PEOPLE
Loans banker of the year
Charlotte Conlan, BNP Paribas
2 Jon Abando, JP Morgan
3 Mathias Noack, MUFG
Lifetime achievement award
Michael Dicks
2 Richard Basham
BANK AWARDS
Loan house of the year
HSBC
2 JP Morgan
3= Bank of America Merrill Lynch
3= BNP Paribas
Best arranger of Western European loans
HSBC
2 BNP Paribas
3 Bank of America Merrill Lynch
4 JP Morgan
Best arranger of leveraged loans
JP Morgan
2 BNP Paribas
3= Credit Suisse
3= Goldman Sachs
Best arranger of M&A loans
JP Morgan
2 Bank of America Merrill Lynch
3 HSBC
4 Deutsche Bank
Best arranger of project finance loans
Sumitomo Mitsui Banking Corp
2= BNP Paribas
2= MUFG
2= Société Générale
Best arranger of trade finance loans
Société Générale
2= BNP Paribas
2= ING
2= Natixis
Best arranger of mid-cap loans
Commerzbank
2 UniCredit
3= BNP Paribas
3= Lloyds Bank
Best secondary loans house
Citigroup
2 Natixis
3= BNP Paribas
3= Commerzbank
BANK REGIONAL AWARDS
Best arranger of UK and Irish loans
Lloyds Bank
2 HSBC
3 Barclays
4 Royal Bank of Scotland
Best arranger of French loans
BNP Paribas
2 Crédit Agricole
3 Natixis
4 Société Générale
Best arranger of German, Swiss and Austrian loans
UniCredit
2 Deutsche Bank
3 Commerzbank
4 DZ Bank
Best arranger of Italian loans
UniCredit
2 Mediobanca
3 Intesa Sanpaolo
Best arranger of Iberian loans
Santander
2 BBVA
3 CaixaBank
Best arranger of Benelux loans
ABN Amro, ING (joint winners)
3 BNP Paribas
4 Rabobank
Best arranger of Nordic loans
Nordea
2 SEB
3 Danske Bank
Best arranger of loans in Central and Eastern Europe
UniCredit
2 ING
3 Citigroup
4= BNP Paribas
4= Commerzbank
Best arranger of loans in Turkey
Bank of America Merrill Lynch
2 Standard Chartered
3 HSBC
4 ING
Best arranger of loans in the Middle East
First Abu Dhabi Bank
2 Citigroup
3= MUFG
3= Standard Chartered
Best arranger of African loans
Standard Bank
2 Citigroup
3 Standard Chartered
4 Rand Merchant Bank
LAW FIRMS, ADVISERS AND INVESTORS
Best corporate finance adviser
Rothschild
2 Deloitte
3 Lazard
4 Moelis & Co
Best law firm for syndicated loans
Linklaters
2 Allen & Overy
3 Clifford Chance
4 Latham & Watkins
Best loan restructuring house
Houlihan Lokey
2 Moelis & Co
3 TowerBrook
Best institutional lender
Allianz
2 Credit Suisse Asset Management
3 Barings
4 M&G Investments
Best subordinated debt investor
MV Credit
2 Apollo
3 Goldman Sachs
4 Partners Group
Best distressed loan investor
Strategic Value Partners
2= Brigade Capital Management
2= Goldman Sachs
DEALS OF THE YEAR
Deal of the year
British American Tobacco
$25bn and £5.7bn January 2017
Deutsche Bank, HSBC (coordinators and underwriters), Bank of America Merrill Lynch, Citigroup, Royal Bank of Scotland (underwriters)
Bank of China, Barclays, BBVA, Commerzbank, ING, Lloyds Bank, Mizuho, Santander, Scotiabank, Société Générale, Sumitomo Mitsui Financial Group, UniCredit (bookrunners)
2 Reckitt Benckiser
$20bn and £1bn February 2017
Bank of America Merrill Lynch, Deutsche Bank, HSBC (underwriters and bookrunners)
Bank of China, BBVA, BNP Paribas, Citigroup, Commerzbank, ING, JP Morgan, Mizuho, MUFG, RBC Capital Markets, Santander, Scotiabank, Standard Chartered, Sumitomo Mitsui Financial Group, UniCredit (mandated lead arrangers)
3 Sibanye Gold
$2.65bn February 2017
Citigroup, HSBC (underwriters, bookrunners)
