2013 - Lifetime Achievement Award

Global & European Awards

MTN industry celebrates a decade of glittering achievement at mtn-i London awards

Thursday was a big night for the MTN industry in London as a record-breaking 26 issuers joined dealers at tables for the biggest awards night – of the decade.

The event was the heavily-booked mtn-i 10th anniversary awards in London, which this year not only showcased the Global & European Awards 2012 but also recognised the industry’s hard work spanning the last decade which captured the period both before and after the start of global credit crisis.

Jacques Lumb picFor the first time, mtn-i included an award which is sure to become a regular fixture – the Lifetime Achievement Award. The inaugural award was presented to now-retired former Commonwealth Bank of Australia’s executive manager, group funding, Jacques Lumb.

Jacques attended the ceremony at the Grange Hotel to be met by a standing ovation from the entire hall as he approached the stage.

Jacques retired from CBA a few years ago after more than 40 years with the bank, yet he still scored highly in the mtn-i recent People of the Decade survey.

mtn-i judges felt that he exemplified the policy of treating dealers as customers rather than service providers. Throughout the structured note boom he ran one of the most productive and efficient structured note funding operations ever seen. At one point he notched up as many as 20 range accruals in a day. But dealers and journalists will remember him as one of the nicest and easiest people to deal with.

The night emphasised the people who make the industry creative, exciting and effective in delivering funding, with a series of People of the Decade awards.

Those acknowledged in the first-ever mtn-i People of the Decade awards were: Kentaro Kiso (Barclays), Marc Falconer (BNP Paribas), Chris Jones (HSBC), Ali Hussain (Deutsche Bank), Olly Johnson (Bank of America Merrill Lynch), Benjamin Lamberg (Credit Agricole), Marko Milos (Goldman Sachs), Amaury Gossé (Citigroup), Patrick Steeg (LBBW), Wafi Saleh (Banesto), Suzy Margretts (Lloyds TSB Bank), Søren Elbech (Inter-American Development Bank), and Richard Anund (Swedish Export Credit Corp).

There was enormous anticipation around the decades categories, which included Issuers and Dealers as well as People, because these awards were a closely-kept secret until the event itself.

Based on the findings of an online poll conducted by mtn-i and with reference to mtn-i’s vast database of deals capturing well over a decade of trades and news commentary, the Issuer of the Decade (Corporate) was BMW.

The nominees in this category included three other names: GE CapitalIberdrola and Toyota – corporates that have not only been frequent issuers of MTNs but structured note issuers too.

BMW was recognised for raising more from private MTNs than public markets over the decade overall in 7 out of the last 10 years. USD45bn of private MTN funding from 500 deals in 18 currencies which included USD1bn of structures.

In the category of Issuer of the Decade (FIG) it was Rabobank.

The three nominees for Financial Issuer of the Decade included Lloyds TSB Bank, Commonwealth Bank of Australia as well as Rabobank and were considered in a league of their own. All have excelled in exploiting the MTN private placement markets as a source of funding. All have been previously recognised for their diversification, sophistication and innovation. Collectively they share 26 mtn-i institutional performance and landmark deal awards in almost equal measure.

In a close-run heat, Rabobank showed a depth, breadth, sophistication and consistency of commitment to these markets across the entire decade. Every year for the last 10 years it has raised over USD5bn from dealers outside its own network, a quarter of a trillion dollars of non-syndicated funding in all from over 2000 MTN issues in 30 currencies. Of these USD50bn were structured notes from over 1,500 deals across 9 asset classes and 76 different products.

The SSA to scoop the Issuer of the Decade award was Swedish Export Credit Corp.

The SSA was the most hotly-contested Issuer of the Decade category in which there were four nominees: Norway’s Kommunalbanken, Germany’s KfW, Finland’s Municipality Finance as well as Sweden’s SEK, plus many more worthy contenders.

Across the last 10 years winner SEK issued over 5,000 MTNs, more than 4,000 of them non-syndicated and more than 3,000 of them structured notes, according to mtn-i data. They span 31 currencies, 8 structured asset classes and 71 structured product types. All this variety despite a borrowing programme appreciably smaller than most of its peers.

SEK’s unique achievements include not just being the only non-US SSA as an active issuer in the US structured note market but the top third party non-GSE issuer in the US for much of the decade. The mtn-i Issuer of the Decade survey revealed admiration for the borrower’s responsiveness, flexibility, sophistication, consistency and commitment to buybacks even in the dark hours after the collapse of Lehman Brothers.

The consistency of SEK’s willingness to be a counterparty for innovation and exploration are expressed in 16 previous mtn-i landmark deal and institutional performance awards.

Deutsche Bank was named the Structured Dealer of the Decade.

The category had a shortlist of four which included BarclaysHSBC and SG CIB. The winner was a consistent trailblazer in the structured note market as well as a vanilla debt powerhouse, and winner of 25 mtn-i awards across the decade. It has never ceded its place at the MTN top table during mtn-i’s first decade. Its evident forte in EMTNs has been based not just on its powerful position in the key eurozone economy but also on strengths beyond, from Switzerland to Japan.

Vanilla Dealer of the Decade was awarded to HSBC.

Nominated in the vanilla category the winner was up against BarclaysBNP Paribas and RBS. HSBC may have started mtn-i’s decade with an ownership of its local market in Hong Kong, but ended it as a core member of the global capital markets elite – a pioneer in Asian currencies (the Chinese renminbi, most notably) alongside its euro and sterling leadership and US dollar strength. HSBC was also identified as a pathfinder in Islamic and socially-responsible structures and an innovative derivatives provider. Each of these assets has fed into its ascent and position it unequivocally in today’s top tier. Prior to the awards night, HSBC has already been recognised 35 times across the decade and the globe by mtn-i awards.

Overall MTN Dealer of the Decade was handed to Barclays.

The overall dealer nominees were four banks which included CitigroupDeutsche Bank and HSBC. But Barclays had already transformed itself from a British institution to a capital markets and derivatives heavyweight when it bought Lehman Brothers’ US business in 2008. That landmark purchase took the firm to a new level, bolting the top performer in US MTNs on to its powerful international franchise and triggering a new era as one of the global market’s dominant players across nearly all currencies, jurisdictions, asset classes and products. No other house comes even close to the USD300bn of non-syndicated sales this across-the-board strength has delivered subsequently some of which have already been recognised in the 46 awards it has scooped across the decade from mtn-i.

mtn-i 2012 Awards tables picThe Editor’s award this year was given to the socially-responsible issuer International Finance Facility for Immunisation, the fund managed by the World Bank.

IFFIM has raised billions of dollars from a variety of bond and MTN market issues to pre-finance the Millennium goal pledges of the G7 nations to immunise children in the poorest parts of the world through the GAVI programme. mtn-i acknowledged the efforts of the agency as a remarkable piece of capital market and MTN innovation and won the Editor’s award for Socially-Responsible Innovation.

Ensuring a fun night out for all, the banter was provided by the seasoned political impressionist and comedian Rory Bremner, whose portrayals of policymakers like US President Barack Obama were commented upon by event goers as one of the best they had ever experienced. Bremner co-hosted the event with mtn-i’s founder and CEO Mike Tims.

“Despite the difficult times we’ve been through in the last five years of global crisis – it’s really exciting to see this night growing bigger each year,” Tims said in his address at the event.

“We were privileged to have received presentations from over twenty institutions this year.
They included over 200 deal and performance ideas for recognition and they represented more than 400 pages of powerpoint,” added Mike Tims.

He said the quality of pitching was also extremely high and very competitive, making for a very exciting and challenging task of acknowledging a vast array of worthy winners.

 

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