Best emerging markets debt house:
HSBC
| Also shortlisted: Citi Deutsche Bank |
| View more 2014 awards |
In recent years, the boom in emerging market bond issuance has offered a quantum of solace for fee-famished emerging market focused investment banks grappling with equity market volatility and rising regulatory costs. Competition remains fierce, however, as the traditionally strong global EM debt houses improve local currency execution capacity and seek a slice of the offshore renminbi market, in addition to arranging deals in G3 currencies.
What’s more, a decent number of regular high-grade borrowers have provided bookrunners with a stable revenue stream, further justifying the costs associated with large-scale global DCM franchises.
With ever-increasing deal sizes and order books amid the global yield drought, issuers continue to demand aggressive pricing terms, while primary markets have remained largely open despite secondary market volatility. This award, therefore, credits bookrunners that have distinguished themselves by opening up new pools of liquidity to a diverse range of issuers through innovative financing solutions.
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| We remain committed, thanks to the depth, diversity and consistency of our platform, to bring issues into new markets, maintain long-term relationships with clients and the buy side Bryan Pascoe |
Against this backdrop, HSBC and Citi remain the undisputed market leaders, despite strong competition, boasting diverse pools of local currency liquidity, buy-side intelligence, increasingly complex product offerings and the ability to generate revenues and execute trades amid bouts of market volatility from last year’s taper tantrum to the sell-off in the first two months of this year.