Barclays, Barclays Africa, Credit Suisse, FirstRand, Intesa Sanpaolo, JP Morgan, Mizuho, Morgan Stanley, MUFG, RBC Capital Markets, Scotiabank, Société Générale, Standard Bank (mandated lead arrangers)
4 Hochtief
€15bn October 2017
JP Morgan (underwriter), Commerzbank, HSBC, Mizuho, Société Générale (bookrunners)
Bankia, Barclays, BBVA, Crédit Agricole, Industrial and Commercial Bank of China, ING, Landesbank Baden-Württemberg, MUFG, Natixis, NatWest Markets, RBC Capital Markets, Sumitomo Mitsui Financial Group (mandated lead arrangers)
Leveraged loan of the year
Stada Arzneimittel
€1.8bn and £266m August 2017
Barclays, Nomura, UBS (physical bookrunners)
Citigroup, Commerzbank, Deutsche Bank, ING, Jefferies, JP Morgan, Société Générale (bookrunners)
BNP Paribas (mandated lead arranger)
2 Wind Tre
€3.4bn October 2017
Bank of America Merrill Lynch, Deutsche Bank, HSBC (coordinators)
Barclays, BNP Paribas, Citigroup, Crédit Agricole, Credit Suisse, Goldman Sachs, ING, Intesa Sanpaolo, JP Morgan, Mediobanca, Mizuho, MUFG, Natixis, Nomura, Société Générale, Sumitomo Mitsui Financial Group, UniCredit (bookrunners)
3= Grifols
$5.65bn and €607m January 2017
Nomura, HSBC, Bank of America Merrill Lynch, Goldman Sachs (lead bookrunners)
Banco Sabadell, Bankia, CaixaBank, Commerzbank, Santander (bookrunners)
BBVA (mandated lead arranger)
3= Nord Anglia Education
€1.09bn and $981m September 2017
Deutsche Bank, HSBC (coordinators), Credit Suisse, Macquarie (underwriters, bookrunners)
M&A loan of the year
British American Tobacco
$25bn and £5.7bn January 2017
Deutsche Bank, HSBC (coordinators and underwriters), Bank of America Merrill Lynch, Citigroup, Royal Bank of Scotland (underwriters)
Bank of China, Barclays, BBVA, Commerzbank, ING, Lloyds Bank, Mizuho, Santander, Scotiabank, Société Générale, Sumitomo Mitsui Financial Group, UniCredit (bookrunners)
2 Reckitt Benckiser
$20bn and £1bn February 2017
Bank of America Merrill Lynch, Deutsche Bank, HSBC (underwriters and bookrunners)
Bank of China, BBVA, BNP Paribas, Citigroup, Commerzbank, ING, JP Morgan, Mizuho, MUFG, RBC Capital Markets, Santander, Scotiabank, Standard Chartered, Sumitomo Mitsui Financial Group, UniCredit (mandated lead arrangers)
3 Hochtief
€15bn October 2017
JP Morgan (underwriter), Commerzbank, HSBC, Mizuho, Société Générale (bookrunners)
Bankia, Barclays, BBVA, Crédit Agricole, ING, Industrial and Commercial Bank of China, Landesbank Baden-Württemberg, MUFG, Natixis, NatWest Markets, RBC Capital Markets, Sumitomo Mitsui Financial Group (mandated lead arrangers)
4 Atlantia
€14.7bn May 2017
UniCredit, Intesa Sanpaolo, BNP Paribas (underwriters)
Bank of America Merrill Lynch, Barclays, BBVA, CaixaBank, Cassa Depositi e Prestiti, Commerzbank, Crédit Agricole, Credit Suisse, Goldman Sachs, HSBC, ING, JP Morgan, Mediobanca, MUFG, Natixis, NatWest Markets, Santander, Société Générale, Sumitomo Mitsui Financial Group, UBI Banca (bookrunners)
Emerging market loan of the year
Sibanye Gold
$2.65bn February 2017
Citigroup, HSBC (underwriters, bookrunners)
Barclays, Barclays Africa, Credit Suisse, FirstRand, Intesa Sanpaolo, JP Morgan, Mizuho, Morgan Stanley, MUFG, RBC Capital Markets, Scotiabank, Société Générale, Standard Bank (mandated lead arrangers)
2 Abu Dhabi National Oil Co
