The stagnant additional Tier 1 capital market needed a shot in the arm after a string of disappointing issues in 2014. Enter HSBC and its inaugural AT1 issue.
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Banglalink was able to issue Bangladesh's first ever international bond under the stewardship of Citi, thanks to its great growth potential and the backing of foreign ownership.
The first Italian initial public offering of 2014 cemented confidence in UniCredit's unusual partnership model with Kepler Cheuvreux in equity capital markets.
When fears over a Chinese slowdown and the US interest rate cycle coupled with domestic political uncertainty to hit the Turkish lira, BNP Paribas proposed a long-term bond to re-establish the sovereign's credentials.
Tighter secondary market liquidity and more volatile interest rates make for a more challenging environment for the highest-rated issuers, but that has not stopped Deutsche Bank from leading two milestone deals already in 2014.
Société Générale CIB arranged a record large loan for PPF Group to buy out Telefonica's Czech subsidiary, and found plentiful liquidity in local currency.
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