Top awards 2009
Climbing Mount Improbable: Changing an investment bank’s culture can be a slow, painful and fraught endeavour. Driving fundamental change in the midst of a cataclysmic market dislocation and in the absence of a transformational merger is no mean feat. One bank did just that without sacrificing business execution, at the same time as pre-empting regulatory outcomes on compensation and generating one of the highest ROEs in the business. Credit Suisse is IFR’s Bank of the Year.
Pulling together: It was always going to be a momentous year for Barclays Capital. The amalgamation of Lehman Brothers’ US bond operation was the type of exercise that could have dragged on and undermined business at a critical time. It was swiftly dealt with, however, and its successful completion reaped rewards across the globe. Barclays Capital is IFR’s Bond House of the Year.
Everywhere man: For JP Morgan, it was as if 2008 never ended. After its dominance of ECM in that year, the bank might have expected some disappointment in 2009. But its dealflow across the world never ceased. As recaps continued, JP Morgan was there for the record-breaking deals that mattered, making it IFR’s Equity House of the Year and Asia-Pacific Equity House of the Year.
Keeping the faith: With the financial crisis laying waste to lenders’ balance sheets, the loan market faced an existential crisis going into 2009. But while the sheer scale of the market shock left many stunned and unsure of which way to move, JP Morgan was undeterred. It was instrumental in reopening both investment grade and leverage loan markets across the world. JP Morgan is IFR’s Loan House of the Year and Leveraged Loan House of the Year.
Emerging victorious: Derivatives businesses were ravaged by the financial crisis. One of the biggest and most innovative players had the biggest task of all, as complex risk exposure forced an unprecedented overhaul. After taking decisive action on its exposure and seamlessly rebuilding a client-centric business model, Deutsche Bank emerged from the turmoil stronger than ever. It is IFR’s Derivatives House and Interest Rate Derivatives House of the Year.
All things to all men: It is not only the size and global reach of Houlihan Lokey’s team that marks it out among restructuring houses in 2009. Its impressive list of assignments, evenly split between creditor and debtor roles and in a multitude of jurisdictions, gives it a unique perspective into what the other side is thinking. Houlihan Lokey is IFR’s Restructuring House of the Year and EMEA Restructuring House.