Bond Awards
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Market participants are invited to vote on the most impressive firms and people in the international debt capital markets
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Winners will be announced on April 16 at a live event in New York
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The past year has been one of tightening in the capital markets, with central banks throwing easy money supply into reverse. GlobalCapital has chosen these corporate deals as outstanding, for proving either that staggering sizes and difficult maturities were still possible, or that ingenuity and flexibility could make even the toughest market conditions work for an issuer
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The new awards programme will celebrate the leading names in Latin American cross-border debt capital markets
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Sponsored by MarketAxessThe multifaceted nature of emerging markets means that successful trading platforms need to deliver cutting-edge technology and a deep understanding of different clients’ needs and workflows. MarketAxess excels on both fronts. Combining world-class data and analytics, unique execution protocols, and a consultative, client-focused development strategy, the firm was a clear winner of Best Secondary Market Trading Platform.
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The UK bank also won Most Impressive Corporate Bond House in Sterling, and Most Impressive Bank for Corporate Swaps and Other Derivatives.
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The Spanish bank was also recognised for its Rising Star FIG Bond Banker (Tullio Genero) and won Most Impressive Local Bank for Latin American Bonds.
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The UK bank also won Most Impressive FIG House in Sterling in a strong year for its debt capital markets business
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GlobalCapital's bond awards poll is open, and so is the LatAm new issue market
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GlobalCapital is delighted to announce the launch of our Bond Awards 2022, one of the highlights of the global primary debt capital markets calendar.
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GlobalCapital reveals today the winners of its Bond Awards 2021, including celebration of the achievement of top corporate banks and issuers — and Lifetime Achievement Awards for two of Europe’s most prominent corporate funding officials.
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The immediate need for corporates in Europe during the Covid-19 crisis was to quickly tap liquidity but after debt capital markets re-opened, thoughts turned to future-proofing business models, balance sheets and funding strategies. BNP Paribas was perfectly placed to have those discussions with clients with an integrated coverage model that provided neutral capital structure advice.
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The unstoppable rise of sustainability-linked finance was arguably the most important trend in the bond market over the last year as it opened the door to socially responsible investment products for a swathe of issuers unable, for one reason or another, to issue green bonds.
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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.
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Consistency, predictability and transparency were the watchwords for Moody’s financial institutions team over the last year as it navigated the extraordinary conditions during the Covid-19 pandemic.
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Corporate debt issuers were in the eye of the storm when the Covid-19 pandemic struck last year and around the globe and across sectors each was affected very differently. Moody’s consistent and transparent approach was crucial to helping investors navigate the period.
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Rating emerging market debt is difficult at any time, with economic and financial conditions to track across more than 100 countries, but since the start of the Covid-19 crisis it became even harder, with locally very different health outcomes and policy responses all feeding through to issuers. Moody’s stayed on top by drawing on its longstanding depth and breadth of local knowledge while keeping a focus on key themes such as ESG.
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The green and SRI bond market has been through a dizzyingly fast development over the past year, powered by the appearance of some of the world’s largest public sector issuers, with two green bond entrants from the G7 and the return of a third. Crédit Agricole CIB, with its long-established ESG credentials, has been at the heart of the action.
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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.
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The last year has seen green, social and sustainability-linked bonds go mainstream in almost every corner of the market, from sovereigns, to financial institutions and corporates.
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Sustainability became the defining feature of late 2020 and 2021 capital markets, with ever more issuers and investors in more asset classes using more products than ever before. BNP Paribas has led the development of the market from sovereign green bonds to social and sustainability linked finance.
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The European bond market for financial institutions has swung away from liquidity and towards capital, while ESG is becoming an ever-more important theme. Successful lead managers have needed expertise across all these areas, as well as the global distribution capability to help issuers find opportunities wherever and whenever they arise, a recipe well-suited to HSBC.
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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.
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By staying close to clients, whether the largest sovereigns or small, new economy firms, JPMorgan has delivered across the league tables and beyond.
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The corporate hybrid market is on a tear, with post-Covid issuance in 2020 of €46.7bn, almost as much as in the two previous years combined, and volume for 2021 already reaching €19.8bn by mid-May. Citi has been on the top-line of 60% of the corporate hybrids issued since the start of the pandemic, leading €38.6bn out of a total €66bn, and on 38 tranches out of 75 issued.
