Bond Awards

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.