$6bn November 2017
First Abu Dhabi Bank, HSBC, JP Morgan, MUFG, Sumitomo Mitsui Financial Group (bookrunners)
Bank of America Merrill Lynch, BNP Paribas, Citigroup, Goldman Sachs, Mizuho, Société Générale, Standard Chartered, UniCredit (mandated lead arrangers)
3 Saudi Electricity Co
$1.75bn August 2017
Citigroup, First Abu Dhabi Bank, HSBC, Mizuho, MUFG, Natixis, Standard Chartered, Sumitomo Mitsui Financial Group (bookrunners)
Bank of China, Intesa Sanpaolo (mandated lead arrangers)
Infrastructure finance loan of the year
Dubai Airports
$1.625bn and Dh5.05bn May 2017
HSBC (financial adviser), Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Bank of China, Citigroup, Dubai Islamic Bank, First Abu Dhabi Bank, Industrial and Commercial Bank of China, Intesa Sanpaolo, JP Morgan, Noor Bank, Standard Chartered (bookrunners)
2 Atlantia
€14.7bn May 2017
UniCredit, Intesa Sanpaolo, BNP Paribas (underwriters)
Bank of America Merrill Lynch, Barclays, BBVA, CaixaBank, Cassa Depositi e Prestiti, Commerzbank, Crédit Agricole, Credit Suisse, Goldman Sachs, HSBC, ING, JP Morgan, Mediobanca, MUFG, Natixis, NatWest Markets, Santander, Société Générale, Sumitomo Mitsui Financial Group, UBI Banca (bookrunners)
3 National Grid
£1.79bn March 2017
Bank of China, BNP Paribas, China Construction Bank, Crédit Agricole, JP Morgan, Sumitomo Mitsui Financial Group (underwriters, bookrunners)
ING, MUFG, NatWest Markets, RBC Capital Markets, Santander, SEB, Société Générale (mandated lead arrangers)
4 Midland Motorways Group (M6 Toll Road)
£535m 26 May 2017
NatWest Markets (coordinator), Bank of America Merrill Lynch, Barclays, CaixaBank, CIBC World Markets, Commonwealth Bank of Australia, National Australia Bank, RBC Capital Markets, Santander, Société Générale (mandated lead arrangers)
REGIONAL DEALS OF THE YEAR
UK and Irish deal of the year
British American Tobacco
$25bn and £5.7bn January 2017
Deutsche Bank, HSBC (coordinators and underwriters), Bank of America Merrill Lynch, Citigroup, Royal Bank of Scotland (underwriters)
Bank of China, Barclays, BBVA, Commerzbank, ING, Lloyds Bank, Mizuho, Santander, Scotiabank, Société Générale, Sumitomo Mitsui Financial Group, UniCredit (bookrunners)
2 Reckitt Benckiser
$20bn and £1bn February 2017
Bank of America Merrill Lynch, Deutsche Bank, HSBC (underwriters and bookrunners)
Bank of China, BBVA, BNP Paribas, Citigroup, Commerzbank, ING, JP Morgan, Mizuho, MUFG, RBC Capital Markets, Santander, Scotiabank, Standard Chartered, Sumitomo Mitsui Financial Group, UniCredit (mandated lead arrangers)
French deal of the year
Semyrhamis
€8.96bn May 2017
BNP Paribas, Crédit Agricole, Natixis, Société Générale (bookrunners)
Crédit Mutuel-CIC, Commerzbank, HSBC, ING, Intesa Sanpaolo, MUFG (mandated lead arrangers)
2 Safran
€4bn March 2017
Bank of America Merrill Lynch (underwriter, bookrunner)
Barclays, Citigroup, Crédit Agricole, Crédit Mutuel-CIC, Deutsche Bank, MUFG, Natixis, Santander, Société Générale, Standard Chartered, Sumitomo Mitsui Banking Corp
3 Suez
$3.5bn March 2017
HSBC, Morgan Stanley, MUFG, Société Générale (underwriters and bookrunners)
4 Elis Services
€1.92bn July 2017
BNP Paribas, Crédit Agricole, HSBC, Société Générale (bookrunners)
German, Swiss and Austrian deal of the year
Lonza
