Deutsche Bank has been awarded Bond House, Derivatives House and Securitisation House of the Year in IFR’s annual banking awards.
Regionally the bank also picked up US CDO House of the Year and European Equity House of the Year.
“Few houses crop up in virtually every conversation regarding bonds, no matter where in the world it is held or what asset class is under discussion,” IFR said. “Deutsche Bank is one of those few, boasting a stunning breadth of business.”
The magazine recognises Deutsche Bank’s status as a global player, with “an all-encompassing relevance”. The Bank was praised for its innovation in deals such as Tesco’s record-breaking 50-year issue and UPS’ sterling “even-yield” exchange offer, and for its role in reopening the primary market during the global liquidity crisis.
DB was also singled out for its sub-prime performance as the year’s best Securitisation House: “Deutsche Bank’s breadth of product and geography meant that it was also able to withstand the bad times better than its peers,” IFR said. “In what was obviously a difficult year for everyone in the securitization business, Deutsche Bank stood out from the pack.” The Bank is notable as “one of the few genuinely global securitization houses…few if any can match Deutsche’s ability to actually get deals out of the door from such a broad array of geographies”, the magazine, as well as its support of these deals afterwards.
Deutsche's derivatives franchise was also a clear winner, capturing not only the overall house award but also Interest Rate Derivates and Equity Derivatives House of the Year. Here DB won kudos for “developing novel synthetic applications across asset classes, while supporting clients in a year of unprecedented turmoil”. The magazine observed that while DB was forced to retreat from loss-making positions in the aftermath of the credit crisis, it was “able to rework a heavily derivatives-reliant sales and trading model without abandoning its market share goals or overall profitability”.
Again, the Bank’s unparalleled geographic reach came into play, having made more markets in more Asian currency rate products than any competitor this year, and taken a leadership role in local equity derivatives development. DB’s role alongside Goldman in the Eurotunnel restructuring was another highlight, according to IFR, and Deutsche’s “ability to muscle its way into a 50% share of the hedging was a testament to both its trading and structuring ability”.
Deutsche was also the hands-down choice for European Equity House of the Year in recognition of having “achieved its ECM aspirations with conviction, leading more deals than any other house and increasing its volume by 80% year-on-year” as well as for its “dominance of the ECM landscape and its diversity of business – by region, sector and deal type”. This is a particular source of pride for Deutsche, which IFR noted has “turned around its ECM fortunes to become one of the most envied franchises on the street”. With 86 deals completed, the Bank weighted in 10% ahead of its closest competitors, and new issue volume rocketed to an 80% increase on the previous year resulting in market share of 10.3%, up from 7.1%.