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EdF changed the hybrid game.

Twitter set an IPO landmark.

Vedanta and its bookrunners gave the market a lesson in how to get a deal done in volatile times both through its opportunistic timing and the deal’s execution.

Chapter 11 bankruptcy is never a cheering experience, but in Arcapita’s case it has created an important precedent for the Middle East, where – even after the crises of 2008 and 2009 – restructurings have been extensions of loans, largely because of undeveloped local bankruptcy laws.

Announced in July 2012, this high-profile deal by CNOOC, the world’s largest independent oil exploration and production company, to acquire Nexen closed in February last year. The deal is the largest ever acquisition of a foreign target by a Chinese company and was three times oversubscribed, with over $18.1 billion of commitments received. Citi advised CNOOC, acting as sole coordinating bank on the $6 billion term loan facility, while Goldman Sachs and RBC advised Nexen.

The head of Nigeria’s Dangote Industries, Africa’s richest man, Aliko Dangote, signed a $3.3 billion deal on September 4 2013 to finance the building of the largest oil refinery in Nigeria.

In September América Móvil confirmed its reputation as the most innovative Latin American issuer in the international debt capital markets with its inaugural hybrid transaction. The €2.1 billion-equivalent had three tranches across two currencies (the deal had a sterling tranche) and was designed to achieve a 50% equity credit from the rating agencies to strengthen its capital base. This was the first by any Latin American corporate issuer to achieve the objective. The result was a transaction that strengthened the company’s capital base and supported its senior credit ratings and was cheaper than issuing equity. Also, unlike issuing equity, the deal is tax deductible and incurs no shareholder dilution. The structure also provides América Móvil with the flexibility to defer interest without constituting an event of default.

The sale of HSBC Bank Panama to Bancolombia was one of the largest M&A deals of the year and was transformative to the financial services industry in the fastest-growing economy in Latin America. The deal value was $2.1 billion based on estimated 2012 price to book value of 3.0x and 2012 estimated P/E of 16.9x. HSBC Panama was the second-largest bank in Panama, with a 17% market share in loans, 16% in deposits and 5% in insurance premiums. With the acquisition, Bancolombia adds total assets of $7.6 billion, deposits of $5.8 billion and shareholder’ equity of $800 million to its Panamanian operations to create a presence in a very attractive economy and banking industry. It also further enhances the movement of Colombia’s biggest banks northwards as they seek regional expansion and diversification. Bancolombia becomes the largest bank in Panama and central America and is expected to double the contribution of international earnings to about 20% of total.

In a landmark deal on November 6 2013, Transnet, a state-owned freight-logistics company, became the first South African company to issue a rand-denominated bond on the international capital markets.

Frontier markets are in vogue and there are few markets less tapped than Iraq. It is perhaps fitting, then, that in February 2013 Iraq produced the biggest IPO in the Gulf region since the 2008 global financial crisis: the $1.2 billion listing of mobile phone firm Asiacell.

In a lacklustre year for dealmaking in emerging Europe, the acquisition of Czech gas transmission firm Net4Gas by German insurer Allianz and the infrastructure arm of Ontario Municipal Employees Retirement System stood out by virtue of its complexity and the competitiveness of the bidding process.

On top of the Aldar-Sorouh merger, the financing of the second phase of Emirates Aluminium (Emal) added to Abu Dhabi and the UAE’s resurgent confidence in 2013.