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Review of the Year 2013

What is there to say about 2013? Well the first thing banks should say (again) is “thanks very much”. Thanks, that is, to policy makers and central bankers around the world for pumping so much free money into the system.

To purchase printed copies or a PDF of this report, please email leonie.welss@lseg.com and shahid.hamid@lseg.com


Bank of the Year: Goldman Sachs

Heavy mettle: The complex regulatory landscape transforming investment banking is a burden for any firm. Navigating it while dealing with reputational issues and serial investigations – and remaining focused on clients at the same time – is more difficult still. For doing all this successfully, and sticking it out to win substantial gains in market share despite tough economic headwinds, Goldman Sachs is IFR’s Bank of the Year.


Bond House: Deutsche Bank

Still performing


Equity House, Asia-Pacific Equity House, EMEA Equity House and Americas Equity House: Goldman Sachs

Pure Goldman


Loan House and Asia-Pacific Loan House: Deutsche Bank

World view


Structured Finance House and Americas Structured Finance House: Credit Suisse

Breaking new ground


Derivatives House and Credit Derivatives House: Citigroup

From momentum to leader


Restructuring Adviser: Houlihan Lokey

Making it better


Emerging Markets Bond House and Latin America Bond House: Citigroup

The bull rider


High-Yield Bond House: Deutsche Bank

Everything, everywhere


Features

Event Verizon

Anatomy of a giant: Verizon’s US$49bn bond. This is a behind-the-scenes look at the trials and tribulations of creating the biggest bond deal ever. It was a transaction many years in the making, but when it came together, it did so very quickly indeed.

Caught out by leverage

Some of the world’s biggest banks – including Deutsche Bank and Barclays – completely misjudged regulators’ determination to clamp down on leverage. Many were forced into panic overhauls, even though the shift had been well flagged for almost three years.

Fixed income flatlines

+-Fixed-income, currencies and commodities units have been the banking industry’s main cash cow for years. But that looks to be coming to an end, as business heads wrestle with new capital, leverage and derivatives trading rules.

Final countdown

The laborious implementation of the Dodd-Frank Act is in the home straight. Some confusion remains as the business of trading swaps on exchanges begins in earnest, but even some former critics accept the regulators have got most things right so far.

On the block

ECM block trades virtually vanished during the financial crisis. Now they are big business again as banks vie for jumbo deals and assume massive risks. The year is littered with failed transactions, yet banks can’t help but come back for more.

Still too big to fail?

Most experts agree that banks – even the largest ones – are considerably safer now than when the financial crisis kicked in. But what happens if trouble comes calling again? Would national and international overseers let them fail?

Septic shock

While US banks raced to clean up their mess after the financial crisis kicked in, European banks – and their regulators – have taken their sweet time. The result? The Americans are now poised to steal a march – and plenty of market share – from their rivals across the Atlantic.

Sleeping giant awakes

Japan’s unprecedented monetary experiment has won it cautious approval from the rest of Asia, but will the so-called third arrow of greater structural reform actually arrive? Much is riding on the country’s ability to deliver on its promises.

The sun rises again

Japan’s three mega-commercial banks and the country’s leading investment banks are on a roll. Results for the second quarter of the 2013–14 fiscal year, unveiled in mid-November, were spectacular and easily outperformed those of peers in the US and Europe. Outlook for the full fiscal year is bullish, as the banks set about targeted growth at home and internationally.

Ready! Fire! Aim!

Syndicating bond deals has always been more art than science. But it is even more a leap into the unknown these days, thanks to tighter rules on communication with investors and the growing illiquidity of secondary bond markets.

Meanwhile, at the coal face

An old bond market dog, as Anthony Peters describes himself, takes a look at the state of the secondary markets – and despairs. 2013 could have been the year when a new world in the markets began to emerge. If so, it won’t be one to his liking.

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