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28 Feb 2004

EuroWeek's 2003 awards: How they were decided

Unlike many other publications, EuroWeek generates its awards from votes cast by the capital market industry via a series of polls. These polls were sent out towards the end of last year to all the major players in the industry - the borrowers, the investors and the banks - across the various product segments that make up the capital markets - bonds, loans and equities.

For the bond polls, the Deals of the Year were voted for by the leading bond market banks, as measured by EuroWeek's league tables provided by Dealogic's BondWare. First, banks were asked to nominate their favourite deals in each category. That gave us a shortlist, from which the best deals were again chosen by votes from the market. The United Kingdom's $3bn 2.25% 2008 bond, led by Citigroup, Deutsche Bank, Goldman Sachs and Morgan Stanley, got the nod over HBOS's Eu3bn 3.75% July 2010 issue, which came in second.

The top banks poll was voted for by the world's leading borrowers in the capital markets. Over 100 leading international bond issuers replied to EuroWeek's questionnaire, with Citigroup scooping the big prize of Most Impressive Bank and Barclays awarded the title of Most Improved Bank.

There was also the top banks award, as voted for by their peers, that was won by Citigroup which edged past Deutsche in second and Morgan Stanley in third.

The emerging markets poll for developing Europe, the Middle East, Africa and Latin America was sent out in early December to the emerging market teams at the leading houses in the international bond markets. Like the overall bond polls, emerging market bankers were asked to nominate their favourite deals so that a shortlist could be drawn up.

Next they were asked to name one deal from the shortlist as the best of the year - but not one that they had led. In addition, banks were asked to nominate the firms that impressed them most as lead managers in 2003. The Republic of Ukraine's $1bn 2013 bond and State of Qatar's $700m 2010 sukuk were among the high profile deal winners and Morgan Stanley and Citigroup fared well in the emerging market bank awards.

The syndicated loan awards, revealed at EuroWeek's annual market dinner on February 11, were generated through the best supported loan polls so far. Over 60 banks responded to the questionnaire, including 24 of the top 25 arranging banks.

Houses were asked to vote for the best arrangers, law firms, venture capitalists and, of course, deals. The results saw Citigroup and Royal Bank of Scotland dominate the market, with borrowers BMW and Olivetti winning the accolades of their bankers.

Several new categories were added, reflecting the expansive nature of the loan market, such as best mezzanine loan arranger (won by Intermediate Capital Group) and best law firm (won by Allen & Overy).

Equity bankers at last have something to shout about with vastly improved markets, and were keen to reflect on the best deals and banks of 2003.

All the awards were keenly fought over, and for the first time ever EuroWeek produced a poll of the best banks and deals in central and eastern Europe. Citigroup bagged the best global equity bookrunner and best European equity bookrunner awards while JP Morgan secured the best global equity-linked bookrunner and best US equity-linked bookrunner. 

28 Feb 2004