Congratulations to all our 2015 Winners!
More than MTNs
Our newly announced 14th Annual mtn-i MTN Awards reveal 2015 as a pivotal year in the market’s development as well as pointing up the market’s growth trends in 2016. For MTN desks, borrowers and investors it was one of the most challenging years ever. And as ever the MTN market didn’t fail to find solutions – even evolving beyond its traditional base.
The rise of stand-alone private placements and the Euro PP market are recognised by our Editor’s Award and several of our Deal of the Year awards. They reflect too the new role MTN desks are forging as the origination point for non-benchmark private bond market products and an expansion of the market’s footprint as a funding source into 2016 and beyond.
The biggest year for debt repackaging programme issuance of structured products since 2007 is spotlighted in both our Investor Solution and Deal of the Year awards. The revival of repackaging vehicles as the most flexible and cost-effective issuers of sophisticated yield solutions in a near-zero and negative-rate environment are tipped for further take-off in 2016.
Demand for CMS-linked products is growing again and set to rocket to pre-crisis volumes as investors position for an eventual Euro rate rise. A trio of Deal of the Year recognitions and a Dealer of the Year Award recognise the products’ inevitable role in Euro investor portfolios and even US buying appetite.
Dealers of the Year
Some MTN desks were downsized in 2015 while others narrowed their focus as a combination of competitive, capital, regulatory and technical factors challenged bank cost bases and the ROI of the classic MTN desk mandate. Despite this, two firms are recognised with MTN Dealer of the Year awards for successfully maintaining leadership across a full-service MTN franchise.
Issuers of the Year
Across the FIG, SSA and corporate borrower space, some issuers showed leadership in 2015 in the face of increasingly challenging market and regulatory conditions protecting and growing their franchises and in some cases creating more favourable terms for their dealers to work with.
From a pure product perspective, classic vanilla funding solutions in some of the most challenging and competitive market conditions took priority over complex product innovation in our Deals of the Year. One turned a negative yield indication from a borrower into a positive yield outcome for the investor without a structure was the size of the challenge and achievement. Another award recognises the pushing of maturity limits beyond the average human lifespan.
Investor of the Year
Institutional investors are increasingly finding scale in the solutions they source in private markets – something we are keen to recognise with this new category and the transparency it helps bring.
The MTN markets and some of its leading borrowers can be rightly proud of changing the lives of millions of poor and vulnerable adults and children through innovative capital market solutions. Our first mtn-i Lifetime Achievement Award recognises a capital market head who in her career led more of those than any other before her retirement this year.