The world's most improved investment bank
Awards for Excellence 2002
Barclays Capital has made obvious and significant strides in its core debt markets businesses in recent years. In the Eurobond market it wasn't even in the top 10 three years ago and in euro-denominated bonds it barely made the top 20 back in 1999. Today it ranks in the top three in Eurobonds, euro-denominated bonds and in the key battleground of euro corporate bonds, behind universal banking giants Deutsche Bank and Schroder Salomon Smith Barney.
But does that qualify it as the most improved investment bank, when it doesn't even have an M&A franchise or a conventional equities business? Euromoney believes that it does for two reasons. First, Barclays Capital is more than just a niche debt house. It has strong risk management franchises, including an expertise in equity derivatives and convertible bonds as well as in commodities. Secondly, the ideal model for the investment bank is no longer certain.