The latest Euromoney primary debt and new-borrower poll provides a unique insight into what borrowers really think of their underwriters and what investors think of borrowers.
Best Borrower Poll
How to be a good borrower The debt market has rewarded the biggest borrowers and the largest – and least scarred – underwriters handsomely. A new poll of the world’s largest fixed income investors shows which issuers are accessing the markets most successfully. E.On makes virtue of volume
Euromoney asked nearly 900 investors which issuers they rated highest in terms of factors such as issuance strategy, credit quality and investor relations. German debt agency Deutsche Finanzagentur ranks first overall, followed by the EIB, E.On, KfW and BMW. The results, also reveal the best borrowers by type of issuer, such as corporates, banks and emerging markets.
We also polled the world’s leading issuers to ask them which banks were the best lead managers and debt advisers. According to borrowers polled, the primary markets’ best underwriters include many of the biggest and least impaired players. Citi and Bank of America Merrill Lynch continue to figure as top five players in the bond underwriting league tables – but given the negative headlines afflicting this duo it is hardly surprising that BNP Paribas and HSBC have supplanted them in our qualitative top five ranking. Barclays has hit the top spot at last, moving up from the second place it held in 2008. Last year’s winner Deutsche Bank slips to number three but the biggest loser is UBS, which falls to 10th from fourth spot in the 2008 poll.
In the credit research poll Société Générale has regained the top position it last held in 2007. Last year’s winner RBS slips back to fifth. JPMorgan continues its upward trajectory, taking second spot, up from fourth last year and seventh from 2007. Barclays Capital has also moved higher, helped no doubt by the addition of the Lehman Brothers research function. Other houses to suffer major declines are Dresdner and UBS, both of which drop out of the top 10.