Best Borrowers Survey
all page content
all page content
Main body page content
LATEST ARTICLES
-
Euromoney’s Best borrowers capture the most important names and trends seen across the globe during the past 12 months.
-
Deutsche Finanzagentur tops borrower ranking for seventh year; Pricing mechanism comes with volatility, says agency
-
The hunt for yield has prompted a remarkable reversal of fortune for several sovereign borrowers in this year’s Euromoney survey. Those that have grasped the opportunity have reaped the rewards.
-
-
Incorporating - Best Borrowers and Fixed Income Research surveys:
-
From sovereigns to non-bank financial institutions, the results of Euromoney’s Best Borrowers survey brings you the most important names and trends from all over the world during the past 12 months. Almost 1,000 investors were asked to nominate their top three borrowers in each category based on issuance strategy, credit quality and investor relations.
-
Euromoney’s Best Borrowers survey brings you the most important names and trends from all over the world during the past 12 months. View a list of borrowers featured in this year's survey.
-
Euromoney received votes from 1,107 investors nominating the best borrowers in the international debt capital markets, a ranking traditionally dominated by the highest-quality sovereign borrowers, supranationals and agencies and frequent corporate issuers. The biggest riser in the ranking this year, up to 11th position from 33rd last year, is the European Financial Stability Facility (EFSF), which funds the debt issued to bail out Greece, Ireland and Portugal.
-
Euromoney asks investors to nominate the best fixed-income issuers globally and across a range of sectors and borrower types that matched categories in the research poll. The survey is therefore in two parts: best research house and best borrower.
-
Western Europe ’11 ’10 Entity Score 1 1 Germany (Deutsche Finanzagentur) 636 2 2 European Investment Bank 359 3 3 KfW Bank 334 4 4 France (Agence France Trésor) 320 5 5 BMW 319 6 9 Volkswagen 272 7 8 E.On 247 8 6 Telefónica 244 9 Netherlands (Agentschap van het Ministerie van Financien) 195 10 7 Daimler 184
-
Aftershock of European debt crisis hits supranationals.
-
Overall ’11 ’10 Entity Score 1 1 Germany (Deutsche Finanzagentur) 636 2 2 European Investment Bank 359 3 3 KfW Bank 334 4 4 France (Agence France Trésor) 320 5 5 BMW 319 6 8= Volkswagen 272 7 8= E.On 247 8 6 Telefónica 244 9 20= Netherlands (Agentschap van het Ministerie van Financien) 195 10 7 Daimler 184 11 47= Spain (Ministerio de Economia y Hacienda) 161 12 13 Deutsche Telekom 151 13 11 France Telecom 146 14 17 EDF 134 15 Finland (Valtioneuvosto) 131 16 26 Allianz 129 17 12 Brazil (Tesouro Nacional) 122 18 39 Renault 121 19 20= Italy (Departimento del Tesoro) 119 20 28 Virgin Media 117 21 15 RWE 115 22 35= Wind Telecomunicazioni 114 23 22 United Kingdom (UK Treasury-DMO) 110 24= 18 Fiat 109 24= 32 Enel 109 24= Continental 109 27 25 Axa 106 28= 38 Landesbank Baden-Wurttemberg 105 28= Siemens 105 30 27 KPN 102 31 47= Munich Re 100 32 19 Iberdrola 99 33 29 Vodafone 98 34= 30= Casino Guichard-Perrachon 95 34= 40 GDF Suez 95 36 41= PSA Peugeot Citroen 94 37 14 United States (US Treasury-ODM) 91 38 45= Gazprom 88 39= World Bank 86 39= 30= Turkey (Mailye Bankanligi) 86 39= 16 Poland (Ministry of Finance) 86 42 Russia 82 43 General Electric Finance 79 44 UPC 76 45 35= Heidelberg Cement 74 46 European Financial Stability Facility 72 47= 34 Tesco 71 47= Cades 71 49 10 General Electric 69 50= Austria 68 50= 45= Eurohypo 68
-
Sovereigns ’11 ’10 Entity Score 1 1 Germany (Deutsche Finanzagentur) 623 2 2 France (Agence France Trésor) 314 3 4= Netherlands (Agentschap van het Ministerie van Financien) 188 4 9 Spain (Ministerio de Economia y Hacienda) 156 5 7 Finland (Valtioneuvosto) 124 6 4= Italy (Departimento del Tesoro) 111 7 6 United Kingdom (UK Treasury-DMO) 104 8 3 United States (US Treasury-ODM) 91 9 12 Austria 68 10 15 Sweden 54 11 10 Belgium 42 12 16 Australia 37 13 17 Norway 33 14 13 Poland (Ministry of Finance) 32 15 18= Switzerland 26
-
Investors are taking a more enlightened stance towards Spanish Treasury funding.
-
Bond investors no longer put blind faith in top credit ratings – even the safest-seeming borrowers can expect searching questions. So the openness of such issuers as the Spanish sovereign has paid big dividends. It is a lesson even the most successful issuers are learning. Philip Moore reports.
-
Euromoney’s Best borrowers capture the most important names and trends seen across the globe during the past 12 months.
-
THE WORLD’S THREE best borrowers, according to a survey of more than 1,700 fixed-income investors worldwide, are among the biggest issuers in the market.
-
People like to drive its vehicles. They want to buy its bonds. And increasingly, in Germany, they choose to bank with BMW as well.
