Best emerging markets investment bank:
Citi
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Also shortlisted: |
It has been a mixed year for emerging market investment banking, given disappointing activity in key markets such as Russia, Brazil and Nigeria, and modest appetite for FX and credit products, amid rate volatility and the abrupt strengthening of the dollar in local-currency terms. As ever, investment banks with cross-product capabilities, from flow to events-driven business, have managed to weather the deal-flow cycles.
Meanwhile, the return of Asian equity capital markets, global M&A deals, and the continued health of primary debt markets, albeit a low-margin business, have boosted emerging market investment banks’ origination earnings.
Citi still commands the industry-leading markets and origination business, backed by its global corporate banking franchise. As Basel III and balance-sheet retrenchment challenge the economics of multi-currency payment facilities, secondary support for low-margin credit and equity underwriting business, and long-dated swaps and rates products, Citi has notably held firm in its cross-border local rates, credit and origination business.
Its full suite of commercial and investment-banking products, the longevity of its local presence for institutional accounts, and balance- sheet support for strategic clients continues to pay off.