore activity in the country’s equity capital markets and likely provenance of international deal flow and issuance. 

IFR IMF/World Bank 2016 Special Report

IFR IMF/World Bank 2016 Special Report

IFR IMF/World Bank Special Report 2016

Global monitor: With 189 member states encompassing virtually the entire globe, the International Monetary Fund is uniquely positioned to monitor the health of the economic environment throughout the world. 

IFR Pfandbriefe Roundtable 2016

IFR Pfandbriefe Roundtable 2016

IFR Pfandbriefe Roundtable 2016

Panellists at IFR’s annual Pfandbriefe Roundtable on January 21 in Frankfurt discussed a wide range of inter-related topics: the state of the market amid broad volatility; the ongoing impact of the ECB Covered Bond Purchase Programme; prospects for primary issuance in 2016; the potential for green issuance; and, on the regulatory plane, where we’re headed following the European Commission’s covered bonds consultation exercise.

IFR SSA Special Report 2016

IFR SSA Special Report 2016

IFR SSA Special Report 2016

Consistent performer: A little over a year into the European Central Bank’s quantitative easing programme and the dust is finally beginning to settle. 

Green Bonds Roundtable 2016

IFR Green Bonds Roundtable 2016

IFR Green Bonds Roundtable 2016

IFR’s second annual Green Bond Roundtable, took place in December in the shadow of COP 21. The enormous engagement from politicians, business as well as civil society organisations and the general population at and around that meeting reflected an up-swell of support for the environmental and climate-change agenda. This was reflected, of course, in significant monetary commitments in support of the 2oC cap.

IFR Outlook for Indian Borrowers Roundtable 2016

IFR Outlook for Indian Borrowers Roundtable 2016

IFR Outlook for Indian Borrowers Roundtable 2016

IFR’s Outlook for Indian Borrowers Roundtable took place in Singapore in December 2015. As with the Indian Credit Conference in Mumbai that had preceded it by a couple of weeks, the backdrop was IFR’s inaugural Indian Borrowers Survey, results of which are published in this supplement following the edited transcript.

IFR India Offshore Financing Roundtable 2016

IFR India Offshore Financing Roundtable 2016

IFR India Offshore Financing Roundtable

IFR’s most recent India Offshore Financing roundtable took place in Mumbai in late November 2015. It was well timed, in as far as it caught the market betwixt and between a series of capital markets, political and regulatory events that at one and the same time were creating a mixture of uncertainty and anxious expectation.

IFR Mexico Capital Markets Roundtable cover pic

IFR Mexico Roundtable 2016

IFR Mexico Roundtable 2016

IFR’s Mexico Capital Markets Roundtable was held in Mexico City on November 5 2015, near the end of a rocky year for emerging markets and about a month before the much-anticipated interest rate hike in the US, which was expected to bring more troubles for the asset class.

2015

00 IFR EoY cover 2015 smaller

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.

IFR Americas Cover 2015

IFR Americas Review of the Year 2015

IFR Americas Review of the Year 2015

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.

IFR India Special Report 2015

IFR India Special Report 2015

IFR India Special Report 2015

High expectations: Eighteen months into Narendra Modi’s government, things are looking up for India. Growth is quickening, inflation is under control, and reforms are coming through. Harnessing that momentum, however, remains a constant challenge, and India’s prime minister will need to work hard if he is to come close to meeting his grand ambitions.

IFR Outlook for DCM RT cover image 2015

IFR Outlook for International DCM Roundtable 2015Video

IFR Outlook for DCM Roundtable 2015

IFR’s Outlook for International Debt Capital Markets Roundtable took place on November 5, so the comments that follow were current as of that date. The discussion focused on the multiple themes that surround the bond market at a difficult but fascinating time. At the time the roundtable took place, we were then as now waiting to see if the Fed proceeds with tightening moves and if the ECB continues with easy money.

IFR Outlook for US Credit Roundtable cover image 2015

IFR Outlook for US Credit Roundtable 2015Video

IFR Outlook for US Credit Roundtable 2015

IFR’s US Credit Roundtable took place on October 29, the day after the October FOMC meeting and immediately following an IFR roundtable that had explored the Fed’s thinking and room for manoeuvre, and focused more specifically on the US Treasury market.

IFR Outlook for US Rates Roundtable 2015

IFR Outlook for US Rates Roundtable 2015Video

IFR Outlook for US Rates Roundtable 2015

IFR’s 2015 US Rates Roundtable took place in New York on October 29, the day after that month’s FOMC meeting, so the comments made by our distinguished panel of rates strategists and laid out in the following pages were current as of that date.

IFR German Corporate Funding Roundtable 2015

IFR German Corporate Funding Roundtable 2015

IFR German Corporate Funding Roundtable

IFR’s latest German Corporate Funding Roundtable, held in Frankfurt on October 15, surveyed the financing and macro landscape not just from the debt and loan capital markets sell-side perspective; senior treasury representatives from three major German-based multinationals – Bayer, Daimler and SAP – additionally offered some fascinating insights into the corporate finance and funding panorama as viewed from the client side.

IFR US ECM Roundtable 2015

IFR US ECM Roundtable 2015

IFR US ECM Roundtable 2015

IFR’s US ECM Roundtable was held on September 15, just ahead of the Federal Reserve’s decision to hold rates for another month. The decision pushed expectations for the start of the rate-tightening cycle into 2016 and extended the accommodative environment that has sustained a bull market.

IFR DCM Cover

IFR DCM Special Report 2015

IFR DCM Special Report 2015

Shape-shifting: The debt market is a singular animal: no matter what situation arises, it simply evolves in order to address it.

IMF/World Bank 2015

IMF/World Bank 2015

IMF/World Bank 2015

Mean Streets: If the IMF were a cop, it would be the righteous Commissioner Gordon, desperately trying to maintain order in Gotham City while waiting for Batman to turn up.

IFR Securitisation Roundtable 2015 Cover image

IFR Securitisation Roundtable 2015Video

IFR Securitisation Roundtable 2015

IFR’s Securitisation Roundtable – entitled “The Great European Securitisation Debate” – took place on May 28. Even though the general market at that point had turned volatile and Bund yields had been whipsawing, it was long before Greece went into arrears with the IMF and Greeks had voted against the latest austerity package. So the following discussion needs to be read with this in mind.

IFR German SME Funding Roundtable 2015 Cover image

IFR German SME Funding Roundtable 2015

IFR German SME Funding Roundtable

IFR’s 2015 Roundtable on German SME Funding, held on June 16 in Frankfurt, took place in the wake of violent swings in the bond market. Not long before the discussion, volatility in 10-year Bund futures had hit levels it hadn’t seen for three years as the broad market lost its sang-froid.

IFR Future of IBD Roundtable 2015 Cover Image

IFR Future of IBD Roundtable 2015

IFR Future of IBD Roundtable 2015

IFR’s Future of IBD Roundtable, covering the primary origination and advisory businesses (capital markets underwriting and advisory), was a fascinating foray into a key set of client-facing businesses. These are businesses that may not have been a target for re-regulatory endeavour but they are businesses that have nonetheless been directly impacted by strategic efforts afoot in play across the industry as a result as banks seek to manage the seminal transformation from bloated revenue-seeking institutions to lean return-seeking institutions.

IFR ECM Roundtable 2015

IFR European ECM Roundtable 2015

IFR European ECM Roundtable 2015

IFR’s Europe, Middle East and Africa ECM Roundtable was held on June 25 just as Greece had caused European debt issuance to slump. Yet this was an upbeat discussion held amid a flurry of issuance.

IFR Bank Capital Roundtable 2015 cover image

IFR Bank Capital Roundtable 2015

IFR Bank Capital Roundtable 2015

The Great Bank Capital Debate rumbles on. IFR’s latest event on this evolving topic was held as the TLAC and MREL initiatives wend their way closer to final versions at the same time as banks are – to the extent the rules have been finalised or where the direction of travel is otherwise clear – fine-tuning resolution plans, working towards assumed leverage ratio minimums, and dealing with funding, liquidity and a host of other issues in a world that has become increasingly convoluted.

IFR Top 250 Borrowers 2015 Cover

IFR Top 250 Borrowers 2015

Top 250 Borrowers 2015

Shifting sands – Credit markets posted yet another year of storming supply, a scene played out in an unnatural landscape constantly reshaped by shifting sands. On the one hand, the US called time on its quantitative easing bond-buying programme; but, on the other, the European Central Bank scrambled up the dunes to proclaim an initiative of its own. In the QE stakes, Frankfurt simply replaced Washington.

IFR Eurozone Special Report

IFR Eurozone Special Report 2015

IFR Eurozone Special Report 2015

Stimulating times: After years of bailouts, downturn, debt, fouls and penalties, it would appear the eurozone first team is finally showing signs of being ready to compete. The technical staff’s promise to do “whatever it takes” to keep the team together gave both players and supporters a lift. And after overcoming question of its legality, the additional stimulus provided by quantitative easing is providing additional confidence that they can cope should the team come unstuck once again.

IFR Private Placements Roundtable 2015 Cover image

IFR Private Placements Roundtable 2015

IFR Private Placements Roundtable 2015

Private placements have received a lot of attention in Europe in the past year to 18 months. They have been captured fully by the Capital Markets Union debate in Europe as a potentially new funding alternative to bank lending for the benefit of SMEs.

Renminbi Capital Markets 2015

IFR Renminbi Capital Markets Special Report 2015

IFR Renminbi Capital Markets Special Report 2015

Rising to the challenge: Hype is returning to the renminbi capital markets. After a few lacklustre years for Chinese equities, Shanghai and Hong Kong are on their biggest bull runs in years, while interest rate cuts have lifted interest in renminbi bonds.

IFR Turkey Report Cover 2015

IFR Turkey Special Report 2015

IFR Turkey Special Report 2015

At a crossroads: To say that Turkey is at a crossroads and must choose its future direction is simply to state an age-old truth: it always has been. Geographically, Turkey is at the crossroads of Europe and Asia, an ornate doorway between two regions. The EU’s endless debates over the merits of letting it join have only emphasised its unique location – while fuelling its frustration.

