When the going gets tough:2022 was the 200th anniversary of the oldest of the institutions that came to make up BNP Paribas. In those two centuries the bank has lived through innumerable crises and turned them into opportunities. In the past year – and the decade that preceded it – it did so again. BNP Paribas is IFR’s Bank of the Year.
Toughing it out:Few sovereign issuers faced the challenges Turkey did in 2022. The funding team not only had to navigate volatile global markets, but also had to contend with worsening domestic economic and financial indicators weighing on investor sentiment. It did so with great skill, reaching its external funding target with a series of deals at the most opportune moments. Turkey is IFR’s SSAR Issuer of the Year.
Reaching the top:The 2022 US corporate bond market tested issuers unlike any year since the credit crisis, as rates rose and volatility prevailed. For providing a diversity of clients the right advice for these trying times – and helping them raise a lot of money – Citigroup is IFR’s US Bond House and Yankee Bond House of the Year.
Making the right calls:The European leveraged finance market started the year with talk of jumbo buyouts. That all changed from February when market liquidity cratered and many banks found themselves stuck with highly leveraged M&A debt with nowhere to place it. For its ability to guide issuers and investors through challenging markets, Deutsche Bank is IFR's EMEA Leveraged Finance House.
Nimble approach pays off:Agility and sharp-eyed analysis of the true state of the market was essential in a year marked by extreme volatility. For this and its creativity in developing innovative structures to assist issuers, Goldman Sachs is IFR’s North America Structured Finance House of the Year.
Shrewd operator:Numerous borrowers were undone in 2022, when Russia’s invasion of Ukraine crippled issuers’ capacity to act, the market was shut for vast swathes of time and trades fell by the wayside. For its ability to manoeuvre clients through a hazardous environment, Goldman Sachs is IFR’s Emerging EMEA Bond House of the Year.
LatAm Airlines crash landed into US bankruptcy courts in 2020 after the pandemic effectively shuttered airline travel. Without a tether in its home country Chile, Latin America’s largest carrier was forced to struggle through a one-of-a-kind restructuring.
Beefing up:Stock markets had their toughest year in 2022 since the global financial crisis, hurting long-only investors and testing the risk management prowess of banks’ trading desks. For continuing to expand its business in this challenging environment, BNP Paribas is IFR’s Equity Derivatives House of the Year.
A guiding light:With markets once again engulfed in crisis, one bank stood out from the crowd, harnessing its unparalleled experience and market knowledge to guide its clients through the economic storm. For being at the forefront of keeping the loan market open and functioning in increasingly challenging conditions, BNP Paribas is IFR’s EMEA Loan House of the Year.
Powering up:Bank of America claimed a leading position in all the major areas of ESG financing in the Americas in 2022, building on a major expansion of its team and shooting up the league tables. It is IFR’s Americas ESG Financing House of the Year.
Taming the bear:For positioning itself better than peers to withstand the collapse in US ECM volumes and playing off its strengths in healthcare, energy and FIG to lead many of the year’s biggest offerings, JP Morgan is IFR’s North America Equity House of the Year.
A clear view:The wide funding windows of years past were shattered in 2022 by economic uncertainties and political upheaval. For finding a way through the treacherous environment, Goldman Sachs is IFR’s Americas Structured Equity House of the Year.
The Middle East was one of the few bright spots globally in equity capital markets in 2022, with IPOs regularly flooded with billions of dollars of demand. Bankers believe that not only is issuance sustainable, but the diversity of sectors, types of deals and even geographic location of companies tapping the market will expand, ensuring the region is a significant part of future ECM activity.
The UK’s LDI crisis was one of the most shocking events in the financial markets in 2022. What went wrong and what happens now?
So-called perfect storms are becoming more frequent in the financial world. The UK will need to tread carefully to avoid being caught in another one.
Buffeted by Covid-19 and caught in the crosshairs of Sino-US tensions and an authoritarian Chinese regime, Hong Kong’s ability to adapt is under sharp focus as it seeks to remain relevant as a global financial centre.
As Japan makes the crucial move to net-zero carbon emissions and other environmental targets, it is relying on transition finance as the mechanism to get there.
