With a highly skilled team of investment bankers, J.P. Morgan remains undeterred in the face of geopolitical turmoil to provide exceptional investment banking solutions. In 2023, when according to Dealogic, global investment banking fees for the industry fell 16% to $66.5 billion, J.P. Morgan was able to retain its top position in global investment banking revenue, capturing an 8.7% revenue market share. Regionally, the bank retained the top spot in Europe, the Middle East, and Africa. In the Asia-Pacific region, apart from Japan, the bank rose to be top fee earner from the fourth position, year-over-year, with improved performance in Southeast Asia, South Korea, India, Malaysia, Singapore, and Australasia. This success is the result of a deep and talented team of bankers. J.P. Morgan recognizes the importance of developing its staff by rotating senior management to broaden their roles. The firm recently announced new and increased responsibilities for some key executives to position the investment bank for future success and growth. —David Sanders

In the 2010s, CITIC Securities (CITICS) became China’s first securities company dual listed on the Shanghai and Hong Kong stock exchanges. CITICS operates in 13 countries and has a diversified client base of over 4,500 worldwide. CITICS’ client-focused investment banking service covers a full scope of products, including domestic and overseas equity, bonds, asset-backed securities, and M&A. Since 2022, CITICS has been ranked the world’s No. 1 bank for initial public offerings (IPOs). In 2023, CITICS had top IPO deals across different continents and regions, including North America, Asia, East Europe, and the Middle East region. CITICS remains in a leading position in A-share equity financing and the Chinese domestic M&A market, and it has been ranked first in global equity financing of Chinese issuers in the past five years. While continuously growing its offshore bonds and international M&A financial service, CITICS also actively expands its service into other areas, such as wealth management, equity pledge, family trust investment adviser, and full cycle asset allocation consulting service. —Lyndsey Zhang

In a year when many emerging markets saw financial conditions improving on the back of subsiding global inflation, Emirates NBD Capital took advantage of its penetration across diverse markets to post very solid growth across all investment banking offerings. Focusing on markets such as its Middle East and North Africa home region, as well as Turkey, India, Pakistan, the Maldives, China, and Indonesia, the Islamic powerhouse bank secured an aggregate closing of $50 billion in 77 transactions across the equity and debt markets during the fiscal year, showing substantial growth. Notably, the bank dominated capital market debt issuances among regional players, closing a remarkable $39 billion in transaction value through regular and Shariah-compliant bond instruments (sukuk), underscoring Emirates’ strategic commitment to diverse markets. In equity, the giant raised more than $11 billion, exemplifying its versatility in IPOs, rights issues, and sell-down mandates. —Thomas Monteiro

When operating and investing in frontier countries, Standard Chartered is invaluable as a strategic partner to lead clients in navigating the inherent complexities of these markets. Significant challenges exist with less advanced capital markets, related to liquidity, currency volatility, the regulatory framework, and political instability. In what are considered high-barrier markets for many participants—in Asia, Africa, and the Middle East—Standard Chartered is a trusted advocate providing local expertise to domestic and multinational clients, with bespoke financing solutions, and with risk mitigation and hedging strategies. This is achieved mainly through credit products including bonds, loans, and structured financings that also support environmental, social, and governance (ESG) initiatives with sustainability-linked products. The bank’s capabilities are backed by 120 industry specialists in five global hubs, offering leading industry expertise across key sectors including power, utilities and infrastructure, oil and gas, technology, real estate, clean energy, and metals and mining. By executing complex transactions, the bank performs a critical role in the development of each country it serves, assisting both domestic and multinational clients in their financing needs. It also identifies global investors to increase foreign direct investment to advance these frontier economies. —DS

In 2023, the global leader of sustainable financing, Societe Generale (SocGen), supported key projects across all green energy sources, such as solar, wind, geothermal, and hydropower, with a particular focus on developing the first two. These make up roughly 95% of the bank’s financial commitments in renewable energy. One of SocGen’s top accomplishments in the year is the bank’s key part in the first closing of the Afrigreen debt impact fund to boost solar energy in Africa, raising €87.5 million (about $95 million) toward the fund’s €100 million target. The French powerhouse also acted as a leading adviser in crucial deals for the industry, such as the Net Zero Teesside partnership with Northern Endurance to create the UK’s first decarbonized industrial cluster. SocGen also arranged financing of 4.4 billion euros for Poland’s first offshore wind farm. And the bank focused on the “S” part of ESG with the structuring of the world’s first corporate-backed development impact bond issued by Unilever and the SDG Outcomes Fund to foster development in Nigeria. —TM

In the face of ongoing conflicts and environmental disasters, such as the 2023 earthquakes in Turkey and Morocco, the European Bank for Reconstruction and Development (EBRD) played a crucial role in providing relief to local businesses and populations through financial access and targeted investing. The multilateral institution deployed a record €2.1 billion in Ukraine in 2023, following a €1.7 billion total in 2022. These numbers helped solidify its position as Ukraine’s largest institutional investor amid the conflict. EBRD also took the front line when tragedy struck Turkey early last year, providing another record-breaking €2.5 billion to the country, including €1.5 billion in the event’s immediate aftermath. The bank’s incredible efforts in 2023 also extended beyond relief initiatives. During the year, EBRD invested €20 million in Bank Pekao’s debut eurobonds, marking a significant step toward supporting long-term positive change with the issuance of the bank’s first green bond. —TM

Emirates NBD Capital takes home our Best Bank for Client-Facing Technology title for relentless commitment to providing unparalleled convenience and accessibility to corporate investors via its best-in-breed platforms. Among the several capabilities offered, the Islamic powerhouse innovated with its flagship IPO portal—a fully digital platform that facilitates investor participation ahead of upcoming listings on the Dubai market. Available via a subscription model, the portal has allowed Emirates to catalyze some of the most important IPOs to emerge from the United Arab Emirates and regions in the last two years. Not satisfied with this success, the bank hasn’t stopped moving into new endeavors. Recently, it made a strategic investment in trade finance tech company Komgo, further expanding the bank’s treasury, credit, and trade finance offerings. “We recognize how the fast-changing fintech landscape impacts our industry, and we will continue to find and support the next generation of technologies that will help us shape the future of finance,” explains Ahmed Al Qassim, group head of Wholesale Banking at Emirates NBD. —TM

Our winner for the third consecutive year, Banco BTG Pactual hasn’t let the challenging macroeconomic environment of higher interest rates and globally dwindling investment banking activity stand in the way of innovation. The Brazil-based giant kept on pushing the limits of the industry. In 2023, in partnership with Crypto.com, the bank launched the BTG DOL, theworld’s first dollar-backed stablecoin from a bank. The initiative has allowed its customers to diversify into cryptocurrency with the security of BTG’s reserves behind it. The bank also broadened its already outstanding lineup of local-market products, with more options in fixed-income and agriculture. Furthermore, BTG opened its first set of internationally diversified accounts, allowing its local-market customer base to invest in global products such as US-based ETFs, REITs, and ADRs. Moreover, the Brazilian powerhouse acquired Luxembourg-based FIS Privatbank, boosting BTG’s capability to offer its products and services to customers looking to diversify into the European continent. —TM

Equity capital markets enjoyed an extra boost last year, as the MSCI World Index and the S&P 500 each gained just over 24% in 2023; however, the equity capital markets issuance volume failed to keep up, rising only 8%, according to Dealogic, which attributed the sluggish pace to elevated interest rates plus ongoing geopolitical turmoil. Regionally, relatively strong issuance in the US, Europe, and Japan was offset by weakness in Latin America, Asia excluding Japan, and the Middle East.

The initial public offering (IPO) market is looking to shake off sluggish growth this year with an improved economic outlook. However, headwinds, including uncertainty surrounding the US elections, may prompt issuers to come to market sooner rather than later.

This year’s regional winners are recognized for their comprehensive equity capital markets platforms, leadership in executing transactions, and depth of knowledge across most key industries. —DS

With operations in 35 countries, Bank of America Securities (BofA Securities) boasts a powerful equity capital markets franchise that has achieved notable gains in league table rankings both globally and regionally. Despite sustained high interest rates, BofA’s ranking in global issuance volume rose four spots to second place, with $39 billion across 266 deals, for a 7% share, while its global revenue ranking improved two places to fourth, for a 6% market share, according to Dealogic.

Regionally, the bank claimed the top spot in Europe, the Middle East, and Africa (EMEA) equity issuance volume rose from fourth place year-over-year, with $11 billion in proceeds on 54 deals, for a 9% share. In the Americas, BofA held steady at third place in US issuance, with $18 billion in volume and a 12% share, and cracked the top 10 in Canada, up from thirty-first last year. In Latin America, it rose three spots to second place in deal volume, with $2 billion across 33 deals, for a 15% share, nearly surpassing the regional leader, Itaú BBA.

BofA moved up one spot to tenth in Asia excluding Japan, with $4.9 billion in equity issuance, for a 3% share; and it gained ground in IPOs in the US and EMEA, rising to fourth and fifth place, respectively. The bank is well-positioned to build on these gains, given its deep execution capabilities and exceptional sector knowledge. —DS

Macroeconomic upheaval has not dampened optimism at Chapel Hill Denham. “Africa’s long-term story is a growth story,” says partner Phil Southwell. As banks and corporates seek to bolster their equity to meet the twin challenges of financing organic growth on the continent and recapitalizing, issuance volumes will continue to grow, he predicts.

Chapel Hill Denham sits at the pinnacle of Africa’s equity capital markets. The firm’s team boasts more than 280 years of collective experience. Since 2017, the firm has dominated issuance in Nigeria with over 57% market share, participating in over 48% of completed transactions last year. Over the 12 months ending last October, the firm oversaw equity capital markets deals worth $421.6 million. It acted as lead bookrunner for its Nigeria Real Estate Investment Trust, which collected $95 million through a Series II fundraising. The transaction, the largest ever for a REIT, was 125% oversubscribed. —JN

DBS is the Asia-Pacific region’s leading equity house, thanks to its agility in structuring equity solutions; and it aims to maintain its standing by embracing new opportunities and challenges and improving its strategic vision.

In REITs and business trusts, DBS retains the top ranking in the capital markets of Singapore and the Association of Southeast Asian Nations as a whole. In Hong Kong and Indonesia, it offers customized solutions to state-owned entities and privately owned small and midsize enterprises. In 2023, DBS acted as lead financial adviser, joint global coordinator, joint bookrunner, and underwriter on several equity offerings on the Singapore Exchange, signaling a post-pandemic comeback for Singapore equity capital markets.

