
GlobalCapital was delighted to bring the global debt market together once again on Wednesday evening to celebrate the winners of its annual Bond Awards.
The sun shone over London as a record number of attendees gathered at One Marylebone — a new venue for the Bond Dinner. Players from across the supranational, sovereign and agency, financial institutions, corporate and emerging market bond markets came together to catch up with old friends, connect with new faces and congratulate the winners over dinner, drinks and music.
Turning 18 this year, the GlobalCapital Bond Awards are the only Awards dedicated to issuers, investment banks, investors, rating agencies, law firms and advisers in the international bond markets. They recognise performance between April 1 2024 and March 31 2025.
Uniquely, the nominees and winners are decided by the industry itself, through a survey that took place in March and April. This means the winners reflect those considered by their clients and counterparts to stand apart from the field.
The exception to the polled categories is the Lifetime Achievement Award, which the GlobalCapital editorial team selects. This year, the Award went to Allegra Berman. She left HSBC in September 2024 after more than a decade at the bank and a long and successful career in the capital markets.
Congratulations to all our winners and nominees, and huge thanks to all those who took the time to vote in the poll. The full list of winners and nominees is below. Click here to download a PDF of the winners.
The Winners
Lifetime Achievement Award
Allegra Berman
SSA Awards
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Overall Most Impressive SSA Funding TeamWinner: European Investment Bank
Asian Infrastructure Investment Bank
European Union
KfW
World BankMost Innovative SSA IssuerWinner: World Bank
African Development Bank
Asian Infrastructure Investment Bank
European Investment Bank
KfWMost Innovative SSA Issuer at Using New Bond Market TechnologyWinner: European Investment Bank
Asian Infrastructure Investment Bank
Cassa Depositi e Prestiti
KfW
World BankMost Impressive SSA Issuer in DollarsWinner: European Investment Bank
Asian Development Bank
Asian Infrastructure Investment Bank
KfW
World BankMost Impressive SSA Issuer in EurosWinner: European Union
European Investment Bank
Italy
KfWMost Impressive non-sovereign SSA Issuer in SterlingWinner: KfW
Asian Development Bank
European Investment Bank
World BankMost Impressive SSA Issuer in Australian dollarsWinner: CPP Investments
Asian Development Bank
International Finance Corp
World BankMost Impressive Sovereign Funding TeamWinner: Italy
France
Germany
Spain
UKMost Impressive Supranational, Agency and Sub-sovereign Funding Team with an Annual Borrowing Requirement of €20bn-equivalent and aboveWinner: KfW
European Investment Bank
European Union
World BankMost Impressive Supranational, Agency and Sub-sovereign Funding Team with an Annual Borrowing Requirement of between €10bn and €20bnWinner: BNG Bank
CPP Investments
International Finance Corp
NWB Bank
State of North Rhine-WestphaliaMost Impressive Supranational, Agency and Sub-sovereign Funding Team with an Annual Borrowing Requirement of under €10bnWinners: Corporación Andina de Fomento, Nordic Investment Bank &
Oesterreichische Kontrollbank
Agence Française de Développement
Asian Infrastructure Investment Bank
Municipality FinanceMost Impressive Sovereign ESG Bond IssuerWinner: Germany
Austria
France
ItalyMost Impressive Supranational, Agency and Sub-sovereign ESG Bond IssuerWinner: European Investment Bank
Agence Française de Développement
KfW
World BankMost Impressive SSA MTN IssuerWinner: World Bank
Asian Development Bank
European Bank for Reconstruction and Development
IFC
KfW -
Most Impressive Sovereign Funding OfficialWinner: Fabrizio Tesseri, Italy
Davide Iacovoni, Italy
