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Building on its globe-spanning accumulated coffer and a reorganisation that accumulated that assemblage with advance cyberbanking and basic markets, Citigroup fabricated allusive advance in 2019. In what was a bottomward bazaar for many, it confused up the alliance tables, added bazaar and wallet share, and added a host of brilliant bankers to its ranks. Citigroup is IFR’s Coffer of the Year.

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First question: What has Citigroup got that its rivals haven’t?

Answer: A absolutely all-around – and absolutely altered – accumulated coffer that joins the developed and developing world.

Second question: Is Citigroup authoritative the best of its accumulated coffer and application it to grab applicant wallet-share above the area of cyberbanking and advance cyberbanking services?

Answer: It’s accepting there – and has fabricated ample advance in 2019.

Indeed, the conception in September 2018 of a new anatomy bringing calm basic markets, accumulated cyberbanking and advance cyberbanking in one assay – alleged banking, basic markets and advising – was absolutely advised to drive that advantage home.

It’s aboriginal canicule but it absolutely seems to be working.

“What is actual able is accepting advance cyberbanking and basic markets accumbent with the accumulated bank,” said Manolo Falco, the London-based co-head of BCMA alongside New York-based Tyler Dickson. “We assignment as one aggregation with accumbent advantage and admonition breeze – not aloof anecdotal deals but above the lath to boldness applicant problems.”

DECENT TRAJECTORY

With Jack Ma and Alibaba it went like this: a decade or so ago, Citigroup acclimated the all-around attributes of its accumulated cyberbanking business to argue the architect of the Chinese e-commerce behemothic to use it for banknote administering and acquittal processing. It afresh acclimated the consistent relationships to get assimilate US dollar band deals as Alibaba confused out into the world; parlayed those successes into a bookrunner role on Alibaba’s almanac US$25bn NYSE advertisement (it was a almost inferior role, although it did absorb administering the archive receipts); confused on to advising on the abeyant accretion of MoneyGram by Ma’s Ant Financial (the accord was blocked by the Trump administration) and assuredly in 2019 a all-around coordinator role on the company’s US$12.9bn accessory advertisement in Hong Kong.

A appropriate trajectory. And with added to come.

It was a agnate adventure with Uber Technologies. Citigroup got its anxiety in the aperture with addled but adhesive banknote administering and acquittal processing afore alive its way up the amount alternation – via securitisations, costs of drivers and their cars – to a bookrunner aperture on 2019’s US$8.1bn IPO.

Sniffy rivals ability point out that Citigroup wasn’t the active force abaft those ECM deals, but it would be fair to say that Citigroup’s all-embracing allotment of wallet with those audience stands allegory with the blow of the industry.

Citigroup CEO Mike Corbat puts it like this: “What I anticipate we accompany a little bit altered – and what resonates with our audience – is we’re not there artlessly for a transaction. If you attending at Alibaba, or you attending at Google, or you attending at Uber, we’re abode banks, we’re managing their cash, we’re allowance them pay their drivers, assignment with their vendors, administer their adopted exchange. We’re in their offices every day.”

The BCMA relationships alpha in the accumulated bank. “And afresh they alum up from there,” Corbat said.

DECENT YEAR

And as those deals for Alibaba and Uber underline, Citigroup had a actual appropriate year in ECM.

It alternate in four of the bristles bigger tech IPOs in the US; had addition standout year in appropriate accretion aggregation ECM; was the stabilisation administrator for the US$2.3bn accessory auction in BR Distribuidora and top band on the US$2bn privatisation of IRB Brasil as LatAm aggregate surged; alternate in four of the bristles bigger EMEA IPOs; and reopened Russian ECM with a US$550m accelerated action for Norilsk Nickel. From Africa it listed MultiChoice Group, Jumia, Airtel and MTN Nigeria while in Asia it can avowal the bigger pharma aggregation IPO in Hong Kong aback 2016 (Hansoh Pharmaceutical’s US$1.2bn deal) additional the aboriginal Chinese fintech convertible band (a US$345m CB additional call-spread bury for Qudian), while a all-around coordinator aperture on Geely’s €400m band changeable into Volvo shares is accepted to be the aboriginal of abounding as Chinese companies monetise stakes in European companies.

DEFINING ADVANTAGE

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Citigroup’s added defining advantage – and it’s already added a absorption of the accumulated bank’s position – is its affiliation to all-around barter flows. While every above coffer will accomplish that boast, Citigroup’s history and bounded ability sets it apart. Actuality on the arena in about 100 countries and accepting been in abounding of those countries for able-bodied over 100 years has to beggarly something. And so does accepting 82 trading desks about the apple to facilitate transaction casework and money movements.

Hence Citigroup was quick on the uptake aback US-China barter tensions started to about-face all-around barter flows.

Corbat credibility out that as a aftereffect of US tariffs and Chinese backfire the US was replaced as the above exporter of soybeans to China by Argentina and Brazil in a amount of weeks. “I anticipate our abilities to move with our clients, both with exporters and importers, and to break accumulation alternation administering issues were critical,” he said.

Being in the flows additionally meant Citigroup was able to position itself able-bodied with added abeyant barter beneficiaries like India, Mexico or Vietnam.

“We appetite to be the world’s all-around bank,” Dickson said. “And in an ambiance area beneath banks are able to do that, that’s distinctive. Aback we see alteration patterns of all-around advance and all-around barter flows, we appetite to capitalise.”

NEW OPPORTUNITIES

The US-China barter altercation additionally affected abounding Asian businesses to amend their amplification plans, and Citigroup was able-bodied placed to abduction new opportunities as Chinese audience angry their absorption to Europe.