In 2020, DBS received permission from the China Securities Regulatory Commission to establish a majority-owned subsidiary, DBS Securities (China), which operates in the mainland’s onshore equity capital market and also provides services to Chinese clients on their cross-border equity financing initiatives. —LZ

The leading bank in Central and Eastern Europe, ranked by net income, equity, and customer base, PKO Bank Polski rode a remarkably good year for Polish dealmaking and equity activity to post continued positive results. The Warsaw-based giant continued to lead in its home country’s investment market, one of Europe’s liveliest IPO scenes last year. Driven by 15 debuts on the Warsaw Stock Exchange, in many of which PKO played a pivotal role, the region saw IPO activity soar.

Looking ahead, PKO’s customer-centric positioning and decades-long market dominance signal the investment bank’s intention to keep improving its key performance indicators into 2025. The bank aims to achieve a return on equity above 12% and cost-to-income ratio below 45% in investment banking next year, while holding the cost of risk to the 0.7% to 0.9% range. —TM

A key component of Banco BTG Pactual’s investment banking success is its talented team of bankers and an organizational structure that it periodically refines to meet shifting market dynamics and client needs. The current structure, organized around execution and industry groups, is designed to combine client-focused investment bankers with necessary expertise.

This structure allows BTG to be more responsive as it serves corporate clients in sectors including financial institutions, logistics and transportation, retail, technology, energy, electric utility, healthcare and pharmaceuticals, construction, and environmental and waste management.

Following equity markets’ strong regional performance last year that saw the MSCI Latin America index surge 33.5%, far outpacing the broader MSCI Emerging Markets Index, the outlook is for continued momentum aided by an easing monetary policy at many of the region’s central banks. Against this backdrop, BTG aims to improve its league table rankings. Last year it placed third in Latin American equity capital markets volume, with $1.8 billion in proceeds across 24 transactions, for a 14% market share, according to Dealogic. The bank kept its position as Brazil’s top equity capital markets platform, notching 19 deals for $1.6 billion in issuance. —DS

The Global Corporate Finance division of First Abu Dhabi Bank (FAB) operates a leading investment bank in the United Arab Emirates (UAE) and throughout the Middle East, offering deep local and regional knowledge across a range of sectors combined with strong origination and structuring expertise. The division’s international reach also affords extensive distribution capabilities to domestic and global institutional investors by virtue of its location within the UAE’s largest bank.

While equity issuance volume fell 47% in the Middle East and North Africa (MENA) region last year, according to Dealogic, FAB secured high-profile mandates from Abu Dhabi National Oil Company (Adnoc) for its IPO representing 5% of the company’s gas business and a separate IPO of 19% of Adnoc Logistics and Services. These transactions placed FAB among the top five banks in MENA equity capital markets, according to Bloomberg, and earned it 10th place in EMEA IPO fees, with a 2% share, Dealogic calculated. —DS

The outlook for renewed activity in North American equity capital markets is strong as economic conditions improve. The Federal Reserve Bank (the Fed) appears to have engineered a soft landing for the US economy after successive rate cuts to dampen inflation, and recession fears have subsided following strong GDP growth of 3.2% in the fourth quarter and 2.5% for the full year 2023. The IMF is now forecasting that US growth will continue, albeit at a slightly slower pace of 2.1% in 2024.

With falling unemployment and sustained levels of consumer spending supporting many US companies, analysts are predicting elevated rates to persist in the near term and cuts to materialize toward the end of the year. This bodes well for the equity capital markets, says Elizabeth Reed, global head of the equity syndicate desk at Goldman Sachs, in a February article on the company’s website.

“The Fed’s shift, and that of global central banks, will be a positive tailwind for the full suite of equity capital markets,” she states. Moreover, the IPO “pipeline is growing,” with increased activity expected “from financial sponsors and venture capital firms aiming to monetize their portfolios.”

Given this outlook, Goldman will seek to maintain and strengthen its first-place league table position in US equity issuance, bolstered by a 14% market share, 14% share in fees, 6% share in IPO proceeds, and 12% share in IPO revenues. —DS

European equity offerings jumped a solid 44% year-on-year in 2023, according to Dealogic; and UBS, our best bank in the region, was able to drive some of the year’s key transactions. The bank led not only in the volume of issuance but in the quality of its offerings, helping its customers take advantage of the positive momentum by providing tailored and unique opportunities within the equity spectrum.

Among several landmark transactions, UBS was joint global coordinator and primary issuer on the UK’s largest IPO since 2021, Admiral Acquisition’s €507 million (about $551 million) debut on the London Stock Exchange in May. It also served as sole global coordinator and bookrunner for a 108 million Swiss franc (about $121.6 million) primary accelerated book-building offering of shares in Swiss biotech Bachem Holdings and was the primary adviser on Societe Generale subsidiary ALD Automotive’s €1.2 billion rights issue, which was completed in 2022. —TM

Total global debt capital market activity improved slightly last year, hitting $8.9 trillion for the full year. That’s up 6% compared to 2022, according to Refinitiv. The number of new offerings brought to market last year hovered at around 29,300, an 8% increase compared to 2022. Issuance was weak during the fourth quarter, however, down 15% compared to the third.

High-yield offerings from issuers in the US, UK and Canada accounted for 76% of last year’s total, up from 72% in 2022. One attention-getting trend was so-called green bond issuance, which rose 10% to $422.3 billion.

Debt action also improved in the emerging markets, where corporate issuance totaled $268.4 billion, a 12% increase from a year earlier. Corporate debt issuers from India, Brazil, Thailand, and Malaysia dominated, accounting for 57% of emerging markets activity in 2023. —AN

Despite volatility owing to aggressive interest rate hikes by most global central banks, debt issuance volumes held up well in most regions of the globe, according to Dealogic. North American activity remained essentially flat; while Latin American, European, and Japanese issuance increased over 10%. The Middle East posted a 39% rise, while Asia, excluding Japan, saw an 18% drop.

Bank of America Securities (BofA Securities) navigated these markets well, maintaining and expanding its league table rankings in several global and North American debt categories. It kept its No. 2 spot in global issuance volume and fee income, with 6% and 7% market shares, respectively. In global investment-grade debt, BofA retained the top position and ranked second in international debt issuance.

In the US, BofA remained second in issuance volume and revenue. Its third-place ranking in European investment-grade debt represented a jump from eighth in 2022 and rose two spots to third place in Asia excluding Japan.

Many analysts regard 2024 with cautious optimism, given waning inflation, solid global growth projections, and the potential for central bank rate cuts in the second half of the year. One catalyst for expanded debt issuance could be recovery in M&A volumes, since acquiring companies would need to tap the high-yield bond and leveraged loan markets to finance their transactions. This would likely be a bright spot for BofA, given the bank’s progress in global and US high-yield issuance, as it rose from fifth- to third-place ranking in these categories in 2023. —DS

African debt issuers were locked out of the eurobond market for about two years owing to high interest rates and elevated risk profiles. For governments, this meant an increase in domestic borrowing; and corporates too looked to local markets for financing. That sparked a dramatic year-on-year increase in debt capital market issuance volumes on the continent.

“Risk remains a key factor, and that is why issuers must be agile and pick the right windows of opportunity,” says Brian Marshall, head of investment banking at Standard Bank.

Notably, Standard Bank helped Kenya avert possible default on $2 billion in eurobonds through a buyback issuance under tight market conditions. By staying close to its markets, Standard Bank has enabled corporates to attract private capital. Case in point is $1 billion in senior unsecured notes that it raised for troubled South African ports operator Transnet, an issue that was approximately threefold oversubscribed. —JN

State-owned China Construction Bank (CCB) is the second-largest Chinese bank. Its customer-centric bond underwriting and distribution business has established a “one place and multiple centers” structure. With nearly 20 years of experience in the field, CCB is the only underwriter in China’s interbank market offering a broad range of innovative products. It actively promotes Beijing’s national strategies and facilitates the sustainability transformation of both state-owned and privately owned enterprises.

Deals in which CCB participated last year included carbon-neutrality bonds, sustainability-linked bonds, rural revitalization bonds, and energy-supply guarantee bonds. The bank also led in creative special products for nonfinancial enterprises, floating China’s first hybrid science and technology innovation bill REITs and Volkswagen’s first panda bond. —LZ

Economic activity in Central and Eastern Europe rebounded substantially in 2023, after two difficult years owing to the pandemic-driven slump and the war in Ukraine; and Erste Group helped the region’s corporate issuers raise the funds needed to support growth. Through best-in-region debt issuances, the Vienna-based bank leveraged its leadership to secure some of the most important deals of the year.

Among these was a €600 million (approximately $656 million) package of sustainability-linked bonds for energy giant CEZ, for which Erste acted as global coordinator and green structuring adviser. Another cornerstone deal was the 2022 €500 million five-year, fixed-rate green bond issuance for Czech-based railway operator Ceske drahy. And in financial services, Erste acted as joint bookrunner on Romanian CEC Bank’s roughly $162.6 million issuance of senior nonpreferred notes. —TM

Interest rate cuts early this year put Latin America’s central banks ahead of the interest rate cycle compared with their global counterparts. The emphasis is on stimulating growth, and guidance from the banks indicates the easing bias will continue. Brazil lowered its benchmark rate by 50 basis points in January—its fifth consecutive easing—while Chile cut rates by 100 basis points and Colombia by 25. The hope is that these moves will stimulate regional debt capital markets and build on the momentum they exhibited last year when debt issuance volume rose 10%.

As part of Itaú Unibanco, Itaú BBA is the top debt capital markets platform in Brazil, managing $15 billion in issuance across 248 transactions in 2023, for a 26% market share, according to Anbima (Brazilian Association of Financial and Capital Markets Entities). The bank’s expertise covers financing solutions in investment grade, high yield, loans, liability management, and acquisition finance across industries that include chemicals, oil and gas, technology, roadways and tolls, and real estate. Itaú BBA led a $1.1 billion project finance transaction last year in what was then the largest-ever deal in the sanitation sector, benefitting 10 million people in Rio de Janeiro. The bank also arranged the largest-ever transaction in Brazil’s telecom sector, a $250 million issue. —DS

Emirates NBD Capital (EmCap) operates one of the region’s leading debt capital markets platforms, providing comprehensive origination, structuring, and distribution expertise across a range of debt products. Debt issuance across the Middle East and North Africa (MENA) region surged 39% last year, far outpacing other regions. EmCap benefitted from the boom, managing $39 billion across 72 deals, representing an increase of 180% over its 2022 business.