IFR Latin America Special Report 2015

IFR Latin America Special Report 2015

IFR Latin America Special Report 2015

Rather like the best Spaghetti Westerns, the usual suspects are present in Latin American finance – along with a familiar plot line on the tussle between order and chaos along an unruly frontier.   

IFR Pfandbriefe Roundtable 2015 Cover

IFR Pfandbriefe Roundtable 2015

IFR Pfandbriefe Roundtable 2015

IFR’s 2015 Pfandbriefe Roundtable, held in Frankfurt on January 29 following our 9th annual Covered Bonds conference, was, as ever, a fascinating affair. For all the years IFR has been hosting conferences and roundtables on this segment of the bond market, there has not been a single event that has crystallised opinion to the same extent as the 2015 vintage.

IFR SSA Report 2015 Cover

IFR SSA Special Report 2015

IFR SSA Report 2015

In boxing, the crowd often rallies around the underdog – especially if the fight is in the country that invented the sport. After tumbling to the canvas, Greece has staggered back to its feet and is now risking everything in order to win.

IFR Green Bond Roundtable 2015 cover image

IFR Green Bonds Roundtable 2015

IFR Green Bonds Roundtable 2015

Few capital markets developments of recent years have matched the rise and rise of green bonds. The sustainable theme has taken the capital markets by storm over the past year throughout the broad ecosystem of issuers, underwriters, investors, rating agencies, second-opinion providers, industry trade bodies and NGOs

2014

IFR Global 2014 Cover - SP Page

IFR Review of the Year 2014

IFR Review of the Year 2014

In many ways 2014 was a bumper year for the investment banking industry. Although the year began with a few jitters as the US Federal Reserve changed guard and began to taper its purchases of government and asset-backed securities, asset prices across the markets quickly resumed their upward march of the past five years.

IFR Americas Cover - SP Page

IFR Americas Review of the Year 2014

IFR Americas Review of the Year 2014

They say in Hollywood that nothing dates faster than visions of the future. Those old sci-fi movies look so cheesy now because reality always outpaces our ability to predict it. And predictions for how 2014 would turn out look, in retrospect, pretty outdated indeed.

IFR Debt Capital Markets Roundtable 2014 Cover image

IFR Debt Capital Markets Roundtable 2014

IFR Debt Capital Markets Roundtable 2014

IFR’s 2nd annual DCM roundtable once again drew together a group of super-senior managers, originators and syndicators whose firms between them account for close to two thirds of total international bond issuance. As with the inaugural event in 2013, it was an opportune moment for the people who run this business to take stock of market developments and provide an update and insight into some of the transformational themes confronting the financing industry.

Investing in Midcaps Equities Roundtable 2014 cover image

IFR Investing in Small and Midcap Equities Roundtable 2014

Investing in Midcap Equites Roundtable 2014

IFR’s ‘Investing in Midcap Equities’ Webinar, held in London on October 30, tackled a lot of issues at play in an interesting but often challenging segment of the equity market.

IFR India Report 2014 Cover

IFR India Special Report 2014

IFR India Special Report

The pivotal moment - India’s capital markets are approaching a pivotal moment. After Narendra Modi’s landslide election victory earlier this year, initial enthusiasm has begun to give way to lingering doubts that the new regime can deliver on its reform agenda.

IFR India Offshore Financing Roundtable 2014

IFR India Offshore Financing Roundtable 2014 (Held in September 2014)

IFR India Offshore Financing Roundtable 2014

IFR’s India Offshore Finance Roundtable, held in Mumbai in September, was notable for many reasons. First of all, it took place on the day the new Modi government hit the key milestone of its first 100 days in office.

IFR German Corporate Funding Roundtable 2014 Cover image

IFR German Corporate Funding Roundtable 2014

IFR German Corporates Funding Roundtable 2014

Is Germany in a credit bubble, participants were asked at IFR’s 2014 German Corporate Funding Roundtable in September. It was the final question at the end of a thoughtful and insightful discussion. The cascade of answers was enlightening: “no”, “not yet”, “no, but it’s approaching”, “we’re close” and “it’s coming and it won’t be the banks that get hurt this time”.

IFR DCM Cover 2014

IFR DCM Special Report 2014

IFR DCM Report 2014

Fashion can be a cruel mistress, especially if you’re the only person to turn up at the party with platform sneakers, a tracksuit with “Juicy” scrawled across the derriere, and a green feather boa. Banks are experiencing their own fashion faux pas right now and working hard to maintain their appeal.

IFR US ECM Roundtable 2014 Cover

IFR US ECM Roundtable 2014

IFR US ECM Roundtable 2014

When we started thinking about the timing for a roundtable, we thought the first half of September would be a fantastic time to do it, because it would coincide with a market lull. We were totally wrong.

IFR IMF World Bank Report Cover 2014

IFR IMF/World Bank Report 2014

IMF World Bank Report 2014

Playground rules - The collaborative effort of European governments and regulators is akin to children rushing around the school playground with a football. Enthusiasm and no lack of skill are undermined by issues of translation and the fierce desire of all to score the winning goal.

IFR German SME Funding 2014

IFR German SME Funding Roundtable 2014

IFR German SME Funding Roundtable 2014

The lack of credit in the real economy and the paucity of cash available for investment have been cited all over Europe as a major blocker of growth and investment, particularly for small and medium-sized enterprises. It’s an emotive issue that’s has the attention of politicians of all hues.

IFR Mexico Roundtable 2014

IFR Mexico Roundtable 2014

IFR Mexico Roundtable 2014

The Mexican economy is on the cusp of dramatic changes, if prognostications about the impact of the country’s sweeping reform process hold true. In July, IFR hosted a roundtable in Mexico City where bankers, public credit officials and treasurers at some of the country’s largest corporates discussed what these changes might mean for the country’s capital markets – and some of the challenges that lie ahead.

IFR ECM Roundtable 2014

IFR ECM Roundtable 2014

IFR ECM Roundtable 2014

European Equity Capital Markets are hot. The 12 months to June 30 saw total ECM volume of US$311.5bn from 1,143 transactions. By dollar and deal number that is the highest since 2007, but it seems even longer ago for those that survived the three years of famine, 2010–2012.

IFR Top 250 Borrowers Cover 2014

IFR Top 250 Borrowers 2014

IFR Top 250 2014

The bigger the better – in everything. Freddie Mercury, the late lead singer of Queen, wasn’t alone in judging the world and its wares solely on the merit of size. Take bond investors. When the Federal Reserve announced its intention to begin tapering its quantitative easing programme last May, expectations were of an inexorable rise in US yields.

IFR Asia Asian Development Bank Roundtable 2014 cover image

IFR Asia Asian Development Bank Roundtable 2014

IFR ADB Roundtable 2014

For the second year running, IFR hosted a well-attended seminar during the Asian Development Bank’s annual meeting, held this time in Kazakhstan’s gleaming new capital, Astana. Part of the ADB’s official knowledge-sharing programme, the luncheon event brought together a panel of experts to discuss the development of Asian bond markets at a time when the ADB and other public sector bodies are working hard to promote Asia’s capital markets as an alternative to traditional bank finance.

IFR Germany Report cover 2014

IFR Germany Special Report 2014

IFR Germany Report 2014

As a solo performer, Germany has few rivals and many fans, striking all the right notes and rising sublimely above Europe’s discord as the DAX posts all-time highs, data show a growing economy, and unemployment dips to the lowest rate since unification.

IFR SSA Special Report 2014

IFR SSA Special Report 2014

IFR SSA Special Report 2014

The euro crisis is over. At least, that’s what the market appears to believe. Yields across the eurozone’s embattled periphery have fallen to levels not seen in nearly a decade, while rating agencies are starting to take a more positive outlook towards peripheral countries, citing progress in fiscal and economic reform.

IFR Emerging Europe & Turkey Cover 2014

IFR Emerging Europe and Turkey Special Report 2014

IFR Emerging Europe and Turkey Special Report 2014

At cruising altitude; turbulence ahead?: This report reaches you at a time when Emerging Europe and Turkey could be stuck on the tarmac. The political situation means Ukraine is grounded and Russia may yet have to consider an emergency landing, yet the rest of the CEE region appears to be about to take off.

IFR Middle East Awards 2013 Cover

IFR Middle East Awards 2013

IFR Middle East Awards Report 2014

IFR’s inaugural Middle East Awards, which were presented at a gala dinner in Dubai at the end of March, were a great success. Senior investment bankers and their key clients assembled in the Ritz-Carlton DIFC to celebrate a significant year in the region’s capital markets and showcase some major achievements.

IFR Schuldscheine Roundtable Cover Image 2014

IFR Schuldscheine Roundtable 2014

IFR Schuldscheine Roundtable 2014

IFR’s second Schuldscheine Roundtable, held in Frankfurt on March 11, attracted the market’s top originators who were keen to talk about the product’s role in Europe’s nascent private placement market and where we are likely to see activity emerge in the coming year.

IFR Latin Americas Report Cover 2014

IFR Latin America Special Report 2014

IFR LatAm Report 2014

The good, the bad and the downright ugly: The People’s Republic of China may be more than 10,000 miles away from Latin America, but given the influence it has been having on the region, you could be forgiven for thinking it occupies the same barrio. There’s been no bigger influence on the region’s economy over the past few years than the PRC. With China’s growth slowing to about 7.5% from the runaway double-digit peak it reached in 2010–11, it’s not surprising that LatAm has suffered similarly.

IFR India Offshore Financing 2014 Cover image

IFR India Offshore Financing Roundtable 2014 (Held in 2013)

IFR Indian Offshore Financing Roundtable

The Indian Offshore Financing Roundtable, which took place at the end of 2013 in Mumbai, analyses the current pro and cons for Indian companies looking to raise capital overseas. Held with a senior panel of leading equity capital market professionals, the discussion tracks the history of Indian offshore listings, measures the barometer for listing today, and forecasts future economic and regulatory conditions for Indian companies looking to raise capital post election in 2014.

