Investors nominate their top three borrowers in each category based on issuance strategy, credit quality and investor relations.
They also nominate their top three credit-research teams or individuals across the same categories. Research is defined as research/trading ideas consumed by clients (from providers of research) via all distribution channels at the providers. Specifically from a research perspective, this incorporates all research regardless of it being independent/non-independent.
Nominated firms are scored 4:3:2 for first, second and third place votes respectively in each survey. The scores are then totalled for each individual category and these scores totalled for the overall table.
In total, 1,790 investors took part in the survey, of which 1,754 valid responses were received for the fixed-income research part of the poll, and 932 valid responses were received for the best-borrowers part of the poll, which included individual nominations for 711 separate borrowers.