Etienne Lessard, Canada
Jessica Pulay, UK
Markus Stix, Austria
Dimitrios Tsakonas, GreeceMost Impressive Supranational Funding OfficialWinner: Sandeep Dhawan, European Investment Bank
Henry Coyle, World Bank
Andrea Dore, World Bank
Maria Lomotan, Asian Development Bank
Manuel Valdez, Corporación Andina de FomentoMost Impressive Agency Funding OfficialWinner: Jörg Graupner, KfW
Samia Ben Mebarek, Agence Française de Développement
Sam Dorri, CPP Investments
Mascha Ketting, BNG Bank
Sven Lautenschläger, L-BankMost Impressive Sub-sovereign OfficialWinner: Andreas Becker, State of North Rhine-Westphalia
Bernard Asselin, Québec
Markus Krause, State of Saxony-Anhalt
Alexander Labermeier, State of Hesse
Rodrigo Robledo, Madrid
Stefan Wegner, State of North Rhine-WestphaliaRising Star SSA Funding OfficialWinner: Lari Toppinen, Municipality Finance
Georg Fuglesang, Kommunalbanken
Alexander Schierlinger, Oesterreichische Kontrollbank
Sydney Siahaija, BNG Bank
Pieter van Blommestein, Asian Development Bank -
Overall Most Impressive Bank for SSA BondsWinner: JP Morgan
Bank of America
BNP Paribas
Citi
Crédit Agricole CIBEmerging Force in SSA BondsWinner: Santander
BMO Capital Markets
CIBC World Markets
ING
UBSMost Impressive Bank for SSA ESG Capital MarketsWinner: Crédit Agricole CIB
Bank of America
BNP Paribas
Deutsche Bank
HSBCMost Impressive Bank in Using New Technology for SSA Primary Bond MarketsWinner: HSBC
DekaBank
DZ BANK
Goldman Sachs
JP MorganMost Impressive SSA Coverage TeamWinner: Bank of America
BMO Capital Markets
Citi
Deutsche Bank
JP MorganMost Impressive Syndicate Team for SSA BondsWinner: JP Morgan
Bank of America
Barclays
Crédit Agricole CIB
Deutsche BankMost Impressive SSA House in EurosWinner: BNP Paribas
Crédit Agricole CIB
Deutsche Bank
JP Morgan
NatixisMost Impressive SSA House in DollarsWinner: JP Morgan
Bank of America
BMO Capital Markets
Citi
TD SecuritiesMost Impressive SSA House in SterlingWinner: NatWest Markets
Barclays
HSBC
RBC Capital MarketsMost Impressive SSA House in Australian dollarsWinner: RBC Capital Markets
ANZ
Daiwa Securities
Nomura
TD SecuritiesMost Impressive SSA House for the Canadian MarketWinner: CIBC World Markets
BMO Capital Markets
TD SecuritiesMost Impressive SSA House for the Japanese MarketWinner: Nomura
Daiwa SecuritiesMost Impressive MTN Dealer for SSAsWinner: JP Morgan
BNP Paribas
Crédit Agricole CIB
Deutsche Bank
Goldman SachsMost Impressive House for SSA ResearchWinner: Crédit Agricole CIB
Barclays
Citi
Deutsche Bank
JP Morgan -
Most Impressive SSA Syndicate BankerWinner: Neal Ganatra, Deutsche Bank
Matt Dawes, JP Morgan
Stuart McGregor, RBC Capital Markets
Asif Sherani, HSBC
Yumiao Yang, BarclaysMost Impressive SSA Bond Origination BankerWinner: Ebba Wexler, Citi
Massimo Antonelli, BMO Capital Markets
Amélie Darrort, JP Morgan
Francois Planque, Bank of America
Kamini Sumra, Bank of AmericaRising Star SSA Bond BankerWinner: Lucrezia Leone, Goldman Sachs
Ella Benson, RBC Capital Markets
Philippa Cole, NatWest
Antonio Gómez-Chaparro de Luna, BNP Paribas
Sara Montes, Nomura
Eoin O'Connor, TD SecuritiesMost Impressive ESG Investment BankerWinner: Yen-ta Liu, Deutsche Bank
Laurent Adoult, Crédit Agricole
Ebba Hytting, Crédit Agricole
Natalie Mordi-Hillaert, Bank of America
Myriam Zapata, BNP Paribas -
Best Technology Platform for the Primary Bond MarketWinner: Origin Markets
Bloomberg
Direct Books
Euroclear DFMI
NowCM
SWIAT
*this category covers all areas of the primary bond marketMost Influential Investor in SSA BondsWinner: Wellington Management
Amundi
BIS
Blackrock
PimcoBest Rating Agency for SSA BondsWinner: S&P Global Ratings
Moody's RatingsBest Law Firm for SSA BondsWinner: A&O Shearman
Clifford Chance
Dechert
Linklaters
Norton Rose Fulbright
White & CaseBest Second Party Opinion Provider for SSA ESG BondsWinner: ISS ESG Solutions