EmCap ranks among the MENA league tables’ top four banks, notching 52 transactions for $38 billion in value for sovereign, corporate, and financial institutions last year. It is also active in Islamic finance, posting $2.1 billion in volume across 19 deals, for a 6% share last year, to make it MENA’s sixth-largest bank in the sector, according to Dealogic. In environmental, social, and governance (ESG) finance, EmCap raised $8 billion across 15 sustainable and green issues in the loan and debt capital markets in 2023, representing progress toward its goal of 100 billion Emirati dirhams (about $27 billion) in financings by 2030. The bank also advises clients on the use of proceeds, with a framework that includes sustainability performance targets.—DS

Debt capital markets staged a solid rebound in Europe last year, growing 11% over 2022 in total deal value. While the results were partly offset by a much larger jump in equity proceeds, new debt issues provided critical support to Europe’s economy as it navigated a challenging macroeconomic landscape.

Our Best Debt Bank in Western Europe, Deutsche Bank, secured solid gains through the issuance of 443 local deals that raised $259 million in proceeds.

Among the German powerhouse’s top deals was the European Bank for Reconstruction and Development’s $2.5 billion, five-year fixed-rate note issue in January of this year, for which Deutsche Bank acted as a joint bookrunner. It also served as joint coordinator for a 2023 $3.3 billion bond offering by Deutsche Boerse, a landmark deal of the year. —TM

M&A activity was notably lower among venture capital and private equity firms, with estimated declines of 39% and 35%, respectively, as reported by Bain & Company. Technology saw the most significant decline among sectors, with banking revenue resulting from the industry’s M&As dropping roughly 30% from the year prior.

But despite the overall gloomy picture, there were plenty of bright spots, especially in the oil and gas sector. Recall ExxonMobil’s pending $60 billion acquisition of Pioneer Natural Resources and Oneok’s $18.8 billion purchase of Magellan Midstream Partners.

Pfizer’s $43 billion merger with biotech company Seagen was the largest healthcare-related transaction. —TM

Consistently topping the league tables, Goldman Sachs continued the trend in 2023 despite a volatile and challenging M&A landscape. The company retained its top ranking in global M&A volume and revenue with solid market shares of 29% and 10%, respectively, according to Dealogic. Global M&A activity is seeing a resurgence following a significant decline over the past two years, as uncertainty related to the heightened interest rate environment, geopolitical instability, and concerns over a possible economic recession depressed merger activity. The weakness in deal-making that began in 2022 extended through 2023, as global M&A volume fell 13% to $3.1 trillion. Revenue slid 25% to $27.8 billion, reflecting a sharp decline of 40% in the technology sector. While geopolitical tension persists, many economic fears have waned; and global central banks have shifted to a rate-cut bias as 2024 unfolds. This bodes well for Goldman Sachs to capture renewed deal activity. Better fundamentals combined with improved confidence among global CEOs may unlock a backlog of transactions to allow companies to make strategic acquisitions. —DS

According to LSEG (formerly Refinitiv), the value of M&A transactions in sub-Saharan Africa stood at $12 billion during the first six months of 2023. That’s a 51% decline and the lowest first-half total since 2020. The number of deals also plunged by 23% compared to the previous year, representing a 10-year low. Despite the slowdown in deal-making, Absa Bank demonstrated energy in corporate finance advisory and M&A. Riding on its commitment to build a reputation of supporting Africa’s growth sustainably by targeting more than $6 billion in sustainable lending by 2025, the bank continues to be active in deals, particularly in sectors like renewable energy, manufacturing, and information and computing technologies. Its key deals include acting as the sole adviser in a landmark transaction that saw South Africa-based technology group Alviva become a privately held and majority Black-owned company. This entailed a cash offer of 2.5 billion South African rands (about $132 million). —JN

CCB International has built a reputation as the leading provider of M&A advisory services regarding the volume of deals and the total value. China Construction Bank’s (CCB’s) wholly owned Hong Kong subsidiary company offers various M&A advisory services covering divestments, acquisitions, restructuring, capital market takeovers and privatizations, and leveraged buyouts. Since 2020, CCB International has expanded its environmental, social, and governance (ESG) bond issuances with green, social, and sustainability-linked bonds, as well as transition bonds: 16 ESG bonds were issued in 2023. Since 2014, CCB International has also ranked as one of the top 10 houses for initial public offerings (IPOs) in the Hong Kong global finance market, specializing in large deals involving Chinese enterprises, building on its credentials in the Hong Kong market, and benefiting from the influence in mainland China of its parent company, CCB. —LZ

Despite the broad-based slowdown that cut merger activity in larger Europe by 37% from the previous year, Central and Eastern Europe’s (CEE’s) deal-making remained resilient in 2023. The better-than-expected numbers were driven by thriving action in Romania’s banking sector and substantial changes in the region’s telecom industry. Against this backdrop, UniCredit positioned its clients to take advantage of some of the year’s most important moves, such as the Emirates Telecommunications Group Company’s acquisition for up to €2.5 billion (about $2.7 billion) of PPF Telecom Group’s assets in Bulgaria, Hungary, Serbia, and Slovakia. As a result of its best-in-breed M&A advisory activity, the Italian giant garnished a reported excess of more than $10 billion in cash, which it used to boost its M&A adviser team by hiring as many as 20 bankers throughout the year and moving deeper into CEE with acquisitions of its own. In October, the Italian bank took over Alpha Bank Romania. —TM

Banco BTG Pactual is the leading Latin American bank in M&A, with regional operations in Brazil, Chile, Peru, Colombia, and Mexico. Its team extends to New York, and the bank looks to leverage advisory opportunities across its global emerging market franchise. BTG successfully cultivates long-term relationships with a large and diverse group of Brazilian and Latin American issuers and identifies large Latin American and international investors. A challenging operating environment in 2023 resulted in M&A revenue declining by 37%, according to Dealogic. However, BTG continues to build impressive market shares in the region, with $20 billion in deal volume across 65 transactions, for a 25% share in 2023. It is Brazil’s dominant investment bank, placed first in deal volume with $19 billion across 60 transactions, for a 39% market share. On the revenue side, the bank ranks fifth in M&A fees in Latin America and fourth in Brazil. —DS

Standard Chartered (StanChart) operates a dominant global bank with a solid local franchise in the Middle East, a skilled team of bankers, and extensive tenure, to serve nine regional markets. Its investment banking operations consistently demonstrate its comprehensive M&A capabilities by securing high-profile strategic advisory mandates for regional governments and large multinational corporate clients in key industries. Supported by 120 industry specialists in five global locations, StanChart offers broad industry coverage of critical sectors of oil and gas, power utilities, infrastructure, technology, metals and mining, clean technology, and commercial real estate. Its scale is a competitive advantage, and its Middle East business can leverage an extensive global investment banking network to provide international reach with clients and investors. As economic uncertainty and global instability in 2023 depressed the environment for new transactions, overall M&A revenue fell 43% in the Middle East, according to Dealogic. However, the bank’s strong local and regional franchise, combined with support from the broader global team, is particularly valuable and positions the bank to capture new M&A mandates as the market recovers in 2024. —DS

The outlook for renewed M&A activity has improved following a sluggish environment in 2023, which was caused by recession fears and rising interest rates to combat inflation, and exacerbated by regulatory impediments from the US government’s antitrust stance. While these factors resulted in a 7% decline in North American M&A volume, Morgan Stanley’s volume of business rose slightly in 2023, according to Dealogic. However, the firm expects stronger momentum in 2024, as fundamentals have improved with moderating inflation, the resilient US economy, and recent strength in the equity markets. A prolonged period of elevated interest rates means financing is more expensive for M&A deals. Still, the Federal Reserve appears to be at the end of its tightening cycle, with a shift toward a more accommodative monetary policy. Additionally, Morgan Stanley believes that improved financial markets, healthy corporate balance sheets, and CEO confidence will catalyze a rebound in activity, particularly in the energy, healthcare, and technology sectors. Additional M&A traction could result from the return of financial sponsors as both buyers and sellers, corporate reorganizations involving spinoffs to streamline their business or raise capital, and economic challenges in regions of the globe spurring acquisitions in the US. —DS

Despite equity offerings jumping, on improving inflation and expectations of a more dovish European Central Bank in 2023, companies remained reluctant to balloon their balance sheets through acquisitions. As a result, European M&A activity dropped by a hefty 37% in the year, with utilities and technology being the most affected industries. But in the face of the challenging scenario, our Best Bank in Western Europe, J.P. Morgan, saw an opportunity to overtake rival Goldman Sachs as the leading adviser in the region. With an impressive 164 deals in the region, worth $209 billion, and $594 million in proceeds, the New York-headquartered global behemoth closed the year with a 7.2% share of the European M&A market. Among J.P. Morgan’s most significant deals landed in the year were the historic takeover of Credit Suisse by UBS and the €22 billion takeover of Telecom Italia by private equity group KKR, in which the bank served as a primary adviser for both parties. —TM

Infrastructure finance has seldom been as pivotal to the well-functioning global economy as in recent years. Between efforts to reestablish essential commodity pipelines amid the war in Ukraine; the timely reconstruction efforts of Turkey and Morocco after 2023’s disastrous earthquakes; and the continuous technology investment in the US, the Middle East, and China, future economic growth has become ever-more dependent on such initiatives.

However, while governments and multilateral institutions continued to prioritize infrastructure, private deal-making felt the blow delivered by higher interest rates and did not quite keep up.

According to Preqin, infrastructure funds raised $87.75 billion last year, a dismal 50.2% lower, year over year, from the $176.1 billion recorded in 2022. Deal value also declined 26.6% last year, totaling $308.5 billion in 2023, down from $420.4 billion the year before.

Our winners are the ones who were best able to pull through the challenging conditions to keep the economy moving forward despite adversities.

—TM

Infrastructure modernization is a crucial priority; and Banco BTG Pactual (BTG) is leading many such initiatives regionally and globally as one of the largest investment banks in Latin America, with a footprint in North America and Europe.

Among the firm’s accomplishments in 2023 were acting as lead bookrunner for Electrobras, or Centrais Elétricas Brasileiras SA — a company that boasts an installed capacity of 43 gigawatts with 97% of it being clean energy. The offering was one of the largest ever priced in Brazilian fixed income capital markets and the biggest transaction ever issued by Electrobras. 

With its specialized team providing financial advisory, issuance coordination, and specific financing structures for energy and infrastructure projects, the bank has differentiated itself by leading high-profile domestic and cross-border financing deals across various aspects of infrastructure, including electric power generation and transmission, renewable energy, water sanitation and waste management services. 

Notably, within debt capital markets, BTG has consistently demonstrated its expertise in arranging complex structured transactions with its leadership in the issuance of infrastructure debentures and advisory services to credit market issuers and participants. To extend its global reach and to attract investment from international institutional investors, BTG’s asset management division has managed a series of infrastructure funds that target the transportation, power, renewable energy, healthcare services, and life sciences sectors. —DS

For a long time, African governments had been left to shoulder the burdens of infrastructure financing. The situation is changing with increasing private sector participation across areas like renewable energy, railways, and ports. Rand Merchant Bank is buoyant, and the trend will continue.

Infrastructure finance has become Rand Merchant’s forte. The bank has been involved in numerous projects supporting economic growth by deploying a model balancing risk and return and prioritizing impacts. The bank acted as the lead arranger of syndicated facilities that mobilized $2.4 billion for Tanzania to finance a major railway project to boost regional trade and economies significantly. Rand Merchant has also arranged financing deals to enable South African renewable energy company African Clean Energy Developments to eventually deliver 520 MW of wind energy. —JN

This year’s regional winner for infrastructure finance,Asian Infrastructure Investment Bank(AIIB), kicked off 2024 with a record-breaking $3 billion funding of a five-year sustainable-development bond. The financing effort is part of the Beijing-based bank’s “Infrastructure for Tomorrow” campaign—prioritizing green projects with sustainability at the core. AIIB lived up to that motto throughout 2023 when it approved a proposal to issue $1 billion in credit guarantees against sovereign-backed loans made by the World Bank’s lending arm. AIIB is also helming a $571 million project to improve 4,350 miles of roads across 11 regions in the northern Côte d’Ivoire and to maintain a further 9,321 miles of rural roads there. The AIIB is advancing $200 million, the World Bank $300 million, and the rest will come from the Ivorian government. The AIIB is a young company, having begun operations in January 2016. Since then, it has grown to have 109 members worldwide and capitalized at $100 billion. —AN

Our Best Investment Bank for Infrastructure Finance in Central and Eastern Europe, Akbank, takes home its award for relentless humanitarian efforts in reconstructing several Turkish cities after the devastating earthquake that shook the country in 2023. In partnership with the European Bank for Reconstruction and Development (EBRD), as part of its Türkiye-Disaster Response Framework, Akbank channeled as much as $90 million into various sectors of the economy. The allocated funds were intended to support the impacted communities in revitalizing small and midsize enterprises while broadening access to financial prospects. The project was essential to the reconstruction efforts within numerous regions of the country affected by the quake. —TM

In Latin America, Bradesco BBI is leveraging one of the largest investment banking teams in the region to deliver comprehensive financing and merger expertise in the infrastructure sector. The bank has executed numerous mandates on projects across various industries, including water and sanitation, power and energy, renewables, transportation, logistics, and highways and toll roads. Expanding global shipping networks is essential in order for companies in Latin America to continue to grow through international trade. Bradesco is a key participant with the region’s exporters and importers as the leader in port terminal transactions. This factor has been critical to Latin America’s post-pandemic recovery. As the definition of infrastructure assets evolves to include a broader range of sectors, Bradesco is poised to respond quickly to new opportunities, given its deep industry coverage of over 200 companies in Latin America, including over 90% of companies in the MSCI Brazil Index. —DS

Operating across nine markets in the Middle East, Standard Chartered (StanChart) is firmly entrenched; and its long-standing presence in the region continues to expand, given its strong capabilities in leading high-profile infrastructure transactions. Infrastructure finance increasingly overlaps with many industries, including oil and gas, clean energy, and technology; and StanChart has differentiated itself through its deep expertise in various sectors and its robust execution capabilities involving both conventional and Shariah-compliant financings. By leading complex transactions involving critical sectors like ports, logistics hubs, industrial and business parks, water treatment, renewables, and power generation, StanChart has established itself as a vital partner for governments, public investment funds, and large corporate clients for M&A and financing mandates in the infrastructure sector. Multinational clients also benefit from the bank’s international reach by leveraging a global network of nine hubs and 27 locations for complex structuring and execution capabilities, with innovative and customized solutions. —DS

The demand for infrastructure financing and investment is growing; and Goldman Sachs is well positioned as a leader in this area, with industry coverage through the firm’s public sector and infrastructure group providing M&A and financing solutions for state and local governments, not-for-profit healthcare systems, higher education institutions, public power utilities, transportation and mass transit agencies, airports and seaports, and sports franchises.

As the scope of infrastructure has evolved beyond roads, railways, and bridges, Goldman is building on recent legislation in the US, including the Infrastructure Investment and Jobs Act and the Inflation Reduction Act, which have provided incentives to advance infrastructure investment beyond these traditional areas. This includes expanding the country’s digital infrastructure; modernizing the energy grid in the US to accelerate the transition to clean and renewable energy; and improving supply chain logistics, communications, and transportation. Additionally, investment banking mandates are complemented by opportunities to invest in this asset class through the firm’s asset management arm, which recently launched a $4 billion fund for investment in infrastructure projects tailored to institutional and high net worth investors. —DS

It was a fantastic year for BNP Paribasacross various facets of the investment banking world, with the bank topping growth expectations in several markets and asset classes.

However, BNP landed some of its most important landmark accomplishments in infrastructure finance. The French-based giant maintained focus on its long-term green transition goals and joined efforts with multilateral institutions to support development and reconstruction amid 2023’s volatile landscape.

In partnership with the EBRD, the French behemoth invested around $80 million in developing green energy infrastructure in Poland. The bank also launched its flagship Climate Impact Infrastructure Debt fund with a capital-raising target of €500 million to €750 million (about $542 million to $812 million), which aims to support the long-term transition of clean energy across different geographies in Europe. Also, alongside the EBRD, BNP’s Turkish subsidiary Finansal Kiralama, provided an essential $28 million to support Turkey’s green energy transition, in the aftermath of the destructive earthquake early last year. —TM

This environment failed to spark a meaningful uptick in global M&A activity, which fell to its lowest level in 10 years. In 2013, when dealmakers were still reeling from the 2008 financial crisis, bankers reportedly inked just $2.8 trillion worth of deal volume.

The initial public offering (IPO) category was equally tough in 2023, but slightly more optimistic thanks to a slow, but exciting, stream of initial offerings like Arm Holdings ($4.9 billion), Maplebear ($660 million), and Klaviyo ($576 million).

Still, bankers are optimistic about 2024. A McKinsey report indicates that all regions enjoyed a fourth-quarter surge in M&A action, evidenced by global M&A activity spiking 41% in 2023’s fourth quarter compared to the preceding three-month period, and 37% in value from a year earlier, to $1 trillion. —AN

In 2023, Standard Bank oversaw 60 deals and raised $18.2 billion in support of client investment and growth initiatives. “We focus on the main themes driving growth in our present markets,” says Brian Marshall, head of investment banking. Energy transition, infrastructure expansion, mining, sovereign borrowings, sustainable financing, refinance, and capital optimization have been those key overriding themes. With a presence in 20 markets, the bank has a footprint across all aspects of investment banking, including structuring of multicurrency and multicountry facilities. In sustainable finance, where it tops most Dealogic league tables, the bank mobilized $4.7 billion in finance and intends to target $13 billion by 2026. Standard Bank’s portfolio of deals includes participation in the ZAR 12 billion (approximately $647 million) syndicated facility for entertainment company MultiChoice and in Walmart’s acquisition of the outstanding shares in South Africa’s retail chain Massmart, having already acquired a majority stake in 2011.—John Njiraini

The Industrial and Commercial Bank of China (ICBC), one of China’s largest banks, has built Asia’s most significant asset pool, focusing on transportation, water conservancy, energy, and new infrastructure. The Beijing-based bank’s investment banking service is well known for integrated solutions. In 2023, the team outperformed its peers across the board, due to its one-stop investment banking service, which includes M&A, bond underwriting, debt restructuring advisory services, syndicated lending, and equity investment and underwriting. Moreover, ICBC’s comprehensive project design and execution helped several Chinese conglomerates close their domestic and cross-border transactions in 2023. ICBC views innovation as a core competency in creating commercial value and as a social responsibility. The bank also set up a research center that has helped different levels of Chinese government authorities on economic and industrial policies across nearly 150 sectors.—LZ

Amid a challenging year for European investment banking, due to lingering inflation and high financial costs, Bank Pekao exceeded market expectations and delivered above-average performance in 2023. For the full year, the bank’s operating income grew a hefty 40%, with profits before tax jumping from roughly $720 million in 2022 to a solid $2.1 billion in 2023. This has pushed the bank into an even more dominating position within its home investment banking market, with notable market share increases in debt and equity. Among the Polish-based giant’s greatest achievements in the year is the bank’s first-ever green bond issuance, for €500 million (about $545 million), which received backing from the European Bank for Reconstruction and Development. Moreover, Pekao landed a €68 million partnership with the European Investment Bank to extend new financing to support growth in small and midsize enterprises and Polish public sector companies. —LZ

Itaú BBA operates one of the leading investment banking franchises in Latin America and holds strong positions in M&A, as well as equity and debt capital markets—a result of the bank’s extensive sector coverage and well-established senior management, which has an average 23-year industry tenure. Itaú BBA has led transactions in key sectors including pharmaceutical and biotech, electric utility, energy, power transmission, technology, oil and gas, supermarkets, food manufacturing, automotive, real estate, and construction. Notable mandates include acting as global coordinator on the largest deal in the power and utilities sector in Brazil. In the rental car sector, the bank participated in the largest follow-on offering of the past 12 months. The strength of the bank’s platform is reflected in 2023 Dealogic league table rankings where Itaú BBA ranks third (up from fourth) in Latin America by revenue, for an 8% share. The bank rose to first (from second) in equity volume with $2 billion in proceeds across 33 transactions, for a 15% share. In debt capital markets, Itaú BBA holds the third spot in Latin American debt issuance volume and jumped to sixth (from 14th) in international debt issuance, for a 6% market share. In M&A, it holds the fourth spot (up from fifth) in revenue, with an 8% share; and it is fourth in M&A volume, with 33 deals, for $14 billion in value and a 15% share. In Brazil, Itaú BBA ranks second in volume, with 33 deals, for $14 billion and a 28% share.—DS

Emirates NBD Capital (EmCap) has built a strong track record in the Middle East and North Africa (MENA) region by delivering innovative financing across public and private markets with both conventional and Shariah-compliant offerings. As part of the No. 2 bank in the United Arab Emirates (UAE), backed by the government of Dubai (40.9% ownership), the bank’s franchise extends from its domestic UAE market to four major MENA financial centers and an additional nine global locations. This footprint results in mandates from regional governments, public investment funds, and corporate issuers across a broad range of industries. EmCap is a leading debt capital markets bank in the MENA region, with 2023 issuance of $39 billion across 72 deals, representing an increase of 180%, and in loans and credit facilities that involved 52 transactions for $38 billion in value, ranking among the top four in MENA league tables. Additionally, significant potential exists for EmCap to grow in IPOs, where the bank ranks first in the UAE and has participated in every IPO on the Dubai Financial Market (DFM) since 2021. As local governments continue to privatize state assets, EmCap has been instrumental in developing and implementing the blueprint for government IPOs, and is leveraging its e-IPO investment portal, which connects to the DFM, for better distribution and investor participation. —DS