Outlook for Capital Markets 2014 Cover

IFR Outlook for Capital Markets 2014

IFR Outlook for Cap Markets Special Report 2014

There are solid reasons to forecast a positive outlook for global capital markets in 2014. The all-time record new-issue activity seen in 2013 in areas such as US investment-grade corporate debt, US syndicated lending, global high-yield or Asian G3 debt may not necessarily be breached in the forthcoming 12 months, but it is likely to be matched as conditions in the US and across multiple market segments around the world remain highly propitious as the global economy gets into gear and funding levels remain compelling on the back of strong buyside liquidity.

2013

IFR Americas Cover 2013

IFR Americas Review of the Year 2013

IFR Americas Review of the Year 2013

You’d be justified in calling yourself clairvoyant if you’d predicted the size and scope of the 2013 US capital markets boom when last year was winding to a close. 

IFR EoY Cover 2013

Review of the Year 2013

IFR Review of the Year 2013

What is there to say about 2013? Well the first thing banks should say (again) is “thanks very much”. Thanks, that is, to policy makers and central bankers around the world for pumping so much free money into the system. 

PFI/IFR Middle East Report 2013

PFI/IFR Middle East and Africa Report 2013

23 September 2013

Project finance has, to some extent, returned to its roots in recent years with the technique being used to fund major capital expenditure projects in the emerging markets. The Middle East & Africa region is one such market - where project finance has been successfully used in the past and the prospects for using it in the future look bright.

IFR IMF Cover 2013

IFR IMF Report 2013

20 September 2013

Moving the goalposts – To paraphrase Woody Allen, if the IMF didn’t exist, perhaps it would be necessary to invent it. Few doubt that we need it, or something like it. This report looks at the IMF’s evolving role five years on from the financial crisis alongside that of the development finance bodies such as the World Bank Group and regional development banks, and considers whether these institutions are adapting to the world’s new financial architecture – or simply trying to adapt that architecture to suit their outlook.

IFR Asia India Cover 2013

IFR India Report 2013

13 September 2013

The near-20% slump in the rupee is the most obvious symptom of the crisis of confidence buffeting the country, and also one that risks making things worse by eroding unhedged balance sheets and importing inflation.

IFR Covered Bonds 2013 Cover

IFR Covered Bonds Report 2013

05 July 2013

Central banks have been a boon for the global capital markets, stepping in to provide extraordinary liquidity that has buoyed assets across the board. After years of treading water, equities have rallied. And bond issuance has turned into a bun fight, with investors scrambling over each other to pick up even the slimmest yields – a state of affairs that has suited cost-conscious issuers just fine indeed.

IFR Top 250 2013 Cover

IFR Top 250 Borrowers Special Report 2013

14 June 2013

The past year has been characterised by spread-tightening across the credit spectrum. This has left investors scrambling for yield in a low-rate, low-return market, with a few changing the way they viewed their mandates.

IFR Germany 2013 Cover

IFR Germany Special Report 2013

10 May 2013

Germans like to think of their economy as the “engine” of the eurozone: when it comes to bailouts for countries such as Cyprus it is to Berlin that its currency partners turn. But this role of eurozone champion, and backstop, is not universally appreciated by either the German electorate or those of the rescued countries.

IFR SSA 2013 Cover

IFR SSA Special Report 2013

19 April 2013

The unwavering commitment of politicians and central banks to tackle the world’s indebtedness head-on has welcomed in a period of relative calm for the SSA markets. While there are still concerns that the favoured austerity regimes are doing little to relieve economic stagnation in many countries, there are now sufficient backstops in place to convince investors that, at least, things aren’t going to get any worse.  

IFR Turkey 2013 Cover

IFR Turkey Special Report 2013

05 April 2013

Shelter from the storm: Turkey can be forgiven for feeling smug. With Cyprus cranking the eurozone crisis back into high gear and the EU’s peripheral members again looking fragile, at first sight the country stands out from its rowdy neighbours as a paragon of growth and financial stability.

Schuldscheine Roundtable

Schuldscheine Roundtable 2013

IFR Schuldscheine Roundtable 2013

IFR’s inaugural Schuldscheine Roundtable, held on February 21 in Frankfurt, attracted a large group of the market’s brightest and best originators who were keen and eager to talk about why the market has exploded into action on such a global scale and discuss in an interactive setting where we are likely to see activity emerge in the coming year.

Covered Bonds Roundtable 2013

Covered Bonds Roundtable 2013

IFR Covered Bonds Roundtable 2013

IFR’s latest covered bond roundtable in Frankfurt at the end of January was an extremely insightful update not just on market activity and themes but also on the issues currently on the regulatory agenda. It was an opportune moment, too, to review the challenges and achievements of 2012 and look ahead to likely developments in the coming year. Our discussion included participation from an issuer, an investor, an analyst, a lobbyist as well as bank originators so was a well rounded one that looked at the issues across their various dimensions.

IFR European ECM Roundtable 2013

IFR European ECM Roundtable 2013

IFR European ECM Roundtable

IFR’s annual European ECM conference in late October was perfectly timed to catch the near euphoria in equity markets at the time. Delegates were welcomed with an appearance by Chancellor of the Exchequer George Osborne, before they turned to the issues and challenges of pricing into a rising market in ECM. The day finished with a roundtable to discuss some of the subjects raised during the conference.

IFR German Corporate Roundtable 2013

IFR German Corporate Funding Roundtable 2013

IFR German Corporate Roundtable

IFR’s third German Corporate Funding Roundtable, which took place in Frankfurt in October, was a pretty bullish affair. Combining loan and DCM bankers as well as a borrower, panellists reviewed year-to-date activity in capital markets but the session focused on expectations for issuance in the year ahead.

IFR DCM Special Report 2013

IFR DCM Special Report 2013

04 November 2013

Party time: Appearances can certainly be deceptive. While it felt for all the world that 2013 was frantically busy in the debt capital markets, Thomson Reuters data actually show that overall volumes for the first nine months fell 3% to US$4.2trn.

A man wearing 70's themed golden shoes and clothes dances on the street during the Schlagermove festival in Hamburg July 7, 2012. Thousands took part in the event, which is based on songs and fashion from the seventies.

IFR DCM Milestones Roundtable 2013

IFR DCM Milestones Roundtable

Eurobond Retrospective: Tales from the Front Line. Keith Mullin speaks to six veterans of the debt capital markets.

IFR US ECM Roundtable cover image

IFR US ECM Roundtable 2013

IFR US ECM Roundtable 2013

The US equity capital market is enjoying a long-awaited boost as investors thrust cash into equity funds with an enthusiasm not seen for decades. Faced with anaemic returns from fixed-income investments and racing to catch up with index gains, investors are embracing primary issuance with great verve.

Africa Report Cover 2013

Africa Report 2013

IFR Africa Special Report

March of the Frontier Markets - First the good news: African sovereigns have tapped the international debt market with aplomb in the past 12 months. Repeat issuers such as Nigeria and Ghana as well as debut borrowers like Zambia and Rwanda wowed with their well executed and heavily over-subscribed international bonds, enabling them to squeeze on price and leaving investors hungry for public bonds in the pipeline for the likes Kenya, Senegal, Angola and others.

IFR 2000th Cover image

40 years in review

IFR 2000 issue Supplement

What better way to mark the 2,000th edition of IFR than to look back at some of the standout deals completed since our first issue was published on March 22 1974? Though the sharp-eyed will realise that there are still some months to go until our 40th anniversary (don’t worry, we won’t do this again at that point), we can claim that we are in our 40th year, so we highlight 40 deals.

DCM Roundtable

IFR New Styles for DCM Roundtable 2013

IFR New Styles for DCM Roundtable 2013

IFR hosted a fascinating roundtable recently at which a dozen senior and highly experienced DCM professionals discussed in an open forum the future directions for this key financing class under the title of “Plotting a strategic future for debt capital markets: factoring supply-side and demand drivers into the new structural paradigm”.

IFR Future of Investment Banking Roundtable Cover image

IFR Future of Investment Banking Roundtable 2013

IFR Future of Investment Banking Roundtable 2013

Investment banking is in the midst of seminal change. The post-financial crisis era has forced a convergence of regulatory, political and cultural change factors that, together, are beyond the vagaries of mere cyclical elements. That was the essential outcome of IFR’s Future of Investment Banking Roundtable.

2012

Review Cover 2012 (s)

Review of the Year 2012

IFR Review of the Year 2012

Another year, another series of scandals and outrages in the banking industry.

IFR European ECM roundtable 2012

European ECM Roundtable 2012

ECM Roundtable 2012

IFR’s European Equity Capital Markets Roundtable was held in late October with representatives from the buyside, sellside and a stock exchange. The conversation came at the end of a full-day conference covering all matters related to European ECM.

Japan DCM Roundtable

Japan DCM Roundtable 2012

Japan DCM Roundtable

IFR’s Japan debt capital markets roundtable, held in Tokyo on May 15, found market participants in pensive but upbeat mode. The European sovereign debt crisis is being scrutinised very carefully, but its direct impact on Japanese debt market activity has been relatively marginal. Ten-year JGB yields at just 79bp in early June, a couple of weeks after IFR’s roundtable and yen/dollar at 79, tell their own story.

IFR Americas Review of the Year Cover 2012

US Review of the Year 2012

IFR Americas Review of the Year 2012

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.

India Report 2012 Cover

IFR Asia India 2012

IFR Asia India Report 2012

This year’s IFR India Special Report comes at a challenging time for Asia’s second-largest economy. Many of the issues that were already brewing 12 months ago have snowballed into serious problems, and confidence is wearing thin.

IFR DCM Cover 2012

IFR DCM Report 2012

IFR DCM Report 2012

It has not always been easy, but the global debt capital markets have grown year-on-year by 4% to US$4.2trn in the first nine months of 2012. Access is a long way from comprehensive, but central bank presidents’ comments – well, one in particular – have helped to open markets further.

IMF Report cover 2012

IMF Report 2012: Looking for growth

07 September 2012Updated: 17 September 2012

How times have changed. In the past, talk of bailouts, IMF loans, and fiscal mismanagement usually meant one thing: yet another emerging market country had run into trouble and needed saving. Now this type of language is being applied to the eurozone. In contrast, the so-called emerging markets are in much better health. Indeed the term “emerging markets” is becoming a misnomer. “Growth markets” seems a more appropriate appellation.

