Deals and innovations of the year 2005

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By:
Alex Chambers, Chris Leahy, Clive Horwood, Felix Salmon, Kathryn Tully, Kathryn Wells, Peter Koh, Simon Boughey
Published on:

Raising money in global financial markets in 2005 was not always easy. But equity returns were strong and global credit survived a volatile year; it was also a notably profitable year for investment banks as M&A boomed again and the fees came rolling in.

What became clear in 2005 was the number of options an institution looking to raise capital could use. There can be no clearer example than that of the leveraged buyout of retailer Toys R Us, which used a combination of asset-backed, real estate backed and CMBS markets to achieve lower overall financing costs for its sponsors than a traditional bank and bond deal could have provided. Consider also the LBO of Hertz, where the use of ABS allowed the winning sponsors to bid a higher price for their target that the original business plan allowed.

It was also the year that the corporate hybrid came of age, and that emerging markets showed they could be as innovative as their more established peers.

Coverage by Alex Chambers, Clive Horwood, Peter Koh, Chris Leahy, Kathryn Tully, Kathryn Wells, Simon Boughey and Felix Salmon

Full Award Winners
Deals of the YearInnovations of the Year
Financing package of the yearFIG innovation of the year
FIG bond deal of the yearCorporate innovation of the year
Corporate bond deal of the yearStructured credit innovation of the year
High-grade deal of the yearLeveraged finance innovation of the year
Structured credit deal of the yearEquity innovation of the year
M&A deal of the yearEEMEA innovation of the year
Leveraged finance deal of the yearAsian innovation of the year
Equity deal of the yearLatin American innovation of the year
EEMEA deal of the year
Latin American bond deal of the year
Asian deal of the year