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2010 Awards for excellence: Best Emerging markets equity house

The US bank’s ability to originate and support deals in the secondary market means it is a cut above the rest.

Awards for Excellence 2010
Best Emerging markets equity house: JPMorgan
Also nominated: Credit Suisse and Morgan Stanley

No capital market has been more difficult for investment banks to negotiate over the past 12 months than the equity market. Between June and December the emerging equity markets reopened and then consolidated, with deals not just from blue-chip names but also small caps, as it appeared that risk appetite was returning.

True, issuance volumes were below their peak levels from just before the crisis – in Brazil, for example, there were 27 deals in 2009, raising $25.4 billion, compared with 85 transactions in 2007 raising $39.1 billion. But the markets were open and there was a steady flow.

However, since the turn of the year, with growing fears about the solvency of southern European governments, the eruption of a volcano in Iceland and general uncertainty about where the global economy is heading, issuance has been much more sporadic, with investors largely focusing their attention on big, liquid deals.

Against this backdrop, no bank can claim to have dominated all emerging markets.

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