Bank Capital Roundtable 2012

Bank Capital Roundtable 2012

IFR Bank Capital Roundtable 2012

The future of capital securities doesn’t lie in the hands of either regulators or investment bankers. At IFR’s Bank Capital Roundtable on June 21 in London, one of the many themes that came out of the discussion was that investors will define the future of this asset class. Regulators have spent the years since the global financial crisis defining, refining and redefining the optimum bank capital adequacy framework and have broadly laid out the features they want to see in capital instruments.

IFR Covered Bond Roundtable 2012

Covered Bond Roundtable 2012

IFR Covered Bond Roundtable 2012

IFR’s latest Covered Bond Roundtable, which took place in Frankfurt on May 29, assessed developments in the covered bond market from the perspective of bank funding in the context of a highly stressed Eurozone sovereign scenario. In the context of a negative feedback loop between banks and their sovereigns, it’s essential to understand what’s driving the relationship to understand what’s happening in the covered bond market in terms of sentiment, pricing and market activity.

Covered Bonds Cover 2012

Covered Bonds Report 2012

Covered Bonds Report 2012

The stature of covered bonds as a funding tool continues to grow by leaps and bounds. Developments that will see senior debt become bail-inable by 2018 are adding to their allure; as is their legal robustness and unassailable place in the capital structure in the event of issuer insolvency. In short, covered bonds have offered a funding lifeline, certainly to non-peripheral banks whose access to capital has been ravaged by the effects of the eurozone sovereign debt crisis.

Back from the Brink

Eurozone Report 2012

IFR 1934 19 May to 25 May 2012

The eurozone crisis was in full swing when Jean-Claude Trichet took the podium in Berlin on October 6 2011 for his final press conference as president of the European Central Bank. Having helped create one of the longest periods of price stability in the history of central banking, Trichet was closing out his eight-year reign under siege.

Top 250 cover 2012

Top 250 Borrowers 2012

IFR Top 250 2012

A year on from the last Top 250 Borrowers report and the issues that dominate the funding landscape remain largely the same as they did then. Concerns about the eurozone were at the top of the worry list and they are still there today, casting a long shadow that stretches far further than the continent of Europe.

Germany cover 2012

Germany Special Report 2012

Germany Report 2012

The eurozone crisis has proved to be a sprawling saga that matches anything staged at Bayreuth. Germany, our chief protagonist, rests on the laurels of continuing growth led by robust exports. But the demons of political instability lie lurking in the wings and threaten to blight the feast.

SSA Cover 2012

SSA Report 2012

SSA Report 2012

Once the stable bedrock of the markets, the SSA sector found itself rocked to the foundations as concerns mounted about the ability of sovereigns to deal with the crisis that engulfed asset classes across the board – something largely viewed as self-inflicted in the first place.

Turkey cover 2012

Turkey 2012

Turkey Report 2012

As Turkey gets to grips with hefty economic policy challenges – and shrugs off the complications of living in a volatile region – it exudes a self-belief hard to find elsewhere.

Latam 2012

Latin America Special Report 2012

03 February 2012Updated: 22 February 2012

One wonders how your average Latin American policymaker has avoided developing a squint, having to keep one eye firmly on domestic markets while the other is fixed so intensely on Europe’s unfolding Greek tragedy. Yet it is a measure of how LatAm financial markets have bolstered their resilience to foreign shocks that at this juncture a squint is likely to be the worst byproduct of the eurozone crisis.

Celebrating Success

IFR Awards: Celebrating Success

IFR Awards: Celebrating Success

IFR has been giving out awards for more than a quarter of a century. The latest event in January 2012 raised £1.26m, taking the total raised by attendees to more than £20m. This report looks at how that money has benefited children around the world, adds some of the IFR Awards history, and a light-hearted look at the Awards process and some of the more infamous winners.

2011

IFR Review of the Year 2011 - Global

IFR Review of the Year 2011

IFR Review of the Year 2011

The past 12 months have been arduous. Once again, global capital markets were dominated by the same relatively small set of inter-locking issues that commanded attention in the previous year. In fact, a quick scan of the foreword to IFR’s 2010 Review of the Year suggests little has changed in the intervening period.

IPO Roundtable

IFR IPO Roundtable 2011

IPO Roundtable 2011

Being an ECM banker in the European region has been a chastening experience in 2011. After a tough 2010, banks entered the New Year with pipelines bulging with IPO candidates. As 2011 comes to an end those pipelines are still fat with promise from sadly having delivered little.

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.

Middle East Cover 2011

Middle East Report 2011

Middle East Report 2011

The remarkable political events in the Middle East this year have made their mark on the local capital markets, but confidence in the region - both as a capital markets hub and as a deal generating region - remains.

DCM Cover 2011

DCM 2011

DCM Special Report 2011

When policymakers in the developed economies took concerted action in late 2008 there was a widespread determination to prevent the recession turning into a prolonged period of depression. Record low interest rates, a little harmless inflation and a stiff dose of banking reform were meant to get the world economy turned round and back on a path of sustained growth. And growth was going to be the key to taking the sting out of reducing indebtedness – governments, financial institutions and consumers could all cut their borrowings without feeling too much pain.

IMF Cover 2011

IMF/World Bank 2011

IMF Special Report 2011

The financial storm clouds are gathering. A credit downgrade for the US and the continuing uncertainty caused by the eurozone sovereign debt crisis have sent investors scrambling for cover. Emerging markets were remarkably robust following the credit crunch, but it is uncertain whether the decoupling can be sustained as developed markets now slow to a near halt.

India Cover 2011

India 2011

India Special Report

India has all the right ingredients. Yet, instead of producing a delightful dish to tempt even the most sceptical of emerging markets investors, its recipe is in danger of leaving a rather bad taste.

Cover Bond Cover 2011

Covered Bond Survey 2011

Covered Bond Survey 2011

Welcome to IFR’s inaugural Covered Bond Survey. This is the first in an occasional series published by IFR; future surveys will cover similarly core areas of the global capital markets. The surveys are conducted anonymously and are designed to offer market participants constructive insights into how specialists view the landscape, and what they view as key concerns, challenges and opportunities.

Top 250 Cover 2011

IFR Top 250 Borrowers 2011

IFR Top 250 Borrowers Report 2011

It has been a year that has seen the headlines dominated by a sovereign debt crisis in Europe. This time last year, the carnage that would be wrought by cripplingly high debt in Greece, Portugal and Ireland was already visible on the horizon. Europeans had already taken concerted action to save Greece, although the cost of those measures remained unknown – as they arguably still are today. Questions were being asked about where that left the other PIGS – Spain was still viewed in a similar light, before distancing itself, and then ultimately being drawn back in.

Pfand Cover 2011

Pfandbriefe/ Covered Bonds Report 2011

IFR Covered Bonds Report 2011

Few markets managed to come out of the crisis in one piece. But for covered bonds, the past few years have been different, with the asset class coming out bigger and more enhanced. Once considered a niche – even, some might argue, boring – product, the decline of other parts of the bond market have suddenly cast it into the limelight, bringing a variety of new participants into its orbit. 

Germany Cover 2011

Germany Report 2011

IFR Germany Report 2011

The politics of Europe have always been delicate for Germany. But in the last 12 months the volume of protest among Germans at having to bankroll European financial rescue packages has reached hitherto unknown levels. Many Germans are at a loss to explain why it falls to them to bail out profligate European partners in first Greece, then Ireland and now Portugal. Politicians and parties associated with the largesse bestowed upon the PIGs have already been punished at the polls and things could get worse still.

SSA Cover 2011

Sovereigns, Supranationals & Agencies 2011

IFR Sovereigns, Supranationals & Agencies 2011

Sovereign, supranational and agency issuershave long had a habit of concentrating their borrowing in the first half of the year. But that trend seems to have accelerated in2011, with many of the larger SSA issuers having completed up to 40% of their annual borrowing targets by the end of the first quarter alone.

Turkey Cover 2011

Turkey Report 2011

IFR Turkey Report 2011

In little over a decade, Turkey has gone from being the sick man to the rich man of Europe. While other European countries have come through the crisis indebted, stunted and broke, Turkey has gone from strength to strength. Last year was a watershed, with growth coming in at 8.9%, inflation in low single digits and real interest rates close to zero.

LatAm Cover 2011

Latin America 2011

Latin America Report 2011

It’s been a good twelve months to be a market outside of Europe and the US. With many developed nations struggling under the weight of public and private debt, most emerging markets have been arousing a lot of attention from growth-hungry investors. But some markets have emerged more than others, and Latin America is definitely home to some of the sexier examples.

2010

Ambitious plans for growth

IFR Malaysian Capital Markets Roundtable 2010

IFR Malaysian CM Roundtable

Sentiment in Malaysia is running high. Participants at IFR’s Malaysian Capital Markets Roundtable in Kuala Lumpur on October 8 noted that the country came through the crisis relatively unscathed. Malaysian banks are generally in good shape and, from a capital markets perspective, the country is broadly self-sufficient.

Capital markets thrive on rampant optimism

IFR India CM Roundtable 2010

IFR India Roundtable 2010

Indian capital markets are booming. ECM, DCM, loan syndications, infrastructure and M&A are all firing as investors and financiers vie to put their money to work. The tone of IFR’s Indian Capital Markets Roundtable in Mumbai encapsulated the mood perfectly. In a wide-ranging conversation, participants offered up a very positive outlook for the year ahead.

UK bond mkts cover pic

UK Bond Market 2010

IFR UK Bond Market 2010

IFR’s UK Bond Market Roundtable, held in London on September 8, found participants in pensive but broadly optimistic mood. Sterling bond issuance has been slow all year, hamstrung by a basis swap that stubbornly refuses to budge, making it uneconomic for non-UK issuers. The same high swap spreads have made the US dollar market compelling for those UK issuers that have ventured into the market. For top UK names, sterling funding has been anything between 25bp and 45bp back of dollars this year.