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The Maple bond market has enjoyed another strong year and is an increasingly attractive option for SSA issuers seeking investor diversification while the rise of social bonds alongside green is proving a good match with local investor demand. RBC Capital Markets, with an integrated onshore and offshore capability and global public sector team has been at the forefront of these developments.
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A huge year for sovereign funding programmes and the emergence of the European Union as an issuer made for a far more dynamic sovereign, supranational and agency bond market than ever before. The trends played to JPMorgan’s strengths, whether it was the opening up of the ultra-long end of the euro market, the shift to more sovereign syndications over auctions, or the rise and rise of green and social bonds.
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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.
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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.
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The investment bank awards for financial institution capital and regulatory advice are in many ways two sides of the same coin: both demand deep sector expertise and relationships as well as a strategic understanding of bank balance sheets that goes well beyond a pure debt capital markets perspective. Morgan Stanley has shown its ability to deliver in a period during which these demands were more important than at any time in the last decade.
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Being a leader in green and sustainable capital markets takes much more than arranging bond frameworks. From advising on sustainability ratings, to structuring deals and managing reporting, to embedding sustainability in lending products, ING is helping clients throughout their sustainability journey.
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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.
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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.
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BNP Paribas is no stranger to winning the bank award for Central and Eastern Europe, but this year it has added its first Africa award to its haul. A closely integrated approach that sees the emerging markets team working closely with BNP Paribas’s broader credit businesses — whether that is leveraged finance, the high yield and investment grade debt markets and the growth markets — has been crucial to success, says Fred Zorzi, global head of primary markets.
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S&P Global Ratings reorganised its emerging markets effort at the end of 2019, setting up a specialist group that brought together its most senior analysts and economists in 16 countries that it defined as emerging markets across Asia Pacific, EMEA and Latin America.
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The joined-up approach that BNP Paribas takes to corporate financing came into its own this year, allowing its debt markets teams to better navigate the volatile market and help clients first scrambling for liquidity and then to adapt to the post-crisis economy.
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“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.
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Three factors help explain the success of S&P Global Ratings in its financial institutions business during a year in which the Covid-19 pandemic has created unique challenges for the global banking industry and a huge degree of uncertainty over its future credit performance.
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Natixis has, for more than a decade, had a reputation as one of Europe’s leading covered bond houses. It has won awards as the best euro lead manager, and for covered bond research, while maintaining a top 10, and usually a top five position in the global covered bond league tables. “That strength, however, could turn to be a weakness, when volume in the covered bond markets declines”, says Gabriel Lévy, global head of DCM for financial institutions at Natixis in Paris.
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BNP Paribas stood out this year in the euro market for SSAs. In unprecedented market conditions it delivered clients its execution capabilities for the huge increase in funding required, advice around both approaching the market and the new focus on social and sustainable bonds, and its strength in the long end of the curve.
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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.
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It is hard, if not impossible, to think of a single event that has changed the financial outlook for so many companies as quickly as the Covid-19 pandemic. Corporates, investors and other capital markets participants raced to grasp the implications, putting ratings agencies in the spotlight.
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Some banks talk about “delivering the bank” to clients but that is hard with so many individuals spread across so many teams and reporting lines. Bank of America does things differently. Its debt capital markets structure under Jeff Tannenbaum, head of EMEA DCM and leveraged finance, combines bonds, loans, derivatives, structuring, ESG, liability management and syndicate in a single team.
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JPMorgan has topped our poll for the Most Impressive Bank for SSAs for the past five years, a result due on one side to continued investment in the business over a number of years and on the other to the advantage of keeping together what has been one of the most stable coverage teams in the business.
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What is striking about BNP Paribas’s FIG business this year is not just the volume of deals, or the landmark transactions it has worked on — and there have been plenty of those — but the diversity of issuer, product and geography.
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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.
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NatWest Markets, part of NatWest Group, has achieved dominant overall market share in sterling for financial institutions, while its breadth of activity has given it a leading role in more complex products that require closer engagement with the buy-side, such as acquisition finance, Libor transition and innovative liability management exercises.