With its extensive global franchise, J.P. Morgan continues to navigate the many challenges and risks of volatile global markets, earning the New York–based bank the distinction of Best Investment Bank in North America. Regionally, the bank retained the top spot in the US, thanks due to its deeply talented team of bankers. Under the helm of Daniel Pinto, CEO of the corporate and investment bank, Morgan reportedly hired 16,000 people in 2023—an increase of 5%. While there were cuts toward the end of the year, Pinto anticipates more hires in 2024 as dealmaking makes a comeback. To better serve its commercial clients with a comprehensive range of wholesale banking products and solutions, J.P. Morgan also expanded its commercial and investment bank to aggregate Morgan’s major wholesale businesses of global investment banking, corporate banking in addition to markets, securities services, and global payments. —DS

By providing customers with sophisticated financial strategies, our Best Investment Bank in Western Europe, Barclays, rode the yearly rebound on equities and debt to gain significant market share and garner a hefty $650 million in investment banking proceeds in Europe and the Middle East alone. The main secret behind the bank’s success has been its commitment to anticipating the most critical trends in investment banking, allowing it to participate in some of the year’s most important deals. The bank was the leading adviser on Heineken’s €3.7 billion stock and equity-linked deal with Mexican multinational beverage and retail company FEMSA for part of its holdings in the Dutch Group, including €1 billion in share buybacks by Heineken. The UK bank also closed the year as the leading M&A adviser for the retail sector, closing five deals worth a total of $14.6 billion. As a result, Barclays’ investment banking division steadily increased its total asset base to $1.45 billion.—TM

A total of 1,429 companies went public in 2023. That’s the lowest number of IPOs since 2019, a nearly 16% drop from 2022, and just over 40% of the amount launched in 2021. Per S&P Global, there was just under $25 billion offered globally in the fourth quarter of 2023 and just over $120.3 billion offered throughout the year.

Investment banks cashed in on IPOs mostly in the Asia-Pacific (APAC) region, according to Pricewaterhouse Coopers. APAC proceeds remained the highest for the second consecutive year, with 737 IPOs raising $73.1 billion—accounting for over half of the global IPO proceeds.

In terms of which country contributed the most to global IPO proceeds, China maintained its top rank from 2022 when it surpassed the US.

The EMEA (Europe, Middle East, and Africa) region accounted for 20% of the global IPO proceeds in 2023. Almost half of the money raised came from the Middle East, followed by Turkey and Germany contributing 14% and 10%, respectively.

Big banks started 2023 off with a bleak scenario when both Silicon Valley Bank and New York’s Signature Bank collapsed. Afterward, crypto lender Silvergate liquidated. And when First Republic nearly folded, a consortium of banks rescued it. UBS subsequently saved Credit Suisse from a similar fate. Fear quickly spread of a so-called contagion among troubled banks.

For the remainder of the year, companies desired growth but were extra cautious about where to source capital. Many companies opted to borrow from non-bank lenders, or firms that use private equity to issue debt rather than tap into customer deposits.

As a result, private debt and capital specialists siphoned business away from traditional bank lenders. This peeved JPMorgan Chase CEO Jamie Dimon who, in December, griped to Congress, about the trend, calling it “the next brewing crisis.” “Private market players,” he claimed, “act transactionally as counterparties, not partners.” 

Other observers arguedjust the opposite. “Private debt funds stepped up and acted more like a partner than just a lender,” private equity firm Acharya Capital Partners told Global Finance last year. Private debt funds, PitchBook reported, raised $95 billion during the first half of 2023, exceeding 2022’s first-half total, and were on pace to raise $200 billion by the end of the year.

Despite the lull in deal activity, with the contentious back-and-forth between investment banks and non-banks, competition remained fierce—especially within sectors that bore fruit. Law firm Morrison & Foerster determined that the technology industry accounted for 27% of M&A value. Cybersecurity and artificial intelligence (AI) were among the busiest subsectors when it comes to “strong dealmaking opportunities.”

Arm, the chip designer owned by SoftBank Group, was the year’s biggest IPO, priced at $51 per share, for a valuation of $54 billion. And two of the biggest price tags on the M&A front were Broadcom’s $69 billion acquisition of VMWare and Cisco’s purchase of Splunk for $28 billion. Both transactions took well over a year to close.  

Healthcare also performed well, not just in North America—where it was the third-highest sector by volume—but also in APAC, where it enjoyed its highest value level ever. Among the biggest closings that occurred include Pfizer’s $43 billion takeover of Seagen, a deal advised by Guggenheim Securities, as well as Merck’s $22 billion deal with Tokyo-based Daiichi Sankyo to develop cancer treatments.

Of the deals that involved private equity sponsors, volume dropped 33% while value plummeted 41% year-over-year. Still, Pitchbook points out a silver lining: 2023 was a strong year for private equity-led deals in which companies were taken private.

While activity didn’t reach the highs of 2021 and 2022, there was a steady stream of smaller deals and a handful of large buyouts. That’s because, in the face of rising interest rates, tightening credit markets, and other headwinds, sponsors adjusted their approaches to dealmaking.

“Private equity firms have been able to pivot,” he adds. Gone are the days where target valuations had to have nine-figure price tags. Anything less, “they would have laughed us out of the room,” Smale says. “Today, they have to be scrappier — trying moments create innovation and that’s exciting to witness.”

As for what bankers should expect for 2024? “There is a lot of optimism in 2024 with hopes that interest rates will drop,” Smale says. “Plus, as expectations around valuations continue to narrow between buyers and sellers, there’s hope the frequency of deal-making should continue.”

One notable trend in 2023 that will likely continue in the next few quarters was that nearly every major bank opted to slash overhead—especially in the US where roughly 20,000 investment bank employees were laid off since the start of 2023. The biggest drops occurred at Goldman Sachs and Wells Fargo, the latter of which cut its workforce by 50,000 in the last three years.

Until we get the full picture of what 2024 entails, let’s recognize what financial institutions accomplished over the previous 12 months. This year’s competition examined data from more than 100 countries and territories representing all the regions of the globe. However, we selected winners from only 66 countries and territories.

Read on for Global Finance’s 25th annual awards for Best Investment Banks.

Research and analysis were executed by Thomas Monteiro, John Njiraini, David Sanders and Lyndsey Zhang, who reviewed entries as well as other information. Global Finance editors reviewed their assessments and made the final selections. Corporate Finance Editor Anthony Noto served as lead editor. Monteiro, Sanders and Zhang wrote the following pages; their individual contributions are indicated by initials.

Global Finance editors and researchers, with input from a range of executives, investors and consultants worldwide, used a series of criteria to select the winners of these awards, including market share, number, size and complexity of deals, service and advice, structuring capabilities, distribution network, efforts to address market conditions, innovation, aftermarket performance of underwritings and market reputation. We use information provided by the banks, as well as material gathered from other sources, to score and select winners based on a proprietary algorithm. Deals announced or completed in 2023 were considered. In the review process, Global Finance considers the full spectrum of banks, from relatively small ones in frontier markets to global banks that lead the league tables.

Many winners submit, in support of their applications, information and perspectives that may not be publicly available. Banks that do not submit entries can still be selected as winners through Global Finance’s review process. However, experience shows that banks that submit entries, with detailed explanations of differentiation in services for corporate clients as compared with peers, achieve better results. Global Finance adheres to journalistic best practices for protecting the confidentiality of information.

Since 2022, the dramatic rise of the US dollar against virtually every other world currency has wreaked havoc on the profits of US multinationals as the value of their foreign earnings plummeted. In the second quarter of 2023 alone, the average hit to earnings for publicly traded North American companies was a whopping $0.05 per share, according to the Quarterly Currency Impact Report conducted by consulting firm Kyriba. Currency volatility has moderated somewhat in 2023, but shifting expectations for inflation and future interest rates have made the environment no less challenging for finance executives.

“The US dollar has been meandering this year, and that still causes headaches for treasurers because of the peaks and valleys,” says Andrew Gage, senior vice president at Kyriba.

Gage’s firm tracks the impact of currency fluctuations on the financial results of 1,700 public companies, half in North America and half in Europe. In the second quarter of 2023, companies disclosed a combined $29.14 billion in currency impacts on their financial results. The actual numbers are far larger for the whole group, as most companies do not quantify the impact of currency movements on their results. The trend, however, is clear. FX volatility remains high, and the pain is felt across global markets as the US dollar fluctuates.

“Currency volatility is like Jupiter’s Red Spot: It moves around a lot,” says Gage. “We saw some of that in European results for the second quarter, and I think companies in Europe may experience more [currency] headwinds than those in the US through the end of this fiscal quarter.”

Corporate reactions to the increased volatility in FX markets vary. A survey of 245 corporate treasury departments worldwide conducted in 2022 by Deloitte & Touche found that 76% were using derivatives to hedge their currency exposures, while 24% reported other preferences. A large plurality of respondents, 45%, ranked FX volatility as one of the top five challenges for their organization. “The volatility has come down from last year, but a lot of organizations are just beginning to come to terms with it,” says Erik Smolders, a managing director at Deloitte’s Treasury Advisory Services. “Some companies want to eliminate their FX exposures; others see it as a cost of doing business and are willing to take some of it on the chin.”

Invariably, those taking it on the chin emphasize the results of their foreign operations in nominal numbers without adjusting for changes in currency prices, hoping that investors will look through currency fluctuations and focus on underlying business trends. “It depends on how companies have been talking to their investors over the years,” says Smolders.

However, the increase in volatility has upped the ante for corporate finance executives, and many are now looking for more-effective ways to manage their FX risks. “I’ve had many more companies ask for assessments of their hedging programs in the last 12 months,” says Smolders. “They want to know how to handle their exposures better and manage costs.”

US and Asian multinationals, typically less inclined to hedge currency risks than their European counterparts, are increasingly looking for solutions to manage risks in a more volatile environment. Netflix is a case in point. As a global leader in video streaming services, Netflix has exposure to more than 45 currencies in its operations and has historically tolerated the swings in reported earnings due to currency movements. However, 2022 was a tipping point for the company. CFO Spence Neumann revealed in a 2022 third-quarter earnings call with analysts that “there’s about 2.5 points of FX drag in our margin. That equates to about—it’s about $1 billion of revenue drag.”