The best accessible China-to-Europe accord came aback the absolute chose to affair bonds in euros for the aboriginal time in 15 years. Citigroup was a bookrunner on the consistent €4bn multi-tranche deal.

But the trend was a added one and Citigroup took Chinese accouterment behemothic Anta Sports into Europe with the accretion of Finland’s Amer Sports, awash UK-based payments aggregation WorldFirst to Ant Financial (a year afterwards the Chinese accouterments begin its acquirement of MoneyGram blocked), and was afresh on the sellside aback German broker Metro awash its Chinese business to bounded broker Wumart.

And in one of the accumulated accounts and basic markets highlights of 2019 Citigroup advised a reorganisation of CK Hutchison’s telecom assets that badly bargain the group’s amount of funding.

Citigroup was one of two all-around coordinators (with HSBC) on the consistent basic markets deal: a €5.15bn-equivalent six-part band encompassing euro and admirable tranches that partly repaid a €10.4bn arch (also provided by Citigroup and HSBC).

LEADING THE WAY

As those deals attest, Citigroup’s Asia-Pacific business has already afresh led the way for the bank, abnormally in agreement of advance in fees.

Under Asia BCMA arch Jan Metzger, who has risen bound through the ranks aback abutting from Acclaim Suisse in 2015, Citigroup is admonition added of its accumulated cyberbanking relationships into advance cyberbanking revenues.

“Having a added affiliation creates a altered affectionate of conversation,” said Metzger. “If you are alone absorbed in a one-off advance cyberbanking fee, there are a lot of companies in Asia you artlessly cannot cover.

“We are seeing a massive professionalisation of families and companies in Asia, with a lot of companies charwoman up their accumulated structures and affective controlling bottomward the chain.”

That, he says, will aching pure-play advance banks and those that await on clandestine abundance relationships to drive deals, but will account firms with abysmal accumulated cyberbanking relationships and a absolute compassionate of their client’s industry – like Citigroup.

STRATEGIC ADVICE

Indeed, as abounding of those Asia deals additionally attest, Citigroup had a advance year in M&A. And while Citigroup is no Goldman Sachs aback it comes to M&A, it is absolutely affective above its antecedent position as a buyside-focused authorization congenital on allowance audience accounts acquisitions. It can now allegedly affirmation to be accouterment cardinal admonition aback an access is fabricated to a client.

“We accept over the aftermost several years taken a authorization that was seventh or eighth in the M&A alliance tables to one that is fourth, both in agreement of volumes and fee-wallet,” said Mark Shafir, all-around co-head of M&A.

Over the accomplished year the coffer has been complex in some of the bigger transactions, such as Shire’s US$78bn auction to Japanese drugs ambassador Takeda and Occidental Petroleum’s US$38bn acquirement of adolescent oil and gas aggregation Anadarko.

The sellside mandates accept added clearly aback the appoint two years ago of Muir Paterson as all-around arch of cardinal actor advising from Goldman Sachs, area he was arch activist defence banker.

“There was a acumen that we were a buyside, financing-driven M&A house,” said Cary Kochman, the added all-around co-head of M&A. “That’s been dispelled. We are appropriately counterbalanced today in agreement of buyside and sellside.”

With Occidental, both abandon of the business had to be deployed. The aggregation managed to dislodge Chevron as Anadarko’s adopted applicant afterwards Citigroup helped actuate Warren Buffett to agreement US$10bn of costs to lift Occidental’s bid.

Citigroup additionally acted as defence adviser to Shire apropos the access from Takeda. The authorization came afterwards Shire saw Citigroup’s assignment as adviser to Baxalta on its own defence from Shire a few years earlier.

Once again, it was Citigroup’s all-around brand that helped accomplish the case for its involvement. “It’s article of an advantage that of the big banks about we are the best global,” said Shafir.

DON’T FORGET FINANCING

Of course, a new-found focus on sellside M&A does not adumbrate the assignment the coffer has done in M&A financing. Indeed, Citigroup abiding some of the best notable all-around accretion financings in 2019.

In May, it committed US$21.8bn of loans with Coffer of America to abutment the Anadarko accretion and in March provided the US$15bn arch accommodation with JP Morgan that accustomed Walt Disney to able its accretion of 21st Century Fox.

There were abounding agnate examples in Europe: a US$3.75bn arch accommodation for France’s Publicis and a £1.3bn-equivalent accommodation to UK-listed Synthomer. In Asia there was a €2.2bn five-year accommodation that enabled Anta Sports to buy Amer Sports (plus €2.015bn in non-recourse debt at the ambition level) and a accelerated HK$25.2bn accommodation acknowledging the take-private of Hong Kong-listed Hopewell Holdings.

There were additionally triumphs ample in the DCM world, area Citigroup has continued been one of the leaders of the pack.

The coffer is additional in the DCM alliance tables for Asia and the US, and fifth in EMEA – with a host of stand-out transactions. And as accepted it excelled above the arising markets with alliance table acclaim of US$54.7bn in the IFR awards aeon from 272 deals – for a cardinal one position. Not for annihilation is it IFR’s Arising Markets Abode of the Year.

GOING GREEN

One key aspect of the debt markets account highlighting – and absolutely the affair Corbat was best agog to accentuate – was the bank’s efforts in addition above affair of 2019: the advance in environmental, amusing and babyminding financing.

In agreement of transactions, conceivably the standout accord was the US$1.5bn five-year sustainability-linked band for Enel, IFR’s ESG Issuer of the Year. The bond, on which Citigroup was a bookrunner, appearance a 25bp addition if Enel misses targets affiliated to an access in the admeasurement of electricity produced from zero-carbon sources. It was avant-garde – and arguable – but best investors admired it, and it was followed up by a agnate barter in euros.

Corbat additionally fatigued the bank’s accommodation to assurance up to the Poseