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Review of the Year 2012

Another year, another series of scandals and outrages in the banking industry.

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: BNP Paribas

Seize the moment: The past 12 months were hazardous for international banks. Market volatility and economic uncertainty ran into transformational changes brought about by sweeping regulatory change. One bank took some very early and courageous decisions, moved aggressively to boost capital and liquidity, and cut risk-weighted assets at the same time as it began executing on the first stages of a bold shift in its corporate and investment bank strategy. BNP Paribas is IFR’s Bank of the Year.


Bond House: Deutsche Bank

Regions to be cheerful: It took fortitude and skill to navigate from the troubles of 2011 to the sunnier climate – for bond markets at least – of 2012. One bank showed it had both in spades, matching a steady hand with solid execution to get all kinds of deals done in just about every corner of the globe. Deutsche Bank is IFR’s Bond House of the Year.


Equity House

Achieving the American dream: Deutsche Bank has tried for years to turn its US ECM business into a market leader like its operations in Europe and Asia – and this year it succeeded. Deutsche led major IPOs, took on tough risk positions (especially in Europe) and became one of the preferred banks of the US Treasury – as well as IFR’s Equity House of the Year.


Loan House

Commitment to the cause: For pushing hard in cross-border lending, showing commitment to the loan product by boosting the bank’s platform at a time when others were pulling back, and keeping its head when all others were losing theirs, JP Morgan is IFR’s Loan House of the Year.


Structured Finance House

Never missing a beat: Barclays has captured an important share of the structured finance market in Europe with key arranger roles and has been at the cutting edge of esoteric innovation in the US, despite having to rebuild its entire US outfit after the departure of several senior bankers. The bank is IFR’s Structured Finance House of the Year.


Credit Derivatives and Derivatives House

First-mover advantage: Being the first to leap into a new capital regime was never going to be easy, but one bank turned that into an advantage. For delivering impressive results while aggressively streamlining its business to lead the charge into a new regulatory environment, Credit Suisse is IFR’s Credit Derivatives House and Derivatives House of the Year.


Restructuring Adviser

Back to Blackstone: Blackstone returned to form in 2012 taking top spot in the restructuring league table by fully blending the traditional debtor side advisory and a variety of creditor work. There was almost no deal beyond the reach of the firm, no matter which party the firm advised. Blackstone is IFR’s Restructuring Adviser of the Year.


Latin America and Emerging Markets Bond House

Connecting the world: It was a year of record issuance volumes in the global emerging bond markets. But the pool of banks able to service borrowers across all regions is limited. One firm stands out for its ability to deliver the right service for clients, irrespective of currency, product or jurisdiction. HSBC is IFR’s Latin America Bond House and Emerging Markets Bond House of the Year.


High-Yield Bond House

Standing on top: In a record-breaking year that saw global high-yield volumes reach all-time highs, one bank dominated the landscape. For repeatedly demonstrating innovation and creativity, bringing forth well-structured deals, and making a successful push into the European market, JP Morgan is IFR’s High-Yield Bond House of the Year.


Features

The fall and (partial) rise of RBS

It has been a long road back for RBS’s investment banking unit from the day that the British government stepped in to prop up the bank with a £20bn cash injection. The story of its partial recovery involves two separate restructurings, the slashing of £700bn from its assets, a surprising (and temporary) surge in profits and a series of ruthless decisions.

Greek tragedy averted

The process of restructuring Greece’s sovereign debt was, for the banking professionals involved, one of the most complicated they had ever experienced. The fact that it was accomplished in nine months was, perhaps, a minor miracle. Here, IFR examines how the deal made it over the line.

The shrinking pool

Global investment banking fees are expected to drop 10% in 2012. But that number flatters the reality experienced by a number of market participants. To many, the year felt a lot worse than that.

Pinning hopes on a JOBS boost

The JOBS Act has made the IPO process for smaller companies in the US quicker, cheaper and easier. That may have boosted listings – and possibly even employment (and not just among bankers). But has it taken away the time investors need to make informed decisions?

Too little to loan

New capital and liquidity requirements under Basel III are likely to have all kinds of consequences – including a slowdown in lending across the spectrum. Banks must find new ways of drumming up capital and cleaning up their balance sheets.

Knowledge is power

A string of insider-trading scandals in recent years has tarnished the reputation of Japan’s banking community and prompted the country’s Financial Services Agency to review regulations on insider information. Observers hope the efforts will clean up the industry and restore faith in Japanese banks.

March of the undead

It is not easy to kill the loan markets. But with a sharp drop in volumes, the European syndications market certainly looked close to death in 2012. Nevertheless, bankers are confident that syndications will rebound strongly in the year ahead.

Clouded by uncertainty

Users of derivatives, both in the banking industry and the wider world, have spent months gearing up for the profound changes in regulations that 2013 will bring. But as implementation of the changes comes ever closer, room for considerable confusion remains.

Don’t fight with me, Argentina

Argentina has imposed capital controls, seized assets, nationalised companies – and shows little sign of yielding in a bitter and long-running legal battle with its so-called holdout creditors. Antagonising the markets is no way to attract the long-term investment the country needs, which raises the question: how much longer can this go on?

Get off your assets

From the ECB’s cheap money to the wildly different price expectations of buyers and sellers, there are plenty of reasons why Europe’s banks are not deleveraging quickly enough. Will they pick up the pace in 2013?

Lessons learnt

A lot of water has passed under the bridge since the Asian financial crisis 15 years ago, and although there is still plenty of work to be done, the region has made spectacular progress. The current turmoil in Europe has left Asia looking like a safe bet.

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