JP Morgan dominates investment banking in a way no other institution has in the modern era. Whatever the measure – wallet share, market share, revenue, profits, share price performance, or sheer presence – JP Morgan is the answer. For the second year running, it is IFR’s Bank of the Year.
Spanish steps: Labels are notably tricky to shake off, but in a year when echoes of the eurozone’s peripheral crisis resonated loudly, the Kingdom of Spain successfully managed to reposition itself. For executing one of the biggest European sovereign funding programmes with flair, Spain is IFR’s SSAR Issuer of the Year.
Game-changer US investment-grade bond volumes dropped for the first time in eight years in 2018 after tax reform reduced the need for some companies to borrow. For its strategy of focusing on its M&A strengths to win high-grade market share and for tackling some tough high-yield bond stories, Goldman Sachs is IFR’s US Bond House of the Year.
Whole-business spice: Consumer appetite for new debt kept US ABS running at a steady pace – at least until the autumn, when a fresh barrage of deals faltered. For helping the market regain momentum just when it needed it most, Barclays is IFR’s North America ABS House of the Year.
In terms of sheer complexity, few transactions can beat Ukrainian mining and steel company Metinvest’s dual-tranche offering in April.
Forward-thinking: For a consistently strong, versatile and thoughtful approach to the market, which embraced innovation and the uphill task of modernising the syndicated loan market by focusing on green and sustainable lending and digitisation, BNP Paribas is IFR’s EMEA Loan House of the Year.
The good shepherd: By doing whatever it takes to get deals done, Morgan Stanley survived a difficult year with a higher success rate than its peers. Giving clients honest advice and finding the right investors, Morgan Stanley shepherded its clients to market, making it IFR’s EMEA Equity House of the Year.
Coast to coast: In a year when technology companies dominated equity-linked issuance, most trusted Morgan Stanley to lead their transactions. The bank delivered low-cost funding to issuers and gave investors a balanced way to participate. It is IFR’s Americas Structured Equity House of the Year.