-
The turbulent markets of the past two years have provided a unique challenge to debt issuers that can never be closed out of the market. Clive Horwood asked four of the world’s leading borrowing officials how they have maintained access throughout the crisis. From cooperative bonds to building their own banks, the best issuers continue to innovate.
-
Although E.On is one of the best-known utilities in Europe, it went five years without issuing a major bond in the capital markets. All that was to change in the middle of 2007, when it announced a €30 billion investment initiative, the financing for which needed to be raised by 2010. "The euro market was closed for much of 2008 – it was a really difficult year. Sometimes the market was only open for a few days at a time," says Verena Volpert, head of finance at E.On.
-
This year Euromoney combined its existing fixed income research poll with a new poll that asked investors to nominate the best fixed income issuers both globally and across a range of sectors and borrower types that matched categories in the research poll. The survey was therefore in two parts: best research house and best borrower.
-
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.
-
BofA’s new take on a long-established form of capital-raising was quickly replicated by its peers.
-
When Deutsche Bank paid a large premium to issue bonds in August, many derided the deals. But a lot of borrowers would now be very happy to have funded at the same levels.
-
The borrower stands out for its prolific yet nimble use of the global capital markets during the credit crunch.
-
The stars were aligned for GlaxoSmithKline’s $9 billion blockbuster issue, which smashed into the market and took several records with it.
-
The gas transporter establishes a Colombian corporate benchmark by maintaining a flexible approach.
-
The reinsurer’s sophisticated use of the ABS market is now matched by its use of the unsecured markets.
-
Euromoney’s borrower awards capture the most important names and trends seen across the globe during the past 12 months.
-
CVRD mines rich loan seam, following through with record-breaking bond issues.
-
Heavily burdened republic picks the right time to clear expensive debt.
-
The bank’s hybrid securities activity illustrates the stark contrast between the US and European bank capital sectors.
-
Improving credit stories have been hard to come by in the investment-grade corporate market but the German group proved to be an outstanding exception.
-
State-owned bank brings in rich harvest at home and abroad.
-
The Indian bank has raised more than $5 billion in 2006 and 2007, appealing to several different markets.
-
Retailer offers useful consumer sector diversification away from Chinese real estate names.
-
A repeat of 2006’s success follows another outstanding performance from out-going treasurer Omar Cruz and his team.
-
Issuer energizes the region with a 30-year tranche.
-
The Russian advertising group’s issue was a breakthrough diversification for the region’s borrowers from CLNs to high-yield bonds.
-
Worst of times overcome as investors look to the long term.
-
Newly won investment-grade status helps Mexican bank gear up for expansion.
-
The bank has achieved its long-held aim of penetrating the US investor base with its covered bonds, to the benefit of all international issuers.
-
Babson has leveraged its impressive franchise through a series of innovative deals over the past year.
-
Three years after the UK rail infrastructure provider’s first issue, the company has fixed itself in investors’ minds with the largest non-government index-linked bond ever. There’s more to come.
-
The private equity house has profound knowledge of both sides of the debt markets.
-
GMAC and its new owner, Cerberus Capital, have used the ABS markets with skill to mitigate the impact of its troubled parent.
-
Here are the bond issuers that have taken the market by storm over the past 12 months: from the IFC, punching above its weight within the World Bank group with its pioneering work in developing local bond markets, to Bayer’s use of innovative methods to maintain its credit profile while making acquisitions.
-
What connects the world's best borrowers in 2005? Their ability to secure attractive funding through innovative structures or reaching out to new markets, often when the conditions are not in their favour.
-
As Euromoney's annual awards show, best borrowers come in all shapes and sizes, winning acclaim because of their investor appeal, tight pricing, good timing, or structural ingenuity. But, as Kathryn Tully reports, activists on the buy side are developing a more formal view of the basics of an investor-friendly issuer.
-
Primary debt capital markets picked up so significantly in May that some bankers felt able to forecast a bumper crop of issuance for the year. But with macro events so unpredictable they weren't betting their all on that outcome.
-
Euromoney profiles those sovereign, agency, corporate, high yield, financial and securitization issuers that have best coped with the unprecedented volatility in international capital markets in the past year. Our writers look at Europe, Asia and the Americas.
-
The highly volatile debt capital markets of the past 12 months have provided an extraordinary set of challenges to borrowers, whether they be highly experienced and well-rated issuers or less creditworthy newcomers.
-
It's been a tough year for many borrowers in the international capital markets. Corporate issuers in particular have fallen quickly from grace, having been the market's darlings a year ago. Now fixed income investors across the world are increasingly risk-averse. Certain sectors of the primary markets, US high yield for example, are very difficult to access. In response to these troubles, many of those borrowers that bankers and investors have nominated to be awarded for their efforts in the past 12 months have reverted to a strategy first made popular by Fannie Mae two years ago. They are striving to produce large, liquid benchmark issues that will at least give investors the comfort that they can easily trade in and out.
-
-
As our awards show, the world's best borrowers have turned adversity to their advantage.
-
The European Investment Bank, Euromoney's borrower of the year, is snapping at the World Bank's heels with careful timing and improved investor relations. Russia, best debut borrower, excited the market with its $1 billion and Dm2 billion opening salvos. While the experienced team in Buenos Aires makes Argentina our top emerging market borrower a few lines.
-
The techniques that constitute state-of-the-art borrowing are growing in sophistication. But having the latest black box doesn't guarantee success. Issuers also need old-fashioned market savvy to get the lowest-cost funds. Here are the ones that combined both qualities over the past year