The financings that defined the capital markets over the past year. Featured deals are across the following broad areas: debt, equity, structured finance, structured credit, and structured equity.
February 2008
During the course of 2007 launching deals went from being the easiest in history to perhaps as tough as it has ever been. But the finance industry continued to show it could produce the goods whatever the market’s conditions. These are the deals where issuers and advisers got their timing and structure just right.
January 2007
Which are the financings that defined the capital markets in 2006? This year, Euromoney recognizes half a dozen deals that will for ever be associated with the previous 12 months.
February 2006
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.
February 2005
Innovation on the part of issuers and their bankers along with robust risk appetite from investors shaped the capital markets in 2004.
February 2004
War, epidemics and political uncertainty dominated the financial landscape in 2003, interrupting roadshows, delaying deals and making it difficult to predict market movements. Some issuers pulled their deals. But others found ways to meet new types of investor demand. Volatile equity markets sparked unusual convertibles. Warmer sentiment towards Russia produced a whole range of deals. Hostile takeovers returned. And high-yield bonds and LBOs enjoyed a resurgence. Antony Currie, Julian Evans, Deborah Kimbell, Chris Leahy and Katie Martin report.
February 2003
Bear markets breed their own types of deals - balance sheet repair, restructuring, liability management, monetization of illiquid assets, securitization, opportunistic acquisitions. The pace and intensity of such deals may vary between the long hard slog and sudden bursts of activity, but companies and bankers that do well in them tend to share certain characteristics: a refusal to accept defeat, creativity that may be inspired by desperation, and a determination to deal with complexity and hold their nerve. Banks must sometimes underwrite risks they would rather not take, just to complete deals.
February 2002
In difficult markets during 2001, issuers and managers needed to show their ingenuity to get deals done. Here we single out those who succeeded in coming up with intriguing structures. Euromoney's writers assess the outstanding deals, region by region. By Chris Cockerill, Antony Currie, Jennifer Morris, Felix Salmon and Kathryn Tully.
February 2001
It was a volatile year in the capital markets, as the telecoms sector clearly showed but still there were standout deals amid the chaos. Antony Currie, Anja Helk, Peter Lee, Julian Marshall, Jennifer Morris and Felix Salmon look back over 2000.
January 2000
In 1999, the European single currency brought with it a flourishing new market in corporate bonds for a range of different quality issuers. The dollar bond market also thrived on a diet of jumbo global offerings. Syndicated loans integrated ever more closely with the capital markets to deliver huge amounts to acquisitive companies. Equity markets saw the first ever pan-European retail deal and the US markets were innovative as ever. Brian Caplen, Antony Currie, Peter Lee, David Shirreff and Marcus Walker profile the deals of 1999.
December 1999
During 1999 there has been a steady improvement in
investor sentiment towards Asian issuers of debt and equity. For the right deal, American, European and Asian buyers have all shown themselves willing to bid for Asian paper at competitive prices. For the most part, it has been only the top quality corporate and quasi-sovereign names that need apply. At the start of the year a highly successful loan for the Hong Kong Airport Authority and a
debut euro deal for Hutchison Whampoa showed leading Hong Kong names reopening markets for the region's issuers. Even then below investment grade deals could be done, as the Philippines proved. Equity markets have been open, if highly selective, with offers from Korea Electric Power Co and China Telecom notable successes.
An undoubted highlight was the recapitalization of Siam Commercial Bank which showed the benefits of full transparency. Luciano Mondellini reports.
February 1999
In a year in which deals of all shapes and sizes were pulled, plaudits go to all equity and bond issuers who were able to complete their deals at all. Some stars of the past - Asian project deals, Latin American corporate bonds and eastern European privatizations - barely made it to the finishing line. But one muscle-clad team of super-athletes swept the board in 1998. This was the year of the telecoms industry: from the stodgiest emerging-market monopoly to the most glamourous builder of fibre-optic networks, telecoms operators were everybody's favourite performers.
September 1997
It's been the year of the emerging markets with many
of Euromoney's 50 best deals of the year coming from key countries such as China, Russia, Brazil and Argentina. Our selection focuses on the important, interesting and innovative transactions from January to August. We have selected five for special mention and
also highlighted some deals that were, frankly, dogs. By Robert Minto.
February 1997
It will be hard to beat last year's crop of deals. Here are some of the best.