Bond Awards

The primary debt markets have been looking for fintech solutions to reduce the administration costs of frequent shelf issuance for as long as MTN programmes have been in existence. Origin Markets has delivered a flexible system that at last digitalises every step involved in the creation of a security from its definition through to its settlement.

Borrowers in sub-Saharan Africa have suffered more than those in most other regions since the Covid-19 crisis swept the globe and as it subsides, they will need international capital markets more than ever. Standard Chartered, with its strategic commitment to Africa, has been preparing issuers for their return by looking for new ways to de-risk transactions and new pockets of liquidity.

The investment grade bond market has enjoyed a strong run over the last year but it also presented new challenges for corporate treasurers as green and social bond frameworks went mainstream while balance sheets needed strengthening. Rothschild & Co. was there to help clients navigate the challenges.

The Middle Eastern international bond market once again demonstrated its resilience over the past year with a diverse array of issuers pushing volumes well above $100bn. Standard Chartered’s client-centric approach brought success in products ranging from ESG to bank capital, and from debut transactions for corporates to repeat business for the largest sovereigns.

The FIG debt capital markets business is as competitive as they come but TD Securities has established itself over the last few years by building a reputation as a house that will go the extra mile for issuers.

The arrival of the European Union’s €100bn Support to mitigate Unemployment Risks in an Emergency (SURE) issuance programme in October 2020 catalysed secondary trading activity in the sovereigns, supranationals and agencies market. Tradeweb’s easily customisable platform has been giving both buy- and sell-side participants automated and efficient tools to take advantage of the opportunities SURE has opened up.

We’re delighted to reveal the winners of the GlobalCapital Bond Awards — the best borrowers, investment banks, investors and other participants in the international bond markets.

The European Investment Bank has had a long-standing and leading bond market franchise, but after reconfiguring its funding team in 2019 it has put in place a structure that readies it for future challenges.

When in March and April market circumstances swung from being most the attractive seen for years in terms of spread and coupon levels to what were the most challenging since at least the eurozone crisis, bank borrowers lost any certainty of market access for even the plainest unsecured debt. That environment suited JPMorgan, which had the size and skillset to pilot clients through the storm.

Few firms can match Rothschild & Co when it comes to the longevity of their client relationships — its oldest has endured for more than a century. In a business such as corporate debt advisory, in which relationships are crucial, that kind of lineage is an important advantage.

“There was no doubt in our minds that this was seismic,” says Mark Byrne, director, fixed income origination and syndication at TD Securities in London. He’s talking about the moment three years ago, when the UK Financial Conduct Authority confirmed plans to end the use of Libor in 2021.

The Covid-19 pandemic created one of the gravest global health and economic emergencies for a generation, requiring an unprecedented increase in issuance to fund the rapid response from sovereigns, supranationals and agencies.