$4.5bn, €1bn and Sfr700m February 2017
Bank of America Merrill Lynch, UBS (underwriters and coordinators)
BNP Paribas, Citigroup, Commerzbank, Credit Suisse, Goldman Sachs, HSBC, Helaba, ING, Intesa Sanpaolo, JP Morgan, Landesbank Baden-Württemberg, Mizuho, MUFG, Zürcher Kantonalbank (bookrunners)
2 Hochtief
€15bn October 2017
JP Morgan (underwriter), Commerzbank, HSBC, Mizuho, Société Générale (bookrunners)
Bankia, Barclays, BBVA, Crédit Agricole, ING, Industrial and Commercial Bank of China, Landesbank Baden-Württemberg, MUFG, Natixis, NatWest Markets, RBC Capital Markets, Sumitomo Mitsui Financial Group (mandated lead arrangers)
3 Dufry
€500m November 2017
Crédit Agricole, HSBC, ING, UniCredit (bookrunners)
€1.8bn and $601m November 2017
Bank of America Merrill Lynch, BBVA, BNP Paribas, Crédit Agricole, Credit Suisse, HSBC, ING, Mediobanca, Santander, UniCredit (bookrunners)
Deutsche Bank, Landesbank Baden-Württemberg, NatWest Markets, Raiffeisen Bank International (mandated lead arrangers)
4 Stada Arzneimittel
€1.8bn and £266m August 2017
Barclays, Nomura, UBS (physical bookrunners)
Citigroup, Commerzbank, Deutsche Bank, ING, Jefferies, JP Morgan, Société Générale (bookrunners)
BNP Paribas (mandated lead arranger)
Italian deal of the year
Atlantia
€14.7bn May 2017
UniCredit, Intesa Sanpaolo, BNP Paribas (underwriters)
Bank of America Merrill Lynch, Barclays, BBVA, CaixaBank, Cassa Depositi e Prestiti, Commerzbank, Crédit Agricole, Credit Suisse, Goldman Sachs, HSBC, ING, JP Morgan, Mediobanca, MUFG, Natixis, NatWest Markets, Santander, Société Générale, Sumitomo Mitsui Financial Group, UBI Banca (bookrunners)
2 Wind Tre
€3.4bn October 2017
Bank of America Merrill Lynch, Deutsche Bank, HSBC (coordinators)
Barclays, BNP Paribas, Citigroup, Crédit Agricole, Credit Suisse, Goldman Sachs, ING, Intesa Sanpaolo, JP Morgan, Mediobanca, Mizuho, MUFG, Natixis, Nomura, Société Générale, Sumitomo Mitsui Financial Group, UniCredit (bookrunners)
3 Pirelli
€4.2bn July 2017
JP Morgan, Intesa Sanpaolo, MUFG (coordinators)
Agricultural Bank of China, Banco BPM, Bank of America Merrill Lynch, BNP Paribas, China Construction Bank, Commerzbank, Goldman Sachs, HSBC, Industrial and Commercial Bank of China, ING, Mediobanca, Mizuho, Natixis, UniCredit (bookrunners), NatWest Markets (mandated lead arranger)
Iberian deal of the year
Grifols
$5.65bn and €607m January 2017
Nomura, HSBC, Bank of America Merrill Lynch, Goldman Sachs (lead bookrunners)
Banco Sabadell, Bankia, CaixaBank, Commerzbank, Santander (bookrunners)
BBVA (mandated lead arranger)
Abengoa
€3.756bn March 2017
Banco Popular Español, Bankia, CaixaBank, Centerbridge Partners, Crédit Agricole, DE Shaw, Santander, Värde Partners (bookrunners)
Prosegur Cash and Prosegur Compania de Seguridad
€300m and €200m February 2017
€600m December 2016
Santander, BBVA, Bankinter, Citigroup, Goldman Sachs, HSBC (bookrunners)
BayernLB, Commerzbank, UniCredit, CaixaBank, Deutsche Bank (mandated lead arrangers), Bankia (MLA, €600m loan only)
Benelux deal of the year
Refresco
€1.29bn, $620m, £200m September 2017
JP Morgan (left lead), ABN Amro, BNP Paribas, Rabobank (underwriters, bookrunners)
Commerzbank, HSBC, Mizuho, MUFG, Société Générale (mandated lead arrangers)
2= Koninklijke Philips
