One Goldman under a groove: When David Solomon took over as CEO of Goldman Sachs he inherited an extraordinarily powerful franchise. But there was still work to be done and changes that were required. He wanted to move to a model where clients were partners not counterparties. Doing so has moved the bank to the next level. Goldman Sachs is IFR’s Bank of the Year.
Taking it to the next level: In 2021 the European Union completed its metamorphosis from second-tier issuer to sit side by side with the largest and most established borrowers in the SSAR space. Its funding operations increased substantially in volume and scope, with multiple size and demand records smashed along the way. For the second year running, the EU is IFR’s SSAR Issuer of the Year.
Opening doors: US corporate bond activity in 2021 marked a shift from the mad dash for capital in 2020 to an environment focused on rebuilding and growth opportunities. For excelling as a partner to corporate clients accessing the US dollar market with impeccable timing and execution, Morgan Stanley is IFR’s US Bond House and North America Investment-Grade Corporate Bond House of the Year.
Growth in a pandemic: In a record year for US dollar securitisation issuance, Barclays leveraged its expertise and balance sheet to introduce new issuers to the market and helped dealmaking recover from a 2020 that was roiled by the pandemic. Consolidating its top-tier market position, the bank is, for the second straight year, IFR’s North America Structured Finance House of the Year.
Corporate pioneer: Corporate issuers surged to the fore in 2021 with a stack of debut names among the throng. For its leadership in this area and its work in threading together issuers that spanned asset classes and geographies while also using its balance sheet to help clients, JP Morgan is IFR’s Emerging EMEA Bond House of the Year.
Coming together: Rising stock markets and record dealmaking activity provided powerful tailwinds for equity trading desks in 2021, vindicating the expansion strategies at a number of investment banks. For continuing to take market share and grow its presence in these competitive markets, Barclays is IFR’s Equity Derivatives House of the Year.
Driving the recovery: As the loan market bounced back from the coronavirus pandemic, one bank stood taller than the rest, working tirelessly to cement the market’s recovery. For leading from the front and accepting the multiple challenges of the new normal, BNP Paribas is IFR’s EMEA Loan House of the Year.
Moving the agenda: For hitting the ground running and catering to insatiable investor demand for ESG information by launching five new business lines, creating an international team and doubling headcount while launching a raft of new ESG products and services, Moody’s is IFR’s ESG Opinion Provider of the Year.
First growth: Citigroup was a leader in equity-linked, provided better outcomes on IPOs and drove the expansion of SPACs in Europe. As conditions became more difficult, Citigroup became more prominent and is IFR's EMEA Equity House of the Year.
Picking up speed: In a few dramatic years HSBC has gone from being a bit-part player in EMEA structured equity to having a leadership role in the major themes of 2021. HSBC is IFR’s EMEA Structured Equity House of the Year.
Hertz Global’s US$24bn restructuring had it all: an unexpected collapse from a once-in-a-lifetime pandemic; distressed debt investors with the vision to recognise a once-in-a-career investment; unexpected interest from unsophisticated “meme stock” investors and a wild turnaround complete with a successful IPO.