German Corporate Roundtable 2010

German Corporate Funding Roundtable 2010Video

IFR German Corporate Funding Roundtable 2010

The debt origination bankers participating in IFR’s German Corporate Funding Roundtable in Frankfurt on July 13 were a confident bunch, but they find themselves in an odd position. Large German corporates and utilities have been absent from the debt capital markets in 2010, having been active fundraisers at the back end of 2008 and through 2009. At the same time, loan market activity has been muted, as banks rework their banking relationships and rethink their approach to lending.

Middle East Capital Markets Roundtable 2010

Middle East Capital Markets Roundtable 2010

IFR Middle East Capital Markets Roundtable 2010

IFR hosted the latest in its Middle Eastern capital markets roundtable series in Dubai in June. Participants were broadly upbeat about prospects for the regional economy and capital markets. In the near term, though, there is concern about the slow pace of economic recovery and the fact that 2010 growth of 3.5% to 4% significantly lags the performance of other emerging markets.

Japanese ECM Roundtable 2010

Japanese ECM Roundtable 2010

IFR Japanese ECM roundtable

IFR’s Japanese ECM roundtable, which took place in Tokyo on May 19, covered a wide range of subjects, from general sentiment in the market to prospects for equity capital markets issuance and key market drivers and themes.

2010 Outlook for Gulf M&A Financing

2010 Outlook for Gulf M&A Financing

IFR 2010 outlook for Gulf M&A

On February 7, IFR hosted a roundtable discussion at the Dubai Capital Club with participants from Arabtec Holding, Morgan Stanley, Riyad Capital and Standard Chartered Bank. The subject was the outlook for M&A and capital markets in the MENA region, in the wake of the global financial crisis and in light of some well publicised regional difficulties. The bank representatives came from the firms heading the Thomson Reuters M&A, equity capital markets and syndicated lending league tables, respectively, in the MENA region for 2009.

IFR Review of the Year Cover 2010

IFR Review of the Year 2010

IFR Review of the Year 2010

Looking back at the past year, it would be easy to summarise the events of 2010 as the global financial crisis Part 1 – the one created by financial market professionals, sleepy regulators, institutional investors and artificially low interest rates – giving way seamlessly to potentially an equally pernicious, tumultuous and damaging global financial crisis Part 2, this time created by profligate, over-indebted European sovereign governments.

IFR Middle East Cover 2010

Middle East Report 2010

IFR/PFI Middle East Report 2010

The annual IFR/PFI Middle East Review comes at a time of renewed confidence in the region and its capital markets. The Dubai crisis has abated - although there is still plenty of restructuring work available for assets linked to Dubai Inc. The Middle East region is getting back to concentrating on growing on the path it had set itself before the Dubai, and indeed the global financial crisis, hit.

IFR DCM Cover 2010

IFR Debt Capital Markets Report 2010

IFR DCM 2010

What is normal? It is a question nobody knows the answer to, exactly. The last time there seemed to be a clear answer to it was in 2007, before the credit crunch bit, but it seems increasingly clear that the answer that would have been given then no longer holds. In the second half of that year, the market was abnormally frozen, while 2008, defined by the collapse of Lehman and the near collapse of the financial system, was anything but normal.

IFR FIG Cover 2010

IFR FIG 2010

IFR FIG 2010

2010 was the year concerns about the health of European sovereigns eclipsed the banking crisis. For the first time since the credit crunch of 2007, financial institutions were no longer the sole target of public opprobrium, and concern about defaults centred on entire countries. Bailouts were no longer an enforced favour from taxpayers to their national banking systems but had become instead an international rescue mission mounted to prevent the EU bloc from foundering on its own economic contradictions. 

IFR World Bank Cover 2010

IMF/World Bank 2010

IFR IMF / World Bank 2010

Investing in emerging markets has always been a pursuit best avoided by the faint-hearted. Typically boasting less liquidity than developed markets, and usually backed by less robust and diversified economies, they are renowned for their volatility. As a place to invest or set up a business, many have excessively complex legal and regulatory systems, among other assorted hurdles to doing business, that dissuade any but the specialist from participating.

IFR India Cover 2010

IFR India 2010

IFR India Special Report 2010

Before August 19, the last time the Sensex index touched 18,400 was just after its all-time peak of January 2008. India’s capital markets had just recorded the country’s biggest IPO and confidence was running high. Of course, the Reliance Power listing proved to be a disaster and the markets collapsed. Is it different this time?

IFR Top 250 Cover 2010

IFR Top 250 Borrowers 2010

IFR Top 250 Borrowers

A sense of euphoria was to be expected in the year that followed the 2008/2009, when banks and borrowers had to work hard to keep their heads above water. And in the 12 months from May 2009 to April 2010, the scope of this report, the debt markets have started to resemble something like their old selves: loans first became widely available, and then, increasingly as the year went on, even became competitively priced. Bonds had an even swifter return to prominence.

IFR Covered Bonds Cover 2010

IFR Covered Bonds 2010

IFR Covered Bonds 2010

Since the depths of the crisis, as some semblance of normality has returned to financial markets, covered bonds have regained their status as the poster child of a low-risk investment strategy. And its appeal has even broadened in recent years: some hedge funds looked at the market for the first time during the crisis, and, while few are still active buyers, a greater number of pension funds and insurance companies invest than ever before.

IFR Turkey Cover 2010

IFR Turkey 2010

IFR Turkey 2010

Turkey has weathered the financial crisis better than any had expected and it has emerged the other side with its reputation enhanced. In a neighbourhood where much has gone wrong, Turkey has seemingly done everything right.

IFR Sovereigns Cover 2010

IFR Sovereigns 2010

IFR Sovereigns 2010

Sometimes markets are shaken by an event so seismic that everything else seems to fade into the background. Greece’s slide to the brink of bankruptcy was such an event. With the collapse of Lehman still so fresh in the mind, cataclysmic consequences do not seem so far fetched as they once did.

IFR Germany Cover 2010

IFR Germany 2010

IFR Germany 2010

In many ways it has been a fantastic 12 months for Germany. Some of the markets for which it is most renowned have witnessed an impressive return to form that almost constitutes “business as usual”. The Pfandbrief sector, the financial market most synonymous with Germany, has in some ways shrugged off memories of the credit crunch and looks to be in rude health.

2009

Covered bonds roundtable 2009

Covered Bonds Roundtable 2009

IFR Covered Bonds Roundtable 2009

It has been a remarkable year for the covered bond asset class. The record number of new issuers that have entered this market is particularly striking. So is the record widening of spreads, later culminating in an equally dramatic tightening after the ECB waved its magic wand. The prospect of new jurisdictions creating covered bonds markets, or the reintroduction of so-called fallen angels, which in some cases have been in exile for a number of years, sets the scene for an exciting 2010.

Pfandbriefe RT 2009

Pfandbriefe Roundtable 2009

IFR Pfandbriefe Roundtable 2009

There was a time at the beginning of 2009 when some analysts were unwilling to put a figure on potential jumbo issuance. Others went so far as to suggest that the first half of the year would not bring any jumbo issuance whatsoever. And for some jurisdictions, they were right - but not where Pfandbriefe were concerned.

Sovereign Bonds Roundtable

Sovereign Bonds Roundtable 2009

IFR Sovereign Bonds Roundtable 2009

The sovereign market faced two main challenges this year: a growth in its own capacity to raise ever larger amounts of debt, and the additional competition posed by the government guaranteed bank sector. The participants at this year's IFR Sovereign Roundtable were generally in agreement that neither of these had significantly changed how national debt offices go about their everyday role of financing their budget deficits.

Brazil Roundtable 2009

Brazil Roundtable 2009

IFR Brazil Roundtable 2009

Brazil’s capital markets are abuzz with behind-the-scenes activity as issuers talk to potential leads about bringing more than US$16bn worth of local and international supply in the coming months. But the tone remains cautious as issuers come to terms with wider rates and look to justify the higher costs vis-a-vis the duration of their investment programmes and their expected returns.

IFR Review of the Year Cover 2009

IFR Review of the Year 2009

IFR Review of the Year 2009

Reading IFR’s Review of the Year as we send it to the printers, it is striking what an unusual piece of work it is: it says lots of glowing things about bankers and banking.

Islamic Finance Cover 2009

IFR Islamic Finance Report 2009

IFR Islamic Finance Report 2009

Welcome to the first Reuters Publishing Islamic special report – produced by journalists from IFR, PFI, Acquisition Monthly and IFR Securitisation Report. This is a truly global effort to capture the up-to-date picture of one of the world's most important capital markets, in detail.

DCM Cover 2009

Debt Capital Markets 2009

IFR Debt Capital Markets 2009

It has been an extraordinary year for the debt capital markets. Just over a year ago the world economy flew so close to the flames that it seemed like complete meltdown was the most likely outcome. In the aftermath, most markets ceased functioning in any meaningful way. The loan markets went into a paralysis from which some are still tentatively emerging, while even those that resumed business more quickly have shrunk. The equity markets went into freefall, and though they have since bounced back, opinion is sharply divided over how sustainable that recovery is. Even the bulls would have to concede it will take years before they get back to where they were.

Derivatives Cover 2009

Derivatives Report 2009

IFR Derivatives 2009

The derivatives industry has found itself at the centre of the debate about regulatory reform, an issue that remains at the top of the international agenda. It can have no complaints about this: CDS played a massive part in whipping up the storm that engulfed Lehman Brothers, and would have claimed other high-profile and economically devastating casualties in AIG, Citi and others, but for the costly government interventions. While many argue derivatives did not cause the crisis, it is hard to argue they did not exacerbate it.

India Cover 2009

India Report 2009

IFR India Report 2009

If you set out to prove the decoupling hypothesis, the idea that Asian markets are now sufficiently distinct from the US and Europe to be insulated from the global financial crisis, you could do worse than starting with India.

