2013 Greenwich Leaders: Global Fixed Income

(Awards White Paper, 3 Pages)

As the restructuring of the global fixed-income business continues in 2014 banks around the world experiment to find the right size and commitment levels to keep them both viable and profitable.

Amid these sweeping changes, Deutsche Bank has secured the top spot among global dealers in fixed-income with 10% overall trading volume and Barclays has emerged as the leader in overall quality of service in fixed income for 2013.

21 January 2014

Executive Summary

The restructuring of the global fixed-income business will continue in 2014 as banks around the world experiment to find the right size and commitment levels to keep them both viable and profitable. Amid these sweeping changes, Deutsche Bank has secured the top spot among global dealers in fixed-income trading market share, and Barclays has emerged as the leader in overall quality of service in fixed income.

Decisions by banks about their business models and strategies have shaken up fixed-income markets around the world. Some significant players essentially have exited specific products and geographic markets. Nearly all dealers have rationalized the capital and resources allocated to fixed-income businesses in the face of new capital requirements imposed under Basel III. At the same time, individual banks have sought to capitalize on the opportunities created by the pull-backs among some of the world’s largest fixed-income dealers.

Read this Greenwich Awards report to find out who else is a Greenwich Share Leader and about fixed income's 'Goldilox' moment.

Methodology
Interview topics included service provider assessments, trading practices, market trend analysis, and investor compensation.

Asia (ex-Japan)
Between June and July 2013, Greenwich Associates conducted 899 interviews with fixed-income investment professionals at domestic and foreign banks, private banks, investment managers, insurance companies, hedge funds, corporations, central banks, and other institutions throughout Asia (ex-Japan).Countries and regions where interviews were conducted include Australia/New Zealand, China/Hong Kong/Macau, India, Indonesia, Malaysia, the Philippines, Singapore, South Korea, Sri Lanka, Taiwan, and Thailand.

North America
Between February and March 2013, Greenwich Associates conducted in-person interviews with 149 institutional fixed-income investors in Canada, 223 in Latin America and 1,027 in the United States.

Europe
Between May and July 2013, Greenwich Associates conducted 1,269 interviews with senior fixed-income investment professionals at banks, fund managers/advisors, insurance companies, corporations, central banks, hedge funds and other institutions throughout Europe. Countries where interviews were conducted include Austria, Belgium, Denmark, Finland, France, Germany, Greece, Italy, Luxembourg, Malta, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, the United Kingdom, and select interviews conducted in Central & Eastern Europe and the Middle East.

Japan
Between May and July 2013, Greenwich Associates conducted 318 interviews with senior investment professionals in Japan investing in domestic fixed income and 155 interviews with senior investment professionals in Japan investing in international fixed income. Interviews were conducted with banks (regional banks, shinkin banks, agricultural banks, trust banks, and others), investment companies and insurance companies.