Awards for Excellence 2011: Best Global sovereign advisor
The bank is helping European governments cope with the consequences of their failure to extend debt maturities by finding new ways to fund projects and local authorities.
Best Global sovereign advisor: HSBC
Also nominated: Barclays Capital and Lazard
HSBC has advised governments across a range of fields in the past 12 months as the burgeoning European sovereign debt crisis has required radical solutions. For the second year running, it wins Euromoney’s award for best sovereign adviser. Aside from its extensive credentials in bringing governments directly to the capital markets, HSBC has worked on new approaches for them to source project finance for infrastructure development, amid limits on their own access to debt finance and constraints on bank lending. It is doing similar work for local governments.
With between €1.5 trillion and €2 trillion of infrastructure investments taking place in Europe in the period up to 2020, it is critical that sufficient and appropriate funding be found for these projects, particularly as infrastructure spend is an important contributor to GDP growth.
With Basle III reducing the availability of long-term bank financing and the sheer size of the funding requirement, HSBC has been engaged with the European Commission’s DG EcFin, the European Investment Bank and other stakeholders to provide advice on the structuring of a capital markets solution for infrastructure funding.