Fixed income research and
Best borrowers make up our Fixed income investors research.
Euromoney combined its Fixed income research poll (previously known as Credit research) with a Borrowers poll that asks fixed income investors to nominate the best fixed income issuers both globally and across a range of sectors and borrower types that matched the categories in the research poll. The survey is therefore in two parts:
Best borrower and
Best fixed income research house.
Investors were asked to nominate their top 3 borrowers in each category based on issuance strategy, credit quality and investor relations. For the research side, investors were asked to nominate their top 3 credit research teams, or individuals, across the same categories.
June 2010
June 2010
A survey of 1,700 leading fixed income investors puts the French bank in pole position for credit research. But Barclays and JPMorgan are close behind.
June 2009
The latest Euromoney primary debt and new-borrower poll provides a unique insight into what borrowers really think of their underwriters and what investors think of borrowers.
June 2009
June 2008
May 2008
The crunch has precipitated a world where good credits can turn bad overnight. Research teams must adapt to the new circumstances while clients increasingly have their own expertise. Jethro Wookey reports.
June 2007
Euromoney’s borrower awards capture the most important names and trends seen across the globe during the past 12 months.
May 2007
Euromoney has incorporated its annual credit research poll into a new fixed income research survey. The intention has been to give those banks that no longer follow the traditional fundamental sell-side credit research model a chance to be nominated by their clients.
June 2006
Here are the bond issuers that have taken the market by storm over the past 12 months: from the IFC, punching above its weight within the World Bank group with its pioneering work in developing local bond markets, to Bayer’s use of innovative methods to maintain its credit profile while making acquisitions.
April 2006
Banks’ credit research departments are readying themselves for a turn in the credit cycle towards a higher level of defaults and volatility. Florian Neuhof reports on the state of play.
May 2005
What connects the world's best borrowers in 2005? Their
ability to secure attractive funding through innovative
structures or reaching out to new markets, often when
the conditions are not in their favour.
March 2005
Modular rather than maintenance seems to be the new buzzword as the key to success in a rapidly changing environment for credit research. But every investment bank seems to have a different view about the implications for analysts. To publish or not to publish? Cross asset or sectoral? Client facing or in house? Whatever the decision, only the best analysts will survive.
June 2004
As Euromoney's annual awards show, best borrowers come in all shapes and sizes, winning acclaim because of their investor appeal, tight pricing, good timing, or structural ingenuity. But, as Kathryn Tully reports, activists on the buy side are developing a more formal view of the basics of an investor-friendly issuer.
April 2004
Results of Euromoney’s biggest ever credit research poll indicate that the development of relationships with continental European investors is crucial to success.
June 2003
Primary debt capital markets picked up so significantly in May that some bankers felt able to forecast a bumper crop of issuance for the year. But with macro events so unpredictable they weren't betting their all on that outcome.
April 2003
Things are so tough in investment banking that major institutions are prepared to let award-winning credit analysts decamp to the buy side. Among them are some high-fliers in Euromoney's latest annual credit research poll. Kathryn Tully reports.
June 2002
Euromoney profiles those sovereign, agency, corporate, high yield, financial and securitization issuers that have best coped with the unprecedented volatility in international capital markets in the past year. Our writers look at Europe, Asia and the Americas.
April 2002
Interviews with the front-runners in this year's Euromoney credit poll indicate a market in flux and efforts on the part of credit research teams to adapt to this. At a time when equity activity is subdued, the credit market stands out as lively but also highly volatile throughout the rating spectrum. This means that the top firms are doing their best to find new ways of presenting research to their varied customer base. Timeliness, focus and independence in their reports are crucial but they must produce this with staffing levels that are generally substantially lower than those of their equity colleagues.
June 2001
The highly volatile debt capital markets of the past 12 months have provided an extraordinary set of challenges to borrowers, whether they be highly experienced and well-rated issuers or less creditworthy newcomers. The borrowers which Euromoney here hails as the best from across the world are those who have coped best with markets that one moment are closed, and the next eager for new issues, that one moment cry out for credit risk and yield, and the next are hostile to any but the best-rated names. Some issuers have succeeded by timing their entry into the markets shrewdly. Others have had to show abundant flexibility and innovation to raise funds when investors have been at their most risk averse. Sovereign and agency issuers have pursued the trend towards large, liquid deals, though some now fear investors are being saturated. A wide variety of lower-rated and even some high-rated names have pushed the boundaries of securitization technology in an effort to diversify funding sources. And public corporates have learned the importance of strong debt management to their equity valuations.
April 2001
Euromoney polled investors at 3,000 investing institutions in 31 countries, asking them to rank the individuals and teams whose credit research they rate most highly. The response was four times that of last year, with nearly 340 firms replying to our questionnaire. The winners were two bulge-bracket US firms and two of the largest European banks.
April 2000
Euromoney polled 80 big investors on which firms they rated for credit analysis, and for which sector. The poll showed that credit investors rely extensively on banks' research. They want high quality, timely and independent analysis and access to the analysts. Euromoney's poll shows which firms investors rank highest across various sectors
January 2000
It's been a tough year for many borrowers in the international capital markets. Corporate issuers in particular have fallen quickly from grace, having been the market's darlings a year ago. Now fixed income investors across the world are increasingly risk-averse. Certain sectors of the primary markets, US high yield for example, are very difficult to access. In response to these troubles, many of those borrowers that bankers and investors have nominated to be awarded for their efforts in the past 12 months have reverted to a strategy first made popular by Fannie Mae two years ago. They are striving to produce large, liquid benchmark issues that will at least give investors the comfort that they can easily trade in and out.
June 1999
April 1999
As credit research burgeoned last year there probably were analysts who could command seven-figure salaries. Demand is still high but supply is catching up. The best research houses are formalizing their approaches and a pecking order is developing. Rebecca Bream looks at what's on offer.
June 1998
As our awards show, the world's best borrowers have turned adversity to their advantage.
May 1998
Banks are building up their European credit research in the run up to Emu. Teams are being bolstered and specialists hired. But who is getting it right? The first ever poll of European credit research gives investors the chance to decide. SBC Warburg, Merrill Lynch and JP Morgan all did well, writes Brian Caplen. The poll was conducted by Rebecca Dobson.
June 1997
The European Investment Bank, Euromoney's borrower of the year, is snapping at the World Bank's heels with careful timing and improved investor relations. Russia, best debut borrower, excited the market with its $1 billion and Dm2 billion opening salvos. While the experienced team in Buenos Aires makes Argentina our top emerging market borrower a few lines.
June 1996
The techniques that constitute state-of-the-art borrowing are growing in sophistication. But having the latest black box doesn't guarantee success. Issuers also need old-fashioned market savvy to get the lowest-cost funds. Here are the ones that combined both qualities over the past year