World Bank Cover 2009

IMF/World Bank Report 2009

IFR IMF / World Bank 2009

More than at any time since 1998, the last year has seen the IMF and World Bank in the dock. In one sense the crisis has given them a new lease of life, a new relevance. As the crisis has unfolded, the IMF has been given greater funds to cope with an expected spike in demand. It has worked hard to shed the traditional stigma attached to IMF aid, and created new support packages – acknowledging that, with aid as with so much else, one size often does not fit all.

National Champions Cover 2009

National Champions of the European Capital Markets 2009

IFR National Champions Europe 2009

How different the world looks in just 12 months. The National Champions of the European Capital Markets 2008 report was published just days before the collapse of Lehman Brothers – the event that became the defining moment of the financial crisis that had started with the credit crunch one year earlier. It is hard to identify an event more seismic for banking – in Europe and globally.

ECM Cover 2009

Equity Capital Markets 2009

IFR Equity Capital Markets 2009

Good use was made of Equity Capital Markets in 2008 as companies, led by financial institutions, rushed to raise funds and secure their futures. As the global economy continued to falter in 2009, that need has only increased, with a broader spread of corporates desperately seeking funds to survive.

Top 250 Cover 2009

Top 250 Borrowers Report 2009

IFR Top 250 Borrowers 2009

It has been the most difficult 12 months in living memory for financial markets. Compared to the period following the collapse of Lehman Brothers last September, the previous chapter of the crisis – the credit crunch that began in the summer of 2007 – seemed positively mild. The period covered in this report was one of frequent illiquidity and ongoing concern about who would follow Lehman into financial oblivion.

Pfand Cover 2009

Covered Bonds Report 2009

IFR Covered Bonds 2009

It has been a long, cold winter in the financial markets. The land of the covered bond has been as bleak as anywhere, with issuance in 2008 and early 2009 reducing to the merest of trickles. In 2008 there were questions about whether the covered bond market could ever regain its relevance after the emergence of the government guaranteed market robbed it of its natural investor base.

Middle East Cover 2009

Middle East 2009

IFR Middle East Report 2009

The financing of Abu Dhabi’s ambitious Formula 1 racing circuit will bring significant benefits to the Emirate’s rapidly growing economy. By Jody Waugh, a senior associate in the banking and finance team at law firm Al Tamimi & Company.

Triple A Cover 2009

Triple A Borrowers Report 2009

IFR Triple A Borrowers 2009

Bond markets have experienced an issuance bonanza this year, with both the size and frequency of deals in the ascendancy. Triple A activity has traditionally been frenetic in the first quarter of the year, with much of the issuance from the major agencies coming near the start of the year. There has, therefore, been a lot of Triple A paper knocking about in the first months of 2009.

Turkey Cover 2009

Turkey Report 2009

IFR Turkey 2009

The downturn has not been comfortable for Turkey. Exports are collapsing. Unemployment is high, at around 15%, and rising. Youth unemployment, at around 25%, is particularly worrying, undermining one of the macro economic factors Turkey has going for it – its young population. It is in the process of negotiating an IMF loan, a stark reminder of its economic problems. And it has an illustrious history of economic problems morphing into political ones.

Germany Cover 2009

Germany Report 2009

IFR Germany Report 2009

If only financial crises were more discriminate in the havoc they wreak. Unfortunately for Germany, the downturn has had scant regard for economic justice: the prudent savers and the hard workers have seen their economies savaged with vigour that is almost indistinguishable from what has been witnessed by the spendaholic Anglo-Saxons.

CEE Cover 2009

Central and Eastern Europe Report 2009

IFR Central and Eastern Europe 2009

Central and Eastern Europe* – a collection of countries that are as economically diverse as they are geographically close. As such, the region offers a fascinating laboratory for an analysis of the global downturn.

2008

Pfandbriefe Roundtable 2008

Pfandbriefe Roundtable 2008

IFR Pfandbriefe Roundtable 2008

Safety, transparency and liquidity – these are the three pillars of the covered bond industry. Like a financial Parthenon, the Pfandbrief market enjoys the grandest and oldest pillars of all, and provides the benchmark by which all other covered bond markets are measured.

Covered bonds 2008

Covered Bonds Roundtable 2008

IFR Covered Bonds Roundtable 2008

As 2008 wore on and banks found it increasingly difficult and costly to fund themselves, covered bonds were touted by industry professionals and politicians alike as the panacea for the liquidity drought. But they have also proved susceptible to the illiquidity that has ravaged financial markets, especially in the second half of the year.

mid east loans cover 08

Middle East Loans Roundtable 2008

IFR Middle East Loans Roundtable

Once a relatively sleepy backwater of longer-term project and small-scale FI financings, the loan markets of the Middle East are now global and booming. But as hydrocarbon-fuelled corporates and sovereigns seek to diversify and pick up assets around the world using leverage, the global credit market is facing its severest liquidity test since the early 1990s. Some say the malaise is even more profound than during the last oil shock.

Sovereign Roundtable

Sovereign Bond Markets Roundtable 2008

IFR Sovereigns Roundtable 2008

The landscape of the European government bond markets has remained in essence unchanged during the turbulence of the last nine months. All sovereign issuers have been able to rely upon their credit credentials to attract investors into financing their borrowing programmes. While sovereigns, supranational and agency issuers have found a willing and receptive audience, covered bond issuers have been spurned. As a result, the secondary market has all but disappeared for some issuers.

Russia and CIS loans roundtable

Russia and CIS Loans Roundtable 2008

IFR Russia and CIS Loans Roun

On a crude volume judgement alone it would be easy to conclude that the global credit crisis has bypassed Russia entirely. According to Thomson Financial, in the first three months of the year, Russian firms signed loans worth more than US$18bn making the country the third largest market in Europe. Although this figure is lower than the year prior it is impressive given the collapse in the bond market and general fall in global lending.

Non-Core Bonds Markets Roundtable 2008

Non-Core Bonds Markets Roundtable 2008

IFR Non-Core Bond Markets 2008

Although the non-core bond markets continue to be dominated by borrowers from the SSA sector, it is an area that is fast becoming key in other issuers’ thinking, not least because of the disruption they have experienced to their plans in the more developed currencies.

Hybrid Capital Markets Roundtable 2008

Hybrid Capital Markets Roundtable 2008

IFR Hybrid Capital Markets 2008

With the credit and liquidity crises continuing to be played out on the global stage, borrowers’ access to capital has become an increasingly core subject. Even as the situation persists, regulatory bodies are forging ahead with their efforts to lay the foundations of all-encompassing legislation, drafting pre-prescribed directives regarding hybrid capital, transcending jurisdictions and issuer types.

IFR Review of the Year Cover 2008

IFR Review of the Year 2008

IFR Review of the Year 2008

Never before in the long history of IFR awards has one bank been so dominant. In what is our equivalent of a “Titanic at the Oscars” moment.

CSR Cover 2008

Corporate Social Responsibility 2008

IFR CSR 2008

Most people do not derive pleasure from harming those around them. The same is true of most businesses. There are, of course, some that derive their profits directly from morally questionable pursuits, such as arms trading. But many more companies incur the wrath of a new generation of ethically activist investors and consumers for actions that are peripheral to their core business: factories that pollute rivers; manufacturers that employ underage workers or do not provide safe working conditions; or power companies that emit excessive greenhouse gases – or leave a legacy of radioactive waste for future generations to deal with.

Derivatives Cover 2008

Derivatives 2008

IFR Derivatives 2008

Warren Buffett famously called them financial weapons of mass destruction. In the world of derivatives, there has probably never been so much devastation as was evident in the aftermath of the collapses of Fannie Mae, Freddie Mac and Lehman Brothers.

Middle East Cover 2008

Middle East Report 2008

IFR Middle East Report 2008

Welcome to the third annual Reuters International Financial Review (IFR) and Project Finance International (PFI) report on the Middle East capital markets. We publish the report at a time of unprecedented turbulence in the global markets. For much of this year the Middle East has shown a degree of isolation from the global problems, but the latest shocks to the system will have an impact even in this region.

DCM Cover 2008

Debt Capital Markets 2008

IFR Debt Capital Markets 2008

It has been the most difficult year in living memory for finance. Less than twelve months ago, many bankers were still optimistic that they would arrive back at their desks for the New Year to be greeted by a newly resurgent market. How naïve that seems now.

World Bank Cover 2008

IMF/World Bank 2008

IFR IMF / World Bank Report 2008

A little over 12 months ago, bankers still regarded emerging markets with the kind of excitement usually exhibited by young children approaching their birthdays. Constituting a significant proportion of the world’s land mass, emerging markets seemed to offer almost boundless opportunities as they struggled to close the gap on their more developed neighbours.

Environmental Finance Cover 2008

Environmental Finance 2008

IFR Environmental Finance 2008

Environmentalism has come a long way in a short space of time. The cause that was once the preserve of a radical minority has now burst onto the mainstream: bankers and traders have joined the dreadlocked hippies in the belief that the world needs to move to a low-carbon economy.

National Champs Cover 2008

National Champions of the ECM 2008

IFR National Champions ECM 2008

A look around the top investment banking players in Europe in the current climate quickly confirms the difficulties most have faced since the middle of 2007. An analysis of the individual performance of those banks is inevitably a kind of referendum on their performance in the face of the credit crunch, although they do not operate on a level playing field, and the impact the crisis has had has been determined – at least to some extent – by the country in which the bank operates.

India Cover 2008

India 2008

IFR India 2008

India stands on the threshold of economic greatness, if only it can ride out the global credit squeeze and overcome an innate desire to regulate itself out of international competitiveness.

Top 250 Cover 2008

Top 250 Borrowers 2008

IFR Top 250 Borrowers 2008

The last 12 months have certainly been interesting. But at times like these it is easiest to differentiate between the highest quality issuers and everyone else. During the extended bull market that ended in the summer of 2007 there was a gradual erosion of the kind of hard-headed investor scrutiny that has since returned in force. Companies wishing to raise capital had found it easy surfing the waves of investor exuberance, without having to worry unduly about pricing their debt. No more though.

