“We play a vital role in many of these transactions, so it’s important for us to be visible, engaged and accountable,” says Alex Wood, managing director of ICAP’s Rates business. “The awards gave us a valuable opportunity to meet the people behind these deals and strengthen our connections across the market.”
Competitive spirit
The award winners came from four distinct groups: SSAs, FIG, corporates and emerging markets. Within the first three of these, awards were presented to borrowers, funding officials, investment banks and bond bankers, while the emerging markets section consisted of honours for borrowers and funding officials only.
“These are highly competitive markets and winning an award demonstrates that all the hard work and expertise is recognised and valued. Any winner should be really proud of that achievement,” Wood says.
ICAP supports financial markets through a range of services including price discovery, liquidity formation, market intelligence and trade execution. As an intermediary between financial institutions, it helps market participants find counterparties efficiently and navigate increasingly complex markets.
Technological progress
Technology continues to reshape debt markets, with electronification transforming how many products are traded. Yet while workflows are evolving, clients still require different levels of support depending on the product, market conditions and liquidity profile of each transaction.
ICAP’s hybrid execution model enables clients to choose the approach that best meets their needs, combining technology-driven execution with the expertise and judgement of experienced brokers.
“Each desk is different, so success comes from understanding both the market and the clients we serve,” says Wood. “Our role is to provide the right balance between technology and voice-broking expertise to help clients execute effectively.”
Voice broking continues to play a vital role in many markets, particularly where liquidity is fragmented or market dynamics are complex or stressed. Clients benefit from brokers’ expertise in price discovery, market colour and transaction execution, alongside access to broad and diverse liquidity pools.
Help from AI
While artificial intelligence is still at an early stage of adoption across many market workflows, ICAP is already seeing benefits in both product development and internal operations.
“We’ve only recently begun adopting these tools, but their potential impact is significant,” says Wood. “They have the potential to accelerate product development, improve efficiency and enhance the services we provide to clients.”
However, Wood emphasises that technology complements rather than replaces the firm’s relationship-driven approach.
“Many of the markets we serve remain highly dependent on broker expertise and trusted client relationships. Technology is an enabler, but delivering excellent service and understanding client needs remains fundamental.”
Coverage
With clients operating across global markets, maintaining a strong local presence remains a core priority for the ICAP Rates business.
“We need to bring our liquidity and market expertise to clients wherever they are,” says Wood. “That means investing in local teams, maintaining strong global connectivity and ensuring we remain close to our clients and responsive to changing market requirements.”
The firm is also positioning itself to support evolving market opportunities. Rising activity in yen interest rate swaps and increased cross-border issuance have prompted ICAP to further strengthen its specialist yen offering in Europe. A dedicated desk focused on yen IRS and cross-currency products is expected to launch in the fourth quarter of 2026.
ICAP will continue to work closely with long-standing partner Totan in Tokyo to maintain a consistent approach across the London and Tokyo markets, including aligned screen and data standards.
“We believe we are uniquely positioned given our strength in cross-currency markets,” says Wood. “There is significant opportunity to expand the use of our screens and data in both yen and Swiss franc rates markets, which are key growth areas for us.”
“The message is simple: stay close to clients, understand how their needs are evolving and build around those requirements,” says Wood.
“That means investing in talented people, enhancing technology and workflows, and maintaining the highest standards of compliance and execution. By doing that, we can continue to support clients effectively wherever they operate around the world.”
Staying close to the market
For ICAP, the GlobalCapital Bond Awards were about more than celebrating industry achievements. They provided an opportunity to engage directly with market participants, gather feedback and deepen relationships across the debt markets ecosystem.
In an industry shaped by relationships, that ongoing dialogue remains an important source of market insight and innovation.
“Being visible and accessible to the market is important,” says Wood. “If clients want additional data, market insight or new solutions that are not currently available, we want to hear from them.
“Whether we engage with them through our broking businesses or through TP ICAP’s data and analytics business, Parameta Solutions, our objective is the same: understand what clients need and help them navigate markets more effectively.”