Awards for Excellence 2014: Best emerging markets debt house

In recent years, the boom in emerging market bond issuance has offered a quantum of solace for fee-famished emerging market focused investment banks grappling with equity market volatility and rising regulatory costs. Competition remains fierce, however, as the traditionally strong global EM debt houses improve local currency execution capacity and seek a slice of the offshore renminbi market, in addition to arranging deals in G3 currencies.

What’s more, a decent number of regular high-grade borrowers have provided bookrunners with a stable revenue stream, further justifying the costs associated with large-scale global DCM franchises.

With ever-increasing deal sizes and order books amid the global yield drought, issuers continue to demand aggressive pricing terms, while primary markets have remained largely open despite secondary market volatility. This award, therefore, credits bookrunners that have distinguished themselves by opening up new pools of liquidity to a diverse range of issuers through innovative financing solutions.