Pfand Cover 2008

Pfandbriefe/ Covered Bonds 2008

IFR Pfandbriefe Covered Bonds 2008

It has been an interesting year for covered bonds. While few asset classes outside commodities have flourished in the current market conditions, covered bonds on aggregate have enjoyed relatively good performance. This has ranged from being among the least bad performers in the credit universe in some of the newer covered bonds markets – such as Spain and the UK – to delivering very good returns in absolute terms in some of the more established markets – like Germany and France.

Triple A Cover 2008

Triple A Issuers 2008

IFR Triple A Borrowers 2008

Investors have frequently fallen into the trap of viewing the Triple A label as the equivalent of a capital guarantee. Being less sophisticated, retail investors have been particularly susceptible to this. In the extended bull market that finally ended in the summer of 2007 this illusion looked increasingly like reality and investors had no reason to question the system that was bringing them consistent financial rewards.

Turkey Cover 2008

Turkey 2008

IFR Turkey 2008

So much fuss has been made of the political issues raging around Turkey in recent years that it is easy to forget its financial markets. The question of Turkish membership of the EU has received more column inches throughout Europe and Turkey than many other issues put together. More recently, the question of how far Turkey’s secular traditions should be respected has been equally explosive.

2007

Brazil 07

Brazil Roundtable 2007

IFR Brazil Roundtable 2007

Brazil is on the cusp of becoming an investment grade credit. The sovereign has never looked better and its corporates never healthier. Many enjoy cash-rich positions and a few are able to cross the seas and engage in major acquisitions and vie among the world’s biggest players in sectors such as mining and commodities.

CDOs 2007

CDOs Roundtable 2007

IFR CDO Roundtable 2007

Eight key players involved in European CDOs recently gathered to talk about the impact of this summer's liquidity crisis and how the CDO and wider securitisation markets are likely to change.

Leveraged 07

European Leveraged Finance Roundtable 2007

IFR European Leveraged Finance 2007

The speed in which the heat has gone from the leverage finance market has left most participants reeling. Indeed, had IFR held this roundtable prior to the summer then the conclusions would have been very different.

Latin American Loans Roundtable 2007

Latin American Loans Roundtable 2007

IFR Latin American Loans 2007

The Latin American loan market has ostensibly held up well against this summer's credit crunch, with very little seepage from its neighbours to the north. But credit committees at large European and US banks are starting to ramp up the pressure and bankers are warning of tighter terms on the horizon.

Mexico Roundtable 2007

IFR Mexico Roundtable 2007

IFR Mexico Roundtable 2007

Mexico has not been immune to the disruptions caused by US sub-prime problems. But thanks to what is essentially a captive investor base, the country's capital markets have proven relatively resilient.

Cov bonds cover 07

Covered Bonds Roundtable 2007

IFR Covered Bonds Roundtable 2007

As the covered bond market continued on its relentless march around the globe in the first half of 2007 and more and more jurisdictions were converted to the cause, one of the major selling points used by the asset class’s most zealous evangelists was that it was, in effect, a proxy rates product rather than part of the credit world.

Hybrid Capital Scan 07

Corporate Hybrid Capital Roundtable 2007

IFR Corporate Hybrid Capital 2007

After initially encountering a number of false starts, the European hybrid capital market has become an established and welcome addition to the capital structure for many corporates. While the €6bn of public issuance in 2006 fell slightly short of volumes seen the previous year, many analysts had expected a bumper crop of supply in 2007, consistent with an increase in M&A activity in the second half of last year.

Sub-Saharan Capital Markets Roundtable 2007

Sub-Saharan Capital Markets Roundtable 2007

IFR Sub-Saharan Capital Markets 2007

IFR hosted a roundtable at its offices on June 25 to discuss developments in Sub-Saharan Capital Markets. Participating were Stuart Culverhouse of Exotix, François Ekam-Dick of Iroko Securities, Alex von Sponeck of Merrill Lynch, Francis Beddington of Standard Bank, and Ade Adebajo of Standard Chartered Bank.

Non-Core Bond Markets Roundtable 2007

Non-Core Bond Markets Roundtable 2007

IFR Non-Core Bond Markets 2007

Throughout 2006 and the early part of 2007, the non-core currency bond markets have continued to offer opportunities to borrowers and investors alike to enter arenas away from the mainstream markets.

IFR Review of the Year Cover 2007

IFR Review of the Year 2007

IFR Review of the Year 2007

The past 12 months were the most interesting and challenging time for the banking industry for many years. But it is in such times that the investment banking industry really earns its money. Anybody can sell a bond deal or an IPO when the market is always going up. It takes brains, good judgment and maybe even a bit of courage to do so when times are hard.

Japan Cover 2007

Japan 2007

IFR Japan Report 2007

It has been a mixed year for Japan with the country and its capital markets able to boast of significant achievements but also facing challenging obstacles. Overall, however, the tone remains positive.

DCM Cover 2007

DCM 2007

IFR Debt Capital Markets 2007

No-one could claim that 2007 has been uninteresting. Unpredictable, maybe: uncomfortable, almost certainly: but uninteresting, definitely not.

World Bank Cover 2007

IMF/World Bank 2007

IFR IMF/World Bank Report 2007

Emerging market borrowers have come through the summer storms battered but unbowed. This description could also apply to staff at the World Bank after the turmoil surrounding the forced departure of former president Paul Wolfowitz. Incoming World Bank head Robert Zoellick faces a difficult task in restoring morale among staff at the supranational agency, while not giving ground on the need to tackle corruption in its client countries.

Middle East Cover 2007

Middle East 2007

IFR Middle East report 2007

With huge sums generated by the oil price rise and more competition in some sectors, Middle Eastern companies are increasingly considering mergers and acquisitions. At the same time, regionally based funds are flexing their financial muscles overseas and targeting major companies.

European Capital Martkets Cover 2007

European Capital Markets 2007

IFR European Capital Markets 2007

For firms active in European capital markets, the second half of this year is going to look very different to the first. Even as recently as March, many finance professionals were predicting the possibility of a bumper year across a raft of asset classes. M&A activity was still spurring on financing needs across the continent, and apart from the occasional dip, markets were generally holding up.

ECM Cover 2007

Equity Capital Markets 2007

IFR Equity Capital Markets 2007

After a solid start to 2007, the ECM market has been thrown into disarray as the sub-prime meltdown hit equity markets hard through August. With most markets taking their usual holiday breather, the true impact of increased volatility and investor nervousness will not become apparent until later in the year. Pipelines remain in tact, although ECM bankers who were quick to shrug off the wider impact of the late February correction, are facing what should be their busiest time of year with some trepidation.

India Cover 2007

India 2007

IFR India Special Report 2007

India continues to capture the imagination of international investors. The country’s capital markets are developing almost as quickly as its economy, which is growing at a brisk 8.4%.

Top 250 Cover 2007

IFR Top 250 2007

IFR Top 250 Borrowers 2007

And so it continues. In spite of a few temporary setbacks, the credit markets have remained robust for yet another year, with cash-rich investors providing a solid foundation on which borrowers can build. Although issuers have been more than happy to indulge this demand, supply has still been eagerly snapped up as buyers look to put all that money to work.

Securitisation Cover 2007

Securitisation 2007

IFR Securitisation 2007

Over the last 12 months the apparently unstoppable momentum of the global securitisation industry has suffered a major jolt. The immediate cause lay in the sub-prime segment of the US home equity market, but the ripples have spread out to affect other jurisdictions and market sectors.

Pfand Cover 2007

Pfandbriefe/ Covered Bonds 2007

IFR Pfandbriefe Covered Bonds 2007

Turn the clock back just a few years and the image that sprang to mind at the words "covered bond" was of a German market proud of its traditions and robust structure.

Leveraged Finance Cover 2007

Leveraged finance 2007

IFR Leveraged Finance 2007

Exciting and scary are the two words that best sum up global leveraged finance in 2007. The market is exciting because the deals are getting bigger and more complex and it is scary because the pricing is getting tighter and the financing structures more aggressive.

Real Estate Cover 2007

Real Estate Finance 2007

IFR Real Estate Finance 2007

The European real estate market continues to boom, and the capital markets are busy fuelling the frenzy. From financing private equity-backed M&A through lending to feed hungry CMBS conduits, bankers are working hard to fund the growth of property companies and meet the demand from investors for new product.

Turkey Cover 2007

Turkey 2007

IFR Turkey 2007

After five years of its most stable government in decades, Turkey faces both presidential and parliamentary elections this year, with a possible return to coalition government before the year end. Political concerns mean that it will be difficult to make tough economic decisions, but if the achievements of the outgoing government are going to be built upon, the country still has a lot to do.

Germany Cover 2007

Germany 2007

IFR Germany Special Report 2007

This year's special report on Germany finds the country confounding the doubters in many areas. Despite concerns about the ability of the Grand Coalition government to deliver on reform, the still booming world economy has boosted economic growth, and against that background, corporates are increasingly looking beyond the country's borders for acquisition-driven growth opportunities.

2006

IFR Review of the Year Cover 2005

IFR Review of the Year 2006

IFR Review of the Year 2006

The past 12 months in international capital markets have been the most benign – certainly the least turbulent – in years, and it still seems too early to call time on the general market ebullience.

Credit Derivatives

US Credit Derivatives Roundtable 2006

IFR US Credit Derivatives 2006

Credit derivatives volumes continue to explode but dealers have convinced regulators that the market is no longer a ticking time-bomb in terms of processing problems.

CB cover 06

Covered Bonds Roundtable 2006

IFR Covered Bonds Roundtable 2006

The main theme in the covered bond market of 2006 has been the addition of new jurisdictions as fresh legislation is passed. Most notably, this included the much-anticipated and successful opening of the US covered bond market courtesy of Washington Mutual in a move widely expected to open the floodgates for more US mortgage lenders looking to latch onto the coattails of this success.

Non Core 06

Non-Core Bond Markets Roundtable 2006

IFR Non-Core Bond Markets 2006

The non-core currency bond markets came into 2006 with renewed optimism. The push into new currencies that dominated the market last year has continued with issuers beginning to embrace a broad range of African currency markets including Botswanan pula, Egyptian pounds, Tanzanian shillings and Namibian dollars. Many have been structured as synthetic transactions as the clearing houses catch up with the new trends, but investors have embraced the opportunity to pick-up yield in a historically low rate environment.

