Awards for Excellence 2012: Best Emerging Markets Debt House
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Awards for Excellence 2012: Best Emerging Markets Debt House

The bank has made good use of its global presence, bringing new pools of liquidity to emerging market borrowers.

Awards for Excellence 2012

Best Emerging Markets Debt House: HSBC

Also nominated: Citi and Deutsche Bank

The battle for global supremacy in emerging markets debt now appears to be between Citi and HSBC.

Citi has jumped ahead of Deutsche Bank in the global rankings, but HSBC is number one in the league tables – and its lead over Citi was especially wide in the most challenging part of the awards period, at the end of last year.

Furthermore, HSBC boasts an excellent balance between issuance in G3 and in local currency – the latter being one of the year’s defining themes.

Citi and, indeed, JPMorgan are more natural US dollar debt houses, and that continues to put them in a good position in emerging market debt. In 2012, the proportion of emerging market issuance in dollars has grown at the expense of euro issuance.

Yet HSBC’s involvement in so many of the period’s most high-profile dollar-denominated transactions also illustrates the breadth of its platform.

Take the debut $3 billion triple-tranche deal for Chinese petrochemicals group Sinopec – one of the largest dollar bonds for a borrower from the Chinese mainland.

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