S&P Global Ratings
Sustainalytics
FIG Awards
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Most Impressive Financial Institution BorrowerWinner: Santander
BPCE
Crédit Agricole
Société Générale
Swiss ReMost Innovative Financial Institution BorrowerWinner: BPCE
ABN Amro
Crédit Agricole
Santander
Société GénéraleMost Impressive Financial Institution Issuer of CapitalWinner: Société Générale
BBVA
Crédit Agricole
Santander
Swiss ReMost Impressive Financial Institution Issuer of Senior Unsecured DebtWinner: BPCE
Crédit Agricole
ING Group
Santander
Société GénéraleMost Impressive Debut/Returning Financial Institution Unsecured IssuerWinner: Schroders
Resolution LifeMost Impressive Financial Institution Issuer at Using Liability ManagementWinner: Société Générale
CaixaBank
SantanderMost Impressive Financial Institution ESG Bond IssuerWinner: Crédit Agricole
ABN Amro
AIB
Banco BPM
CaixaBankMost Impressive Financial Institution MTN IssuerWinner: Santander
Banque Fédérative du Crédit Mutuel
BPCE
Société Générale -
Most Impressive Financial Institution Funding OfficialWinners: Silvana Borgatti Casale, Banco Santander & Aurelien Harff, Crédit Agricole
Maria Castro Payo, CaixaBank
Arnaud Mezrahi, Société Générale
Cedric Perrier, BPCERising Star Financial Institution Funding OfficialWinner: Marie-Anne Toulouse, Société Générale
Ryan Jones, Nationwide
Sergiu Zlotea, Crédit Agricole -
Most Impressive Bank for Financial Institution BondsWinner: Morgan Stanley
Barclays
BNP Paribas
Deutsche Bank
HSBC
JP MorganEmerging Force in Financial Institution BondsWinner: Jefferies
ABN Amro
BMO Capital Markets
Erste Group
INGMost Impressive Syndicate Team for Financial Institution BondsWinner: Morgan Stanley
Bank of America
BNP Paribas
Crédit Agricole CIB
Goldman SachsMost Impressive Bank for Financial Institution Capital and Regulatory AdviceWinner: Morgan Stanley
Barclays
JP MorganMost Impressive Bank for Senior Unsecured Financial Institution BondsWinner: JP Morgan
Barclays
Crédit Agricole CIBMost Impressive Bank for Insurance DebtWinner: HSBC
BNP Paribas
Morgan StanleyMost Impressive Investment Bank for Financial Institution ESG Capital MarketsWinner: Crédit Agricole CIB
ABN Amro
Deutsche Bank
ING
NatWest MarketsMost Impressive Bank for Liability Management for Financial InstitutionsWinner: Morgan Stanley
Bank of America
Deutsche BankMost Impressive FIG House in EurosWinner: BNP Paribas
Barclays
Crédit Agricole CIBMost Impressive FIG House in DollarsWinner: JP Morgan
Bank of America
CitiMost Impressive FIG House in SterlingWinner: Barclays
Lloyds Bank
NatWest MarketsMost Impressive FIG House in Australian dollarsWinner: Nomura
Commonwealth Bank of Australia
RBC Capital MarketsMost Impressive FIG House in Swiss francsWinner: UBS
Commerzbank
Deutsche BankMost Impressive FIG House in YenWinner: Nomura
Daiwa
MizuhoMost Impressive MTN Dealer for Financial InstitutionsWinner: NatWest Markets
BNP Paribas
Crédit Agricole CIB
JP MorganMost Impressive FIG House for Inaugural Issuers and Asset ClassesWinner: ABN Amro
BNP Paribas
NatWest MarketsMost Impressive Bank in Using New Technology for FIG Primary Bond MarketsWinners: Goldman Sachs & LBBW
HSBCBest Secondary Trading House for FIG BondsWinner: JP Morgan
Bank of America
Citi
JefferiesMost Impressive House for Financial Institution ResearchWinner: Barclays
Commerzbank
JP Morgan -
Most Impressive FIG Syndicate BankerWinner: Matteo Benedetto, Morgan Stanley
Vincent Hoarau, Crédit Agricole CIB
Dharit Patel, Bank of AmericaMost Impressive FIG Origination BankerWinner: Thijs van der Ven, ABN Amro
Romain Beillard, Crédit Agricole CIB
Vittorio Monge, Morgan StanleyRising Star FIG Bond BankerWinner: Abhinav Durani, ABN Amro
Florian Hessel, Morgan StanleyMost Impressive ESG FIG Investment BankerWinner: Carla La-Tona, Deutsche Bank
Thomas Garnier, Natixis
