2013 – Award Winners for 2012

Global & European Awards

10th Global & European MTN,
Structured Note & Funding Awards

 

MTN manifesto  
Innovations, new credits and compelling growth stories drove this year’s mtn-i awards rather than established strengths in flow products. Our awards spotlight a year in which MTN desks again proved a hub for new credit origination, yield enhancement products and bespoke investor solutions. And they celebrate a year which saw MTN desks put more new credits in the hands of debt investors (and existing names with new investors) than ever before, particularly in the corporate and sub-sovereign space. This year’s awards highlight the increasingly entrepreneurial nature of MTN desks and how their execution flexibility is creating significant new revenue and client opportunities against the backdrop of declines in flow and structured note business. Collectively they emphasis the product’s unique ability to harness origination, structuring and execution expertise to deliver credit, region, asset class, structure and currency combinations only accessible in the private MTN market.
Illuminating performance  
As investment banks re-evaluate their capital market franchises’ viability, making further cuts and strategy changes, these awards illuminate the powerful below-radar performances that MTNs deliver. And more than ever, how institutional demand for products and credits not available in benchmark or secondary markets are driving substantial private placement flows. One MTN team performance recognised with an Investor Solutions award provides a classic illustration. In just two days it originated over EUR500m of long-dated corporate notes and a further EUR200m of 20-year bank MTNs across five rare credits for a single German insurance account.
Structuring for yield  
Indeed, European insurers’ hunger for yield and credit diversification provided an especially rich stream of demand. These awards include one European agency’s inaugural issue via the year’s largest CMS-linker, another’s debut structure, a third’s near-EUR600m 50-year private placement and a corporate debut with an unhedged TEC10 note.
Credit revolution  
The origination of new credits is the biggest theme among the landmark deals, institutional performances and investor solutions recognised this year. 2012 brought a wave of fresh borrowers making capital market entries via private placements originated by MTN desks. These included the opening of new funding avenues for French regions and municipalities, unrated European corporates (often mid-caps) and central European sovereigns.
2012 European Landmark Deals






 

2012 European Institutional Performances







 

2012 European Investor Solutions


 

2012 Global Landmark Deals

 

2012 Global Institutional Performances

 

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