In 2023, the company implemented an FX risk management program to limit the impact of short-term currency movements and reduce the need to raise prices or cut costs in response to them. Netflix disclosed it would use standard forward contracts to hedge some—but not all—of its currency risks.

When managing currency risks, the solution can sometimes be as painful as the problem. With the heightened volatility in currency markets, the cost of hedging risks has risen dramatically for companies since the US Federal Reserve began raising interest rates in early 2022. Treasury executives now need to decide when the higher costs of hedging risk outweigh its benefits.

“The responsibility of the treasury department to manage currency risk isn’t only about hedging. It’s also about managing the cost of hedging,” says Kyriba’s Gage. “A lot of corporate risk management programs were established in low interest rate environments. Now that rates are back up, companies need to think differently about them.”

Deloitte’s Smolders also advises his clients to take a measured approach to identifying foreign currency exposures before deciding if and how they should be hedged. He recommends that companies take steps before considering what derivative instruments to use for hedging purposes.

First, companies should determine if they must take on a currency risk or if they can offload it to suppliers or customers and avoid worrying about currency price fluctuations.

Second, larger companies can reduce the amount they need to hedge by netting their currency exposures in costs and revenues across their organizations.

Third, intercompany hedging activities have tax issues. If a company can hedge its net currency exposure, it should consult with tax advisers about where and in what markets to undertake the hedge.

Finally, accounting for hedges remains an issue in currency-risk management. Most companies use simple forward currency contracts for hedging because they are simple and likely to qualify for favorable hedge accounting treatment. When derivative hedges are deemed ineffective, which requires complicated calculations, the results must be recognized in the income statement.

The key to good currency risk management is having good data from which to make decisions. For many large companies, producing that data is challenging, since different parts of their organization still operate in silos.

“Companies need to have confidence with their currency exposures, and they need the ability to analyze them across their organizations,” says Gage. “They need the right data at the right time.”

That remains an elusive goal for most large companies. In the 2022 Deloitte survey, the largest number of respondents (83%) cited the lack of visibility into their currency exposures and the reliability of their forecasts as a key challenge they faced in managing FX risks. The second most-cited challenge (71%) was the manual identification and capture process for those exposures.

“Getting good data out of enterprise resource planning systems is a consistent challenge for companies,” says Smolders. “Companies operating with more than one system have more problems.”

The renewed volatility of the currency markets in the past two years is a powerful motivator for companies to accelerate the digitalization of their treasury function. This can provide the data they need to make better decisions about their overseas investments and operations. Global financial executives will struggle to control them effectively without an accurate big-picture view of companywide currency and financial exposures.

The volatility is not likely to decrease anytime soon. Wars, inflation, supply chain crises, and divergent central bank monetary policies will likely continue to make FX markets more treacherous for global corporations.

“Companies have had to navigate through sustained crises for about four years now, and I don’t see that changing,” says Gage. “Currency volatility is now a front-burner issue for them.”

Global Finance selects its award winners based on objective factors such as trans-action volume, market share, breadth of offerings, and global coverage, as detailed in public company documents and media reports.

Our criteria also include subjective factors such as reputation, thought leadership, customer service, and technology innovation, using input from industry analysts, surveys, corporate executives, and others. Although entries are not required in order to win, decision-making can be informed by submissions that provide additional insight.

Last year was nothing short of historic for our Best Global Foreign Exchange Bank, UBS. Between the takeover of its longtime rival, Credit Suisse, in what analysts call the most important banking M&A in history, and the substantial growth of its foreign exchange (FX) operation in developing markets, the behemoth bank has done it all with unrivaled excellence.

The takeover of its rival’s operation led to substantial growth in clientele and traded volume in European markets, resulting in solid profitability growth. It also led to key additions to UBS’ FX team, further expanding the bank’s knowledge.

At the same time, UBS teams in Asia, the Middle East, and Latin America have kept working relentlessly to improve the bank’s digital offering for emerging market currencies.

As a result of this unmatched year, the Swiss-based giant now ranks as one of the largest private wealth managers in the world, with undisputed market share in Europe. It has also watched its emerging markets FX operation mount into one of the world’s largest, expanding the bank’s offerings to its clients worldwide.

Among the bank’s most significant global technological breakthroughs is UBS’ FX Engine Room, with which the bank can place all analytics in one place for use by its global sales force, thus broadening the footprint of its operations to clients looking to trade currencies on a global scale.    —Thomas Monteiro

Driven by constant strategic investments and rock-solid market positioning, BBVA takes home our award as the Best FX Bank for Corporates in 2023.

With a global presence covering key markets such as the US, Mexico, Colombia, Peru, Argentina, and Europe; adherence to the Bank for International Settlement’s FX Global Code; and a commitment to compliance, BBVA offers a comprehensive FX-services suite that caters to both the broader and the most specific needs of corporates worldwide.

The Spanish-based bank has maintained its core principles, providing world-class strategy and research-tailored insights while investing in cutting-edge technology.

Notable innovations have included improved onboarding with eMarkets and dynamic FX pricing in Colombia, 24-hour FX trading, and a customized mobile app for small and midsize enterprises across the network.

BBVA’s accomplishments among corporates helped the bank strengthen its leadership in Mexico, Peru, Colombia, Spain, and Turkey. The bank improved its position in Argentina, where it increased its share in the corporate FX spot market and sustained leadership in imports and exports.          —TM

With solid growth in key emerging markets and an increasing foothold in both the US and Europe, Santander reaffirmed in 2023 its status as a pivotal institution for corporations operating in some of the globe’s fastest-moving markets.

By providing extensive coverage with over 50 currency pairs; an unmatched clientele; and knowledge of the market in countries such as Brazil, Mexico, Argentina, and Spain, the bank can guarantee that its clients stay ahead of the curve amid the intrinsic difficulties associated with emerging market currency trading.

In a year in which currency volatility proved a challenge for those based in both developed and developing markets, Santander’s comprehensive trading platform offers diverse options for trading across various channels. It includes streaming capabilities for online pricing in spot, forwards, swaps, non-deliverable forwards, FX options, and structured product trading.

The Spanish-based giant also provided top-of-line global research, market updates, strategies, and FX publications to its clients, ensuring an edge over the competition.

Moreover, with a dedicated team of expert trading and sales professionals based in several key markets for emerging markets currencies, Santander’s clients were able to navigate the complex FX landscape confidently and efficiently.            —TM

Liquidity concerns spilled over in 2023 into some of the world’s key markets due to the failures of historical powerhouses such as Credit Suisse and Silicon Valley Bank. Farther south, in Brazil, Itaú Unibanco not only weathered the challenges but also achieved outstanding performance metrics.

These numbers ensured the top-line stability of the bank’s reserves and liquidity offerings, showcasing Itaú’s resilience in the face of global economic uncertainties.

In 2023, the Brazilian financial giant posted an impressive net income of $6.3 billion and a loan portfolio amounting to a robust $224.5 billion. Backed by solid reserves and growing profitability, Itaú’s FX operation thrived, showcasing an above-average return on equity of over 21%.

This trend was also backed by the bank’s continuing investments in technology. Via an impressive compound annual growth rate of 43.5% since 2020, these helped guarantee speed and ease whenever clients needed large sums of foreign currency.

As a result of the bank’s best-in-breed liquidity offering, it effortlessly operated some of the largest FX transactions of its history, such as a $1.2 billion dividend payment for a prominent global beverage company and a single-tranche transaction totaling $1.3 billion for a client in the energy sector.      —TM

Bank of New York Mellon (BNY Mellon) won the Best FX Market Maker award due to its market position, excellent client service, financial performance, and continued technological development. BNY Mellon is one of the top five global US dollar payment clearers. Its client franchise includes 97 of the top 100 banks worldwide and 89 of the top 100 investment managers.

BNY Mellon Treasury Services added new business across strategic payment solutions and liquidity products. It drove higher payment volumes while generating traction as it built its digital payments and related FX and trade businesses. FX revenue has increased, primarily driven by the volume of client transactions, including hedging activities. The bank is a leading provider of global payments, liquidity management, and trade finance services. The bank has extensive experience providing trade and cash services to financial institutions and central banks outside the US.

In emerging markets, the bank is active with custody, global payments, and issuer services. BNY Mellon is a full-service global provider of FX services, actively trading in over 100 of the world’s currencies. It serves clients from trading desks in Europe, Asia, and North America.     —Darren Stubing

The 2023 global leader in sustainable finance, Societe Generale (SocGen) once again proved its core commitment to meeting the diverse demands within the broad environmental, social, and governance (ESG) spectrum.

The global sustainability markets’ recovery from the challenges of 2022 is expected to propel full-year 2023 green, social, sustainable, and sustainability-linked bond issuances to between $900 billion and $1 trillion, according to S&P Global. SocGen’s customers were able to enjoy best-in-breed market positioning, gaining a significant edge over the competition.

The French powerhouse’s FX team helped support its ESG products for customers worldwide, including the bank’s flagship ESG benchmarks, sustainability swaps, sustainability options, and sustainability-related derivatives.

The bank also stepped on the gas by providing hybrid trade financing offerings to its customers, linking traditional finance to sustainability goals, thus helping to fuel ESG investments the world over.

Additionally, in November, SocGen launched its first-ever digital green bond, registered directly on the Ethereum public blockchain. This strategic move aims to enhance transparency and traceability in ESG data and broaden the bank’s currency-related sustainable offerings.     —TM

JP Morgan was awarded Best FX Commodity Trading Bank, as its well-executed strategy consolidated its FX commodity trading activities, capitalizing on its top ranking in fees and market share in investment banking.

The bank is the top ranked in research, underpinning its strength in FX commodity trading. It has a longstanding leadership position in energy, power and renewables. It has made significant investments in the low-carbon energy transition. From local production to worldwide trading, JP Morgan has a strong presence in the metals and mining industry, including key areas in the Americas, Europe, the Middle East, Africa, and Asia-Pacific; and the bank has deepened its footprint in Australia and India.

JP Morgan has achieved excellence in FX commodity trading execution, aided by technology and analytics. Its FX and commodities trading platform provides access to fast and reliable electronic market-making and order placement across every commodity class—including base metals, precious metals, energy, agriculture, and commodity indexes—with tradeable prices in multiple currencies. Its platform can send over 120 currencies and receive more than 40 across 200 countries.  —DS

FirstRand, the operator of the Rand Merchant Bank (RMB) corporate investment bank and of the retail and commercial lender First National Bank (FNB), for South Africa and the region, is this year’s award winner as Global Finance’s Best Foreign Exchange Bank for Africa. This top African financial institution has been rewarded for carefully marshaling its foreign exchange (FX) business and its mobile and online offerings.

