Top awards 2008
More than a survivor:Thanks to its belief in old-fashioned banking virtues, JP Morgan is in a position to become the pre-eminent financial institution of the first half of the 21st century. It dodged most of the bullets of the financial crisis by a relentless focus on careful banking and has also built a global investment banking deal machine that is the envy of its rivals. JP Morgan is IFR’s Bank of the Year.
Vision and leadership: Throughout the turbulent conditions that epitomised 2008, few houses featured in virtually every conversation regarding the bond markets. JP Morgan was one of these, its advice and execution capabilities a sought-after commodity in straitened times. It remained a prominent and credible partner across asset classes and currencies, providing vision and leadership. JP Morgan is IFR’s Bond House of the Year and US Dollar Bond House of the Year.
When it matters: Being involved in the most important deals in every region is the aim of any bank seeking to stake a claim for a global franchise, but it is easier said than done, with relationships and geographical challenges often coming in the way. Yet in 2008 JP Morgan’s ECM deal roster was a checklist of the deals that mattered and where success or failure determined clients’ future existence, making it IFR’s Equity House of the Year and Americas Equity House of the Year.
All around the world: The year 2008 was a watershed year for global credit, with the effective withdrawal of a number of banks from the international loan market. That has left those still operating on a global basis facing almost unprecedented challenges – but also great opportunities. For its ability to navigate all markets despite the crisis, BNP Paribas is IFR’s Loan House of the Year. It also wins the Loan House awards for EMEA, Asia-Pacific and Latin America.
Credit where it’s due: While several banks performed remarkably well in emerging markets amid the turmoil of 2008, one house enjoyed a particularly fruitful year. As lead manager for a number of blow-out benchmark deals, and characterised by strong execution skills and hefty fee income, Credit Suisse is IFR’s Emerging Market Bond House of the Year.
Strength in depth: Few banks were able to maintain a full service across asset classes in 2008. But firms that had taken a conservative attitude to risk were suddenly well positioned to capture market share. For being there for clients and for helping to maintain liquidity, while capitalising on its counterparty strength to win significant mandates, JP Morgan is IFR’s Derivatives House of the Year and Credit Derivatives House of the Year.
Thriving, not drowning: JP Morgan displays an unrivalled commitment to securitisation that is built around its own balance sheet and its relationships with clients. For its leading role across asset classes and jurisdictions, as an underwriter, an issuer, a trading house and an adviser, JP Morgan is IFR’s Securitisation House of the Year.
Reading the market: In a truly dreadful year for leveraged finance, JP Morgan was able to deploy its global reach and transatlantic contacts to execute 2008’s biggest and most ambitious transactions. The bank’s strategic stance was able to feed sponsors’ deal appetite and bank investors’ desire for new, untainted LBO debt. JP Morgan is IFR’s Leveraged Finance House of the Year.
Sweet like sugar: Mars’ acquisition of Wrigley Jr Company navigated treacherous credit markets by extending the flexibility of LBO-like financing to strategic acquisitions. For providing a new model for M&A, the financing backing Mars’ US$23.7bn takeover of Wrigley is IFR’s Financing Package of the Year. The deal also wins Americas Leveraged Loan of the Year.