€1bn green revolving credit facility April 2017
ING (sustainability coordinator)
ABN Amro, Bank of America Merrill Lynch, BNP Paribas, Citigroup, Deutsche Bank, HSBC, Industrial and Commercial Bank of China, JP Morgan, Mizuho, Morgan Stanley, MUFG, Rabobank, Société Générale, UBS (bookrunners)
2= VodafoneZiggo Group
$2.525bn, €2.25bn January 2017
JP Morgan (lead left), ABN Amro, Bank of America Merrill Lynch, BNP Paribas, JP Morgan, Morgan Stanley, Scotiabank, Société Générale (bookrunners)
4 Glencore Agriculture
$3.5bn May 2017
ABN Amro, Barclays, BNP Paribas, Citigroup, Deutsche Bank, HSBC, ING, JP Morgan, Rabobank, RBC Capital Markets, Santander, Société Générale (bookrunners)
Bank of Montreal, CIBC World Markets, Commonwealth Bank of Australia, Crédit Agricole, Credit Suisse, DBS, Mizuho, MUFG, Natixis, SEB, Scotiabank, Standard Chartered, Sumitomo Mitsui Financial Group, UniCredit (mandated lead arrangers)
Nordic deal of the year
Fortum
€12bn September 2017
Barclays (underwriter, bookrunner)
BNP Paribas, Danske Bank, Intesa Sanpaolo, Mizuho, MUFG, NatWest Markets, Nordea, SEB, UniCredit
2 AP Møller-Mærsk
$4bn May 2017
Bank of America Merrill Lynch, Barclays, BNP Paribas, Citigroup, Commerzbank, Crédit Agricole, Danske Bank, DNB Markets, HSBC, ING, Mizuho, Morgan Stanley, MUFG, NatWest Markets, Nordea, Santander, SEB, Société Générale, Standard Chartered, Sumitomo Mitsui Financial Group, Svenska Handelsbanken (bookrunners)
3= SCA Hygiene
€2.6bn February 2017
Crédit Agricole, Deutsche Bank (underwriters, coordinators and bookrunners)
Bank of America Merrill Lynch, BNP Paribas, Citigroup, Commerzbank, Danske Bank, ING, JP Morgan, NatWest Markets, Nordea, SEB, Standard Chartered, Swedbank, UniCredit (mandated lead arrangers)
3= Volvo Car
€1.3bn June 2017
BNP Paribas, HSBC, ING, Nordea (coordinators)
ANZ, Bank of America Merrill Lynch, Bank of China, Barclays, Citigroup, Deutsche Bank, DNB Markets, Goldman Sachs, Industrial Bank, JP Morgan, Lloyds Bank, Morgan Stanley, Santander, SEB, Société Générale, Standard Chartered, Svenska Handelsbanken, Swedbank (bookrunners)
Central and eastern European deal of the year
Veon (formerly VimpelCom)
$2.1bn February 2017
Citigroup, HSBC (coordinators)
Bank of America Merrill Lynch, Bank of China, Barclays, BNP Paribas, Citigroup, Crédit Agricole, Credit Suisse, Deutsche Bank, HSBC, Industrial and Commercial Bank of China, ING, Intesa Sanpaolo, JP Morgan, MUFG, Raiffeisen Bank International, Société Générale (bookrunners)
Mediobanca (mandated lead arranger)
2 Home Credit
€650m June 2017
HSBC (coordinator)
Industrial and Commercial Bank of China, ING, Société Générale (bookrunners)
Sovcombank, VTB Capital (mandated lead arrangers)
3 Allegro
Z5.1bn December 2016
Bank of America Merrill Lynch, BNP Paribas, Crédit Agricole, Deutsche Bank, Goldman Sachs, HSBC, ING, Société Générale, UniCredit (underwriters)
Bank of America Merrill Lynch, BNP Paribas, Crédit Agricole, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Société Générale, UniCredit (bookrunners)
MUFG, PZU (mandated lead arrangers)
4 Żabka Polska
Z2.7bn April 2017
ING, Société Générale, UniCredit (underwriters)
Bank Pekao, Citigroup, Credit Suisse, Société Générale, UniCredit (bookrunners)
Bank of China, PKO BP, PZU (mandated lead arrangers)