Offering FX solutions from personal travel to corporate, remittance partnerships with international companies such as PayPal and MoneyGram, and an FX clearing hub for African banks, FirstRand has been a trailblazer in the African FX market over the past year.

The company says its mobile application and online enhancements for FX are a “continuous focus for individuals and commercial clients,” adding that “smart messaging such as SMS, emails, and [app push notification] are in progress” for 2024.

Straight-through processing enhancements have made a difference in getting clients to move away from manual payments to platform transactions, with the FNB banking application bringing FX transactions to a readily accessible mobile platform.

FNB and RMB are also building a foothold in the world of cryptocurrency transactions and FX blockchain payments. With an FX staff complement of 599, FirstRand accounts for approximately 33% of all banking sector FX volume in its primary market of South Africa.

A further presence across Africa in countries such as Mozambique, Zambia, Botswana, Namibia, Nigeria, and Ghana saw FirstRand’s regional FX profits grow in 2023 by 15% over the previous year. In August 2023, RMB launched a foreign currency clearing solution for African banks.      

—Tawanda Karombo

DBS Bank is the largest bank in Southeast Asia, with global operations across 19 markets. With its vital FX centers in London, Tokyo, and Singapore, the bank presents itself as a seamless connectivity and liquidity provider with FX products, including nondeliverable forwards, FX swaps, and precious metals. As of 2023, DBS’ one-stop global cross-border payment solution has covered 132 currencies across 190 countries.

The bank’s FX business supports large corporations, multinational corporations, and small and midsize enterprises (SMEs) by offering a spectrum of services, such as sophisticated FX payment with integrated, competitive, and committed FX rates—as well as access to transparent pricing and analytical tools. Regardless of size, corporate clients all have access to efficient and secured FX and forward transaction platforms that safeguard against currency fluctuations.

DBS’ commitment to the FX business is also reflected by the increasing number of employees who have dedicated themselves to it over the years and by the bank’s ongoing effort to build global distribution channels with new technology investments and initiatives.

—Lyndsey Zhang

Raiffeisen Bank International (RBI) has long been a significant player in the Central and Eastern Europe (CEE) banking market—it founded its first CEE subsidiary in Hungary back in 1986—and is today active across 12 countries in the region, with almost 18 million customers and some 45,000 employees.

FX is a large part of the bank’s business, and RBI is actively trading in the currencies of most countries of the region, offering a comprehensive product portfolio with competitive pricing and reasonable rates for more than 100 currency pairs. It has been at the forefront of digital innovation, using cutting-edge systems to speed trading, improve accuracy, and reduce trading costs.

Two years ago, RBI established partnerships with AxeTrading, a fixed-income-trading software company, and with Integral, a leading FX tech provider, to provide real-time streaming of FX prices into bond trading. Since 2021, it has also been rolling R-Flex, a digital solution for FX conversion, across CEE, starting in Romania before RBI in Croatia and Hungary adopted what it describes as a simple yet secure user-friendly platform that prioritizes clients’ needs. The plan is to extend R-Flex across RBI’s operations in other CEE countries, giving customers access to a state-of-the-art system that simplifies and speeds FX trading.

—Justin Keay

Amid the volatile FX landscape of 2023, BBVA managed to secure the top market position in several key markets across Latin America, thus providing its customers with unmatched opportunities and products.

In addition to its unique market knowledge, one of the main secrets behind BBVA’s success throughout the year was its relentless dedication to boosting its award-winning technological capabilities. The Spanish-based bank’s FX operations underwent significant enhancements, showcasing this dedication to innovation and client-focused services.

The onboarding process for eMarkets clients saw substantial improvements, incorporating DocuSign for streamlined and efficient client interactions. The introduction of direct market access marked a pivotal moment, providing FX spot clients with a new algorithmic execution service. Real-time FX application programming interface offerings for external clients, encompassing FX and payments, strengthened the bank’s connectivity.

BBVA further implemented dynamic pricing in Colombia and introduced FX SBP (single bank platform); and BBVA eMarkets in Argentina, covering spot and nondeliverable forwards. Enhancements in FX online services for enterprises in Colombia allow for payments from accounts held in other banks.

These strategic improvements earned BBVA recognition in the Global Finance awards and position the bank as a leading force in the dynamic landscape of FX operations in Latin America.

—Thomas Monteiro

The winner as the Best Foreign Exchange Bank in the Middle East, Saudi Arabia’s Al Rajhi Bank is the largest Islamic bank worldwide and has a dominant franchise in the Gulf Cooperation Council’s biggest banking market. Al Rajhi is ranked as the No. 1 bank in the Middle East for remittances by payment value.

The bank’s FX performance has been boosted by digital transformation. Retail, SME, and corporate businesses have expanded, with escrow accounts growing substantially. Its FX franchise has strengthened, with an increasing number of global counterparties and an extensive peer network of banking and financial institutions, further developing its treasury capability to deal in large FX trades. Al Rajhi’s Treasury Group has increased interbank FX counterparties to improve price and FX flow coverage and to access new markets and currencies. Onboard banknote and bullion interbank counterparties have been introduced to enhance supply, storage, and price economies. Several new module enhancements have been carried out on the core treasury management system to onboard new products.      
—Darren Stubing

Like all global banks, JP Morgan has invested heavily in its IT infrastructure and trading networks over the past decade. Headquartered in New York, the bank is in all major world financial centers. It provides corporate clients with everything from FX trading services to international payment processing, cash flow, and working capital management.

In a more volatile environment for global currencies, size matters. JP Morgan, UBS, and Deutsche Bank are the three largest players in the FX trading markets, accounting for roughly 30% of global FX transactions. The bank has an enormous pool of liquidity, with millions of customers across its consumer, commercial, and investment banking operations. It can execute large spot trades in up to 300 currency pairs internally by matching up customers, or it can work complicated orders across multiple external electronic markets. It is also one of the largest providers of FX derivatives contracts globally.

Technology is a significant selling point for JP Morgan. It employs artificial intelligence to enhance its FX trading algorithms that optimize execution services in all market conditions. It also helps companies to fully digitalize their treasury functions across global operations to give them a clearer picture of their FX and risk management needs.

—Andrew Osterland

Already a powerhouse in the European market, UBS skillfully took advantage of Credit Suisse’s March collapse to achieve once-in-a-lifetime boost to customer growth.

By combining its former rival’s market shares with its own, the bank was able to gather unrivaled positioning, which should remain for years to come, in the continent’s FX market.

Naturally, the M&A came with challenges, as UBS faced the need to regain confidence among former Credit Suisse clients and to onboard its rival’s top-line staff. This process led to a challenging yet rewarding second half of 2023, as customer satisfaction grew while FX margins temporarily compressed.

But despite the intricacies of the merger, the bank has continued to invest in deepening its already best-in-class suite of technological offerings for FX.

With significant improvement across the currency-trading spectrum, from FX swaps with its Neo STIR Analytics platform to improved FX liquidity algorithms with a new smart order router, UBS’ European-based customers enjoy a unique combination of unrivaled market positioning and knowledge with state-of-the-art technological FX products.

—TM

The factors that contributed to the global equity market declines of 2022 persist into 2023. Central banks continue to battle inflation with restrictive monetary policy. Geopolitical tensions will remain high for the foreseeable future, and contribute to volatility in the energy and commodity markets and significant disruptions in the global economy and world trade. The retrenchment of the tech sector, and crypto exposure, served as a catalyst for the collapse of Silicon Valley Bank and Signature Bank. Adding to this volatility is the reintroduction of a contagion risk in the financial institutions sector.

With a near-term recovery in doubt, global equity markets will remain under pressure as 2023 unfolds. This year’s winners for Best Equity Banks have navigated this difficult environment by providing exceptional guidance to their clients in order to win mandates that helped maintain or expand their league table positions.    —DS

This year marks the first time since 2009 that a Chinese investment bank was ranked the world’s No. 1 IPO bank. The company served as the underwriter and sponsor of four of the largest 10 listings in Sydney Stock Exchange (SSX) and the Stock Exchange of Hong Kong (HKEX), CITIC Securities surpassed its global competitors and become the worlds’ share sale arranger in 2022. Driven by its vision to become the most trusted first-class Chinese investment bank and the leading bank in the global market, CITIC has gained internationally recognized track records as the industry leader of the past decade. While China registration-based IPO reform is keen on simplifying the process of going public, the country’s recent regulatory reform makes it challenging for global investment banks to maintain their operational permit and stay compliant. Therefore, the country’s promising IPO pipeline will most likely secure China banks’ leading role for the years to come.   —LZ

Rand Merchant maintained its top position in the South African equity capital markets with an approximate 19% market share over the past decade, according to Dealogic. The firm also executed on a number of notable deals throughout 2022.  It assisted Old Mutual in its employee share ownership plan benefiting Black South Africans in the insurance company’s empowerment program through the issuance of 200 million new shares representing 4% of the company. In the mining sector, the bank guided Anglo American in the sale of the group’s remaining 8% stake in Thungela Resources through an accelerated book build with a value of $115 million. Rand facilitated a $100 million investment by Public Investment Corporation, Africa’s largest asset manager, in Africa Finance Corporation through a private placement. In Nigeria, the bank acted as co-advisor on the $1.6 billion equity listing of BUA Foods, and as joint bookrunner on a $150 million offering for communications firm MTN Group.        —DS

Macquarie is a leading global investment bank with over 17,000 employees across its operations in Asia, Americas and EMEA. Macquarie Asset Management had $500 billion in AUM, of which two-thirds are from public markets. Macquarie Asset Management Green Investment Group (GIG) has played a leading role driving the net zero transition of the bank’s portfolio.

In 2022, GIG launched a new specialized offshore wind business, Corio Generation. Its mission is to create world-class offshore wind assets that meet local energy needs, support local economies and facilitate sustainability transition. Corio aims to achieve its goals through consolidating global leading firms and financial expertise. Also in 2022, GIG Energy Transition Solutions Fund acquired BayWa Bioenergy, a specialized biogas platform with operations in Germany and Italy. The biogas platform enables full lifecycle biogas projects to provide biomethane and power to local energy companies, industrial users and energy traders. —LZ

Between Russia’s invasion of Ukraine, sanctions imposed on Russian banks by Western entities and European central banks’ rate hike cycles, CEE’s financial institutions mostly vanished from all global rankings of equity issuances in 2022. Yet, in the face of these monumental challenges, PKO Bank Polski stood out among the herd and found solutions to grow, making it the best equity bank in the CEE region for 2022.