Caroline Haas, Natwest Markets -
Most Influential Investor in Financial Institution BondsWinner: BlackRock
Amundi
PimcoBest Technology Platform for the Primary Bond MarketWinner: Origin Markets
Bloomberg
Direct Books
Euroclear DFMI
NowCM
SWIAT
*this category covers all areas of the primary bond marketBest Rating Agency for Financial Institution BondsWinner: Moody's Ratings
Fitch Ratings
S&P Global RatingsBest Law Firm for Financial Institution BondsWinner: A&O Shearman
Clifford Chance
Linklaters
Mayer Brown
White & CaseBest Second Party Opinion Provider for FIG ESG BondsWinner: ISS-Corporate
Moody's Ratings
Sustainalytics
Corporate Awards
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Most Impressive Corporate BorrowerWinner: Enel
A2A
EDF
Nestlé
SnamMost Innovative Corporate BorrowerWinner: A2A
EDF
EnBW
Enel
SnamMost Impressive Non-European Corporate Borrower in European CurrenciesWinner: Merck & Co
Booking
Coca-Cola
General Motors
Johnson & JohnsonMost Impressive Corporate Yankee Bond IssuerWinner: TotalEnergies
BMW
Enel
EniMost Impressive Corporate Borrower in SterlingWinner: EDF
Hammerson
Motability Operations Group
SnamMost Impressive Corporate Borrower in Swiss FrancsWinner: Thermo Fisher Scientific
EDF
Nestlé
Severn Trent Water
SwisscomMost Impressive Corporate Funding TeamWinner: Enel
A2A
BP
EDF
SnamMost Impressive Corporate Hybrid Capital IssuerWinner: Iren
Eni
TotalEnergiesMost Impressive Corporate Issuer at Using New Bond Market TechnologyWinner: Siemens
VolvoBest Corporate Issuer at Using Liability ManagementWinner: Telecom Italia
Aroundtown
EDP
VodafoneMost Impressive Debut Corporate Bond IssuerWinner: Roquette
FDJ United
J Sainsbury
KingspanMost Impressive Corporate Green, Social or Sustainable Bond IssuerWinner: A2A
EDF
Snam
Terna
VerbundMost Impressive Sustainability-Linked Bond IssuerWinner: Enel
Ahold
Mundys
Pirelli
SnamMost Impressive Corporate MTN IssuerWinner: Volvo
BMW
Mercedes -
Most Impressive Corporate Funding OfficialWinner: Nicole Della Vedova, Snam
Bernard Descreux, EDF
Patricia Gentile, A2A
Claudio Menghi, Nestlé -
Most Impressive Bank for Corporate BondsWinner: BNP Paribas
Deutsche Bank
HSBC
ING
JP MorganEmerging Force in Corporate BondsWinner: BBVA
ING
MUFG
Santander
Wells FargoMost Impressive Bank in Using New Technology for Corporate Primary Bond MarketsWinner: Deutsche Bank
BNP Paribas
Citi
Crédit Agricole CIB
JP MorganMost Impressive Corporate Bond House in EurosWinner: BNP Paribas
Citi
Crédit Agricole CIB
Deutsche Bank
JP MorganMost Impressive Corporate Bond House in DollarsWinner: JP Morgan
Bank of America
Citi
Deutsche Bank
Goldman SachsMost Impressive Corporate Bond House in SterlingWinner: Barclays
HSBC
NatWest MarketsMost Impressive Syndicate Team for Corporate BondsWinner: BNP Paribas
Deutsche Bank
HSBC
ING
JP MorganMost Impressive Bank for Corporate Hybrid CapitalWinner: Barclays
BNP Paribas
Goldman Sachs
HSBC
JP MorganMost Impressive Bank for Corporate Capital Structure AdviceWinner: Bank of America
BNP Paribas
Deutsche Bank
Goldman Sachs
JP MorganMost Impressive Bank for Corporate Ratings AdviceWinner: JP Morgan
Bank of America
Deutsche Bank
HSBC
Société GénéraleMost Impressive Bank for Corporate Liability ManagementWinner: Deutsche Bank
Barclays
BNP Paribas
HSBC
JP MorganMost Impressive Investment Bank for Corporate ESG Capital Markets and AdviceWinner: ING
BNP Paribas
Crédit Agricole CIB
HSBCMost Impressive Bank for Corporate Swaps and Other DerivativesWinner: BNP Paribas
Crédit Agricole CIB
JP Morgan
Morgan StanleyMost Impressive Corporate MTN DealerWinner: BNP Paribas
Crédit Agricole CIB
Deutsche Bank
HSBC
JP Morgan -
Most Impressive Corporate Bond Syndicate BankerWinner: James Cunniffe, HSBC
Angus Reynolds, Bank of America
Thibault Rommel, ING
William Wells, Goldman Sachs
