| Credit Research Teams | |||
| Sovereigns | |||
| 2017 | 2016 | Entity | |
| 1 | 1 | HSBC | Steven Major & team |
| 2 | 2 | JPMorgan | John Normand, Fabio Bassi, Gianluca Salford & David Mackie |
| 3 | 3 | Societe Generale | Ciaran O’Hagan, Marc-Henri Thoumin |
| 4 | 6 | Commerzbank | Christoph Rieger, Michael Leister & team |
| 5= | 5 | Barclays | |
| 5= | 10 | Natixis | Jean-Francois Robin & team |
| 7 | 7 | BNP Paribas | |
| 8 | 4 | Deutsche Bank | Francis Yared, Mark Wall & team |
| 9 | |||