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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.
Sleeper success
Three easy steps
Electrifying debut
Bumpy ride
Latin America ECM proved a harbinger of an increasingly difficult funding backdrop, as central banks across the region moved to hike interest rates sooner and more dramatically than elsewhere. BTG Pactual navigated a tricky market environment by advising corporate clients to fund early in the year and is IFR’s Latin America Equity House of the Year.
In with the Nu
Served hot
Going global
Special purpose acquisition companies came to dominate IPO issuance at times in 2021. Citigroup extended its leadership in an asset class long core to the bank, making it IFR’s SPAC IPO House of the Year.
Global presence
Stifel used a global banking footprint to push into new frontiers of cryptocurrency, cross-border listings and other emerging technologies in 2021 and is IFR's US Mid-Market Equity House of the Year.
The promise of greater efficiency – and cost savings – from the automation of debt capital markets appears to be getting closer, given the rising number of platforms or applications being marketed to syndicate desks. We’re not there yet but we might just see evidence of progress this year – at least in some parts of the new issue continuum.
The true effects of Brexit on Europe’s capital markets have yet to be felt, but they will be far-reaching as divergence accelerates in 2022 and the EU takes a tough line on cross-border arrangements.
Capital markets in the US have rallied around the fight to address environmental, social and governance issues, responding to the Biden administration’s increasing emphasis on climate change.
When India’s Masala bond market was launched in 2014, the hope was that it would become a vibrant issuance arena underpinned by deep secondary liquidity and a wide variety of foreign investors and traders. To say that the market has disappointed would be an understatement, but hope springs eternal and optimists are calling a turn.
The Tokyo Stock Exchange is restructuring in a process designed to rationalise its board structure, improve corporate governance and attract more investors to Japan. But do the changes go far enough?