Patrick Wuytens, INGMost Impressive Corporate Bond Origination BankerWinner: Federica Sartori, BNP Paribas
Nathalie Bitan, HSBC
Kiran Karia, JP MorganMost Impressive ESG Investment BankerWinner: Joshua Zakkai, ING
Carla La Tona, Deutsche Bank
Gianmarco Viglizzo, Crédit AgricoleRising Star Corporate Bond BankerWinner: Robin Hupin, ING
Christina Herd, JP Morgan
Ellis Lawrie, JP Morgan
Alfons Martos, Goldman Sachs -
Most Influential Investor in Senior Corporate BondsWinner: Blackrock
Amundi
Wellington ManagementMost Influential Investor in Hybrid Corporate BondsWinner: Blackrock
Amundi
Wellington ManagementBest Debt Advisory Firm for CompaniesWinner: Rothschild & Co
Ethica
NewbridgeBest Second Party Opinion Provider for Corporate ESG BondsWinner: ISS-Corporate
Moody's Ratings
SustainalyticsBest Rating Agency for Corporate BondsWinner: S&P Global Ratings
Fitch Ratings
Moody's RatingsBest Law Firm for Corporate BondsWinner: Linklaters
A&O Shearman
Clifford ChanceBest Technology Platform for the Primary Bond MarketWinner: Origin Markets
Bloomberg
Direct Books
Euroclear DFMI
NowCM
SWIAT
*this category covers all areas of the primary bond market
Emerging Market Awards
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Overall Most Impressive Emerging Markets IssuerWinner: Public Investment Fund
Akbank
HungaryMost Impressive Issuer in Central and Eastern EuropeWinner: Hungary
Republic of Poland
Republic of RomaniaMost Impressive Issuer in AfricaWinner: Republic of Côte d'Ivoire
Azule Energy
IHS TowersMost Impressive Issuer in the Middle EastWinner: Public Investment Fund
Emirates NBD
Kingdom of Saudi ArabiaMost Impressive ESG Bond Issuer in CEEMEAWinner: Hungary
CTP NV
Kingdom of Saudi Arabia -
Most Impressive Funding Official in Central and Eastern EuropeWinner: Altug Ulker, Akbank
Karol Czarnecki, Republic of Poland
Stefan Nanu, Republic of RomaniaMost Impressive Funding Official in the Middle EastWinner: Ahmed AlRobayan, Public Investment Fund
Reham AlHezza’a, Kingdom of Saudi Arabia
Rula AlQadi, First Abu Dhabi BankMost Impressive Funding Official in AfricaWinner: Lancine Diaby, Republic of Côte d'Ivoire
Abdelhakim Jouahri, Kingdom of Morocco
Brian Marcus, Seplat
Patience Oniha, Nigeria -
Most Impressive Bank for CEEMEA BondsWinner: JP Morgan
Citi
Standard CharteredMost Impressive Bank for Central and Eastern European BondsWinner: JP Morgan
BNP Paribas
CitiMost Impressive Bank for Middle Eastern BondsWinner: Standard Chartered
Emirates NBD
JP MorganMost Impressive Bank for African BondsWinner: Citi
JP Morgan
Standard CharteredMost Impressive Local Bank for Middle Eastern BondsWinner: Emirates NBD
Abu Dhabi Commercial Bank
First Abu Dhabi BankMost Impressive Local Bank for African BondsWinner: Standard Bank
Absa
FirstRandMost Impressive Bank for ESG Capital Markets in CEEMEAWinner: BNP Paribas
JP Morgan
Société Générale -
Most Impressive CEEMEA Bond Syndicate BankerWinner: Alex Karolev, JP Morgan
Khalil Belhimeur, Standard Chartered
Carmen Bereincua, Citi
Matt Doherty, BNP Paribas
Felix Weiss, CitiMost Impressive CEEMEA Bond Origination BankerWinner: Borys Matiash, BNP Paribas
Stefan Weiler, JP MorganRising Star Emerging Markets Bond BankerWinner: Shuja Khan, JP Morgan
Nadeem Adra, Goldman Sachs
Stavros Pattichis, JP Morgan
Alice Wilson, BNP Paribas -
Most Influential Investor in Emerging Market BondsWinner: Wellington Management
Brevan Howard
Eaton VanceBest Secondary Market Trading Platform for Emerging Market BondsWinner: MarketAxess
Bloomberg
TradewebBest Rating Agency for Emerging Market BondsWinner: Moody’s Ratings
Fitch Ratings
S&P Global RatingsBest Law Firm for Emerging Market BondsWinner: White & Case
A&O Shearman
Clifford ChanceBest Second Party Opinion Provider for Emerging Market ESG BondsWinner: ISS-Corporate
S&P Global Ratings
Sustainalytics
To download a PDF of all the polled award winners, please click here