Turkish deal of the year
Ülker Bisküvi
$136m, €225m April 2017
Bank of America Merrill Lynch (coordinator, bookrunner)
Barclays, HSBC, ING, Intesa Sanpaolo, JP Morgan, Mediobanca, Rabobank, Société Générale, Sumitomo Mitsui Financial Group, UniCredit (mandated lead arrangers)
2 Akbank
$543m, €515m August 2017
Standard Chartered, Emirates NBD, Industrial and Commercial Bank of China (coordinators)
Bank of America Merrill Lynch, Citigroup, Commerzbank, Deutsche Bank, Export-Import Bank of China, First Abu Dhabi Bank, HSBC, ING, Mediobanca, Mizuho, MUFG, Rabobank, Société Générale, Shinhan Investment Corp, State Bank of India, Sumitomo Mitsui Financial Group, Wells Fargo (bookrunners)
3= Türk Eximbank
€186.5m June 2017
Société Générale (coordinator)
Akbank, Export-Import Bank of China (mandated lead arrangers)
3= VIP Turkey Enerji
$500m and TL720m June 2017
Akbank, ING (coordinators)
HSBC, IS Investment, QNB Capital, Garanti Bank (mandated lead arrangers)
Middle Eastern deal of the year
Abu Dhabi National Oil Co
$6bn November 2017
First Abu Dhabi Bank, HSBC, JP Morgan, MUFG, Sumitomo Mitsui Financial Group (bookrunners)
Bank of America Merrill Lynch, BNP Paribas, Citigroup, Goldman Sachs, Mizuho, Société Générale, Standard Chartered, UniCredit (mandated lead arrangers)
2 Dubai Airports
$1.625bn and Dh5.05bn May 2017
HSBC (financial adviser), Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Bank of China, Citigroup, Dubai Islamic Bank, First Abu Dhabi Bank, Industrial and Commercial Bank of China, Intesa Sanpaolo, JP Morgan, Noor Bank, Standard Chartered (bookrunners)
3= Kuwait National Petroleum Co
$4.245bn May 2017
HSBC (coordinator)
BBVA, BNP Paribas, Crédit Agricole, Kexim, Mizuho, MUFG, Natixis, Santander, Société Générale, Standard Chartered (mandated lead arrangers)
3= Omantel
$2.25bn October 2017
Citigroup, Credit Suisse (underwriters)
Arab Banking Corp, Bank Muscat, HSBC, Standard Chartered (bookrunners)
African deal of the year
Sibanye Gold
$2.65bn February 2017
Citigroup, HSBC (underwriters, bookrunners)
Barclays, Barclays Africa, Credit Suisse, FirstRand, Intesa Sanpaolo, JP Morgan, Mizuho, Morgan Stanley, MUFG, RBC Capital Markets, Scotiabank, Société Générale, Standard Bank (mandated lead arrangers)
2 Kenya
$1bn, March 2017
Citigroup, FirstRand, Standard Bank, Standard Chartered (bookrunners)
Commerzbank, Société Générale (mandated lead arrangers)
3 Ghana Cocoa Board
$1.3bn September 2017
Crédit Agricole, Natixis, Rabobank, Standard Bank, Sumitomo Mitsui Financial Group (underwriters, coordinators, bookrunners)
ABN Amro, Bank of China, Commerzbank, DZ Bank, FirstRand, Ghana International Bank, Industrial and Commercial Bank of China, Intesa Sanpaolo, MUFG, Société Générale, Standard Chartered (mandated lead arrangers)
4 Afreximbank
$632m and €561m, June 2017
Abu Dhabi Commercial Bank, Arab Banking Corp, Barclays, Commerzbank, Emirates NBD, First Abu Dhabi Bank, FirstRand, HSBC, Industrial and Commercial Bank of China, Mizuho, MUFG, Standard Bank, Standard Chartered, Sumitomo Mitsui Financial Group (bookrunners)
AKA Ausfuhrkredit-Gesellschaft, Axis Bank, Bank of China, Bank of Taiwan, Banque Misr, Commercial Bank of Kuwait, Export-Import Bank of China, First Commercial Bank, State Bank of India (mandated lead arrangers)