PKO’s Corporate and Investment Banking division achieved double-digit volume growth year-over-year, mostly due to a surge in secondary equity offerings, which reached $752 million for the year, contributing to a 1.2% increase in EMEA’s total market share. Those numbers were helped by a stable Polish private equity market, which allowed the region to keep the activity flowing amid unprecedented challenges. With its unwavering commitment to serving its clients with innovative solutions and exceptional customer service, PKO Bank Polski proved to be the leading equity bank in the CEE region in 2022, providing clients with unique and reliable solutions.           —TM

Latin America’s equity market was an outlier, the only major regional market to end the year in positive territory in 2022. Even so, proceeds were down by 61% year-over-year, reflecting the general deals and IPO market slowdown. Itau BBA excelled in the region, participating in 23 deals, raising approximately $1.9 billion. It coordinated six transactions and acted as a bookrunner in several others. Among those deals, Itau BBA’s involvement in Eletrobras, BRF and Eneva’s follow-ons proved key in cementing its leadership in the LatAm markets, earning the nod as Latin America’s Best Bank for Equities for the second year in a row. The Brazilian-based bank led the successful coordination of Arezzo’s FON—six times oversubscribed and one of the most in-demand of recent retail offerings. Itau BBA was also the only lead coordinator in several retail offerings during the period, including Petz, Arezzo and Alpargatas.           —TM

With its franchise that extends to 14 countries on four continents, EFG Hermes continues to generate mandates in the region—$11.5 billion in 2022—through its team of highly experienced investment banking specialists that have helped clients navigate the region’s complex markets. Most notably, the bank acted as a joint bookrunner on the $6.1 billion IPO of Dubai Electricity and Water Authority, which represented the largest listing in the Middle East since 2019 and was part of a broader plan by the Emirate of Dubai to list various state-owned assets on the Dubai Financial Markets. Other significant deals included participation in the $2 billion IPO for petrochemical company Borouge, the largest listing in the history of the Abu Dhabi exchange. Also in Dubai, EFG Hermes acted as a joint bookrunner on $1 billion IPO of toll operator Salik.  Additional roles included the $724 million IPO for Empower, a cooling provider in Dubai, and an $82 million IPO for Macro Group, one of the largest cosmeceutical companies in Egypt.         —DS

The downturn in global equity markets in 2022 led to a 60% decline in underwriting, but Morgan Stanley made the best of it. The firm expanded its league table position and is recognized as the Best Equity Bank in North America. The bank acted as a joint bookrunner on American Tower’s $2.4 billion follow-on offering, among the largest equity transactions in the US. While IPO volume dropped 95%, Morgan Stanley secured a mandate in the largest IPO of 2022 as a lead bookrunner for Corebridge’s $1.7 billion offering. This helped the bank take the top position in US IPO proceeds, according to Refinitiv. Additional transactions include acting as the sole underwriter for consumer products firm AmerisourceBergen in a $1.6 billion follow-on offering, while internationally the bank acted as joint bookrunner on the Saudi Aramco Base Oil $1.3 billion IPO.       —DS

Europe appears to have borne the brunt of the broad-based slowdown in global equity activity, as the war in Ukraine and central banks’ rate hike cycles combined to bring a 39% decrease year-on-year in the number of equity deals in the region, according to Refinitv. Amid the challenging environment, our Best Bank for Equities in Western Europe for the second year in a row, UBS, used its widely recognized market expertise and long-term vision to strike some of the key deals in the region for the year, helping businesses endure difficult times. One of UBS’s notable achievements was its role as a joint bookrunner on the 8.1 billion euro rights issue of Vonovia. The Swiss bank also acted as lead joint global coordinator and joint bookrunner on Ming Yang Smart Energy, executing a $657 million (pre-shoe)/$707 million (post-shoe) global depositary receipts (GDR) offering. It was the first GDR into EMEA since 2020. Additionally, UBS structured and executed a CHF180 million combined offering of an ABB + CB + delta placement.    —TM

J.P. Morgan demonstrated resiliency to retain its leading positions in various debt capital markets categories and is our winner for Best Debt Bank. The bank led in global issuance volume overall as well as in global MBS and ABS and international debt, based on Refinitiv data.

Among the IPOs it participated in were Corebridge Financial ($1.7 billion) and Porsche ($8.8 billion). The depth of its services strengthens client engagement and is a significant factor in its success in securing deal mandates. In addition to its traditional equity and debt underwriting and M&A platforms, J.P. Morgan differentiates itself with its Corporate Finance Advisory unit,  which serves to deepen its client relationships by advising clients on a range of areas including capital structure, risk management credit ratings, distribution policy, liquidity management, and cost of capital. A ratings advisory team also assists governments globally to address issues related to sovereign credit ratings, investor communication and policy impacts.

Additionally, to broaden its range of potential clients the bank employs a regional approach in the US through the creation of a dedicated team to serve middle market corporate clients. In North America, J.P. Morgan led in US debt proceeds, high yield and ABS, while placing second in MBS and investment grade debt. The bank is a leader in ESG finance, holding the top spot in global ESG bond issuance. This effort is advanced by the bank’s ESG Solutions group, a specialist team to advise on ESG-related initiatives to identify sustainable transactions and solutions. Collaboration within the bank contributes significantly to this effort, as the group partners with J.P. Morgan’s Development Finance Institution in originating sustainable transactions, and with the bank’s Center For Carbon Transition to align its portfolio with United Nations 2030 emissions targets.   —DS 

With deep industry knowledge and a broad range of coverage areas across the continent, Standard Bank provides multinational, sovereign and domestic clients in Africa with innovative funding solutions in a range of sectors. The bank holds the No. 2 spot in overall debt capital markets and has captured top positions in debt league tables in the categories of lender (12% share), lead arranger (17%) and bookrunner (10%), according to Dealogic. With this powerful franchise, the bank consistently demonstrates its expertise in winning key mandates across the continent and involves financings in the energy sector in Angola, Kenya, and Nigeria, and on state-owned projects including gas pipeline in Mozambique and power generation in Ghana. Mining is also a key area of focus. Standard Bank led financings in South Africa, Ghana and the Democratic Republic of the Congo.  Additional areas include an infrastructure deal for Kenya Ports Authority and social loans for student housing in South Africa. The bank is also a lead funder in government programs to boost South Africa’s electricity supply. In sustainability, the bank exceeded its target of over $2 billion in financings for 2022 and is on track to meet a goal of $15 billion by 2025. —DS

As one of the world’s largest financial institutions, Mizuho Financial Group operates in 40 countries in the Asia, Americas, and EMEA through 800 offices and 55,000 employees worldwide. To support Asian sustainability-linked loan framework, Mizuho signed the first ESG-theme loan agreement with AEON Aredit Service (Asia) Company in 2022. The agreement stipulated AEON’s projects aiming to reduce greenhouse gas emissions and encourage sustainability financial educations. In 2022, Mizuho Americans offered a unique financing solution of $800 million as part of the $2.5 billion oil and gas acquisition deal between JERA Americas and Freeport LNG. Mizuho Americans also executed financing to Saavi Energia, Mexico’s fourth-largest independent power producer and the largest privately owned power generator. Also in 2022, Mizuho acted as joint coordinator, sole sustainability coordinator, BMLA and facility agent on Standard Bank’s inaugural sustainability-linked syndicated term loan, which enables renewable energy power plants, employee diversity and other social projects in Africa continent.         —LZ

With Russian banks cut off from most capital markets due to the Western sanctions against the country because of the invasion in Ukraine, aggregated CEE debt issuances lost more than 50% in the year. The war also had a contagion effect on Russia’s and Ukraine’s neighboring economies, both from the direct impacts of the slowing economic activity in the region and the geopolitical uncertainty that pushed corporates to seek business opportunities elsewhere. Despite the dismal macroeconomic picture, BAC Securities showcased expertise in the debt sector through its role as adviser and finance arranger for various large-scale projects. Among those deals are the development of one of the largest wind farm projects in continental Europe and several renewable energy-related debt issuances in the Balkan region. BAC also acted as a sell-side adviser for the disposal of RES asset mix consisting of wind assets, solar assets and hydro-assets. Additionally, BAC Securities acted as the lead manager of the bond placement of Energo Pro Varna in Bulgaria for 130 million euros.      —TM

In 2022, against the backdrop of higher global interest rates and borrowing costs, Latin American and Caribbean (LAC) international bond issuance dropped significantly to $64 billion—a sharp decline from 2021’s record of $149 billion. But there was a silver lining: The Brazilian domestic market, which saw record issuance of $85.6 billion in 2022, represented an increase of 6.6% over 2021. The trend was mainly propelled by $50.9 billion in total corporate debt issuance, which was also a record. Amid this scenario, Santander took advantage of its privileged market positioning in the region’s two main economies, Brazil and Mexico, and managed to gain market share when others were struggling. In Brazil, the Spanish-based bank participated in 105 deals for a total of $11.6 billion, deepening its market share as investors searched for fixed-income alternatives due to the country’s high base interest rate. The thriving agricultural debt market mainly propelled the rise in activity, a trend that Santander was able to foresee and navigate with excellence, winning Global Finance’s award for a second year in a row.            —TM

Kuwait’s Kamco Invest has an established presence in key regional financial markets. It also touts a consistent track record of originating financing solutions that contribute to the expansion of capital markets throughout the region. Its investment banking platform also includes equity capital markets and M&A, with additional services in asset management and brokerage to serve clients domestically and more broadly across the region with a range of banking and investment solutions. Mandates during 2022 included a $350 million sukuk issuance for UAE-based Arada Developments; a $300 million sukuk bond for a real estate company owned by Abu Dhabi’s ruling family; and a $69 million debt restructuring for United Education Company to better capture internal liquidity to reduce the company’s debt levels. To increase access to its offerings, Kamco launched Iktatib, a subscription-based online platform connecting investors with its bond and sukuk issuances.             —DS

The slowdown in general activity in global capital markets did not spare the debt market in 2022. According to PwC, there were only 993 debt issuances and $710 billion raised in 2022, compared to 1,326 issuances and $943 billion in 2021. Despite the challenging environment, BNP Paribas found a way to help its clients and produce solid growth. The bank participated in 447 EMEA debt issuances with a total value of $132.2 billion, ranking first in the category both by value and return. This represents a significant increase in market share from last year. The French-based bank also made significant strides in the green/ESG bond market, which showed signs of maturing in Europe in 2022. Although the number of deals slightly decreased from 297 in 2021 to 286 in 2022, green/ESG issuances represented a greater share of total issuances in Europe for the year—29% compared to 22% in 2021. Moreover, BNP Paribas issued its inaugural $55.1 million Social Bond, tracking the MSCI Eurozone Social Select 30 index.        —TM