The past 12 months in global capital markets gave the impression of being prone to volatility and nervousness, but in truth it was a fabulous year. The downgrades of Ford and General Motors, and the reverse in correlation, created some worrisome moments, but dealers and investors shrugged off the effects pretty quickly, and the credit market continued its rollercoaster ride.
Credit spreads stayed tight all year, and the only real game in town was the continued quest to build products that offered yield pick-up. Corporate subordinated debt,...Read more
IN A CLASS OF ITS OWN - Dealing with a major revamp might well hold back substantive progress in any bank’s business. But in this particular case, the complete rewiring of the organisation was completed as the house enjoyed its best year since it began its long conversion to full-status investment bank some 10 years ago. Deutsche Bank is IFR’s Bank of the Year for 2005.