Brazil Roundtable 2006

Brazil Roundtable 2006

IFR Brazil Roundtable 2006

Brazilian capital markets are at an historic turning point. The leading South American economy is the darling of emerging markets investors and an influx of foreign capital is expected to revolutionise the nation's credit profile and local corporate finance.

Derivatines Cover 2006

Derivatives 2006

IFR Derivatives 2006

The derivatives markets continue their sharp growth trajectory, led by a credit derivatives sector that has brushed off the dual threats of rock bottom spreads and processing strains.

Syndicated Loans Cover 2006

Syndicated Loans 2006

IFR Syndicated Loans Special

Things really do not get any better this. M&A has returned in full force, the global leveraged finance boom has continued and deals in the exciting new structured finance sector abound. Even the tightly priced refinancings that have dominated the market in recent years have become a distant memory, at least outside of the US. Profitable deals have finally returned as a market mainstay. In short, 2006 is the year that loan bankers have been waiting for.

World Bank Cover 2006

IMF World Bank 2006

IFR IMF World Bank 2006

So long a lender, the IMF is preparing to change tack and embark on a new role – that of surveillance monitor and adviser. The IMF has lost a lot of relevance for investors because it has become an outsider.

Middle East Cover 2006

IFR Mid East 2006

IFR Middle East  Report 2006

Welcome to the first joint Project Finance International (PFI) and International Financing Review (IFR) Middle East Report, a review of the GCC capital markets published by Thomson Financial, the parent company of PFI and IFR.

ECM Cover 2006

ECM 2006

IFR ECM Special Report 2006

Despite a painful market correction in May this year, the outlook for global equities has remained generally positive. The explosion of merger and acquisition activity has had a significant impact on issuance, both in the areas of straight equity and equity-linked.

India Cover 2006

India 2006

IFR India Special Report 2006

We wrote in our last special report on India a year ago that regulatory reform would be the key to holding on to the development the country’s capital markets have enjoyed over the past few years.

Top 250 Cover 2006

IFR Top 250 2006

IFR Top 250 2006

Have the benign technical and fundamental conditions that had given borrowers such a tremendous funding advantage in international bank and credit markets for the past five years finally come to an end? Or will the market sell-off of the past few weeks be seen in the same light as the severe market correction of May 2005 – just a blip in an otherwise unblemished credit bull market?

Securitisation Cover 2006

Securitisation 2006

IFR Securitisation 2006

Banks continue to dedicate more resources to the securitisation business, but there is a sense that the industry is reaching a new stage in its development. In place of the all-out growth of earlier years, it is becoming more important for both the buy and sell sides to distinguish between the different segments of the asset class.

Pfand Cover 2006

Pfandbriefe/ Covered Bonds 2006

IFR Pfandbriefe Covered Bonds 2006

Spain continued to dominate covered bond supply, taking 43% of last year's total of €130bn. This year, Spanish issuers of cedulas are likely to bring €60bn to market, more than double their next biggest rival, German pfandbrief. While growth is likely to slow from the blistering 25%-30% levels seen in recent years, at 15%-20% from 2006 onwards, Spain is likely to remain a key jurisdiction alongside Germany.

CEE Cover 2006

CEE 2006

IFR Central and Eastern Europe 2006

Central and Eastern European financial markets have benefited from the combination of accession-driven convergence towards global markets and a host of successful structural reform programmes in the major and second-tier countries of the former Eastern bloc.

DCM Cover 2006

DCM 2006

IFR Debt Capital Markets 2006

To anyone predicting a fall-off in issuance volumes and general spread widening in the wake of the GM/Ford sagas of last year, the market's resilience will have come as something of a surprise.

Turkey Cover 2006

Turkey 2006

IFR Turkey 2006

The combination of stable government and an improving economy continues to keep Turkey on the right path. But as the country definitively emerges from the dynamics of crisis economics and with elections in the offing, what comes next?

Germany Cover 2006

Germany 2006

IFR Germany 2006

Germany stands at an interesting juncture. Chancellor Angela Merkel has impressed with her time in office so far, but the honeymoon is over and she now needs to tackle pressing economic reforms that will once again put Germany on a growth trajectory and reduce unemployment levels of close to four million. Business confidence is slowly picking up as companies, rehabilitated after years of balance sheet restructuring and deleveraging, are looking once again at acquisition opportunities to boost output and efficiency. This has been a boon for investment bankers and lenders, who have been starved of opportunities in recent years. Given the size of the economy, Germany already provides a sizable chunk of the investment banking fee pool, but financiers are optimistic about their near-term ability to garner a share of an increased wallet.

2005

CMBS 2005

CMBS Roundtable 2005

IFR CMBS Roundtable 2005

The European commercial mortgage backed securities (CMBS) market has gone into overdrive this year. Observers from the Street, to the broadsheet press, from head hunters to corporate law firms are all talking about product that has moved from niche to mainstream over the past 12-months. And it's still building momentum.

IFR US CDO 2005

US CDO Roundtable 2005

IFR US CDO Roundtable 2005

It has been a year of good problems for the CDO market. Demand for structured credit products remains extremely strong, despite stubbornly low spreads. This has led to difficulty in sourcing assets to place in cash CDOs, though the continuing sharp growth in deal volumes for cash trades is testament to the way that arrangers and managers have diversified in the structured finance, real estate and middle market loan sectors.

LEV FINANCE 2005

Leveraged Finance Roundtable 2005

IFR Leveraged Finance Roundtable

IFR hosted its first leveraged finance roundtable on September 14 and, much like the leveraged market itself, things got hot pretty quick.

Convertible Bonds RT 2005

Convertible Bonds Roundtable 2005

IFR Convertible Bonds 2005

When IFR held its second convertible bond roundtable on February 17, the participants – Stephan Theissing of Allianz, Douglas Decker (Barclays Capital), Franck Cazaubieilh (BNP Paribas), Martin Fisch (Deutsche Bank), Manish Wadhwani (HVB), Viswas Raghavan (JP Morgan), Antoine de Guillenchmidt (Merrill Lynch) and Lorraine Lodge (Nomura) – had a lot to talk about.

IFR Review of the Year Cover 2005

IFR Review of the Year 2005

IFR Review of the Year 2005

The past 12 months in global capital markets gave the impression of being prone to volatility and nervousness, but in truth it was a fabulous year. The downgrades of Ford and General Motors, and the reverse in correlation, created some worrisome moments, but dealers and investors shrugged off the effects pretty quickly, and the credit market continued its rollercoaster ride.

Derivatives Cover 2005

Derivatives 2005

IFR Derivatives 2005

Depending on your viewpoint, and choice of metaphor, the derivatives market has either dodged a few bullets this year, or continues to skate on thin ice.

Syndicated Loans Cover 2005

Syndicated Loans 2005

IFR Syndicated Loans 2005

The outlook for the global loan market is more positive than it has been for several years. After five years of deep liquidity pushing pricing down, tenors out and covenants into extinction, the focus has moved from refinancing to the return of M&A.

Financial Exchanges Cover 2005

Financial Exchanges 2005

IFR Financial Exchanges 2005

This is certainly an exciting time in the world of financial exchanges. As long as each exchange enjoyed a monopoly in its own jurisdiction, they remained a necessary but rather dull element of infrastructure. But as such monopolies were eroded, and competition for the same business between different jurisdictions increased, financial exchanges have been forced to reconsider their function, strategy and often their continued existence.

ECM Cover 2005

ECM 2005

IFR Equity Capital Markets 2005

The outlook for global ECM is healthier now than for several years. The signs of recovery were plain to see at the time of the publication of last year's ECM report, but this year's resurgence of M&A activity coupled with strong secondary market performances have created conditions that do not just suit equity issuance, but actually make it desirable.

WB Cover 2005

IMF/World Bank 2005

IFR IMF/World Bank 2005

There are big plans in store for regional co-operation in Asia, although little has so far been done to secure the region against the sort of financial shocks suffered when global capital walked away in the late 1990s. While the IMF was heavily criticised as that crisis enveloped Asia, so far only piecemeal measures have been introduced to prevent a repeat of the carnage inflicted last time round.

India Cover 2005

India 2005

IFR India 2005

India’s offshore presence in the capital markets has come from nowhere over the last two or three years, with the rise in volumes reflecting the rapid improvement in the country’s economic fortunes.

Top 250 Cover 2005

Top 250 2005

IFR Top 250 Borrowers 2005

This year's IFR Top 250 Borrowers report comes in the aftermath of the most serious dislocation in credit markets for years. The GM/Ford downgrades to junk spooked a market that had seen one-way traffic for years in terms of credit spreads.

Securitisation Cover 2005

Securitisation 2005

IFR Securitisation 2005

ABS market participants have seen one of European fixed-income's more remarkable bull runs over the past two years. Year-on-year growth across all securitised asset classes has been robust, and new investors are still being reported in primary issues.

Pfand Cover 2005

Pfandbriefe/ Covered Bonds 2005

IFR Pfandbriefe Covered Bonds 2005

Seemingly impervious to wider credit market woes, the Covered Bond sector goes from strength to strength – offering borrowers reliable access to cheap funding and providing investors with a high-grade substitute for government or agency debt.

DCM Cover 2005

DCM 2005

IFR Debt Capital Market 2005

The end of the first quarter; a time for pause, a time for reflection . . . and in the case of this year, a time of standstill in the new issue markets.

Turkey Cover 2005

Turkey 2005

IFR Turkey 2005

Talking to bankers and analysts about Turkey in late February and early March was an odd experience. On almost every front there had been progress over the past 12 months and Turkish assets were in demand, from sovereign bonds to second-tier banks. But there was also a sense that investors were ignoring the full picture and accepting a simplistic view of what is a far more complex situation.

Germany Cover 2005

Germany 2005

IFR Germany 2005

Another year means another chance for Germany to slough off its recent dismal record and make a positive impression in the capital markets. That’s the theory, and bankers have certainly started 2005 in a more upbeat mood. Then again, that was the story last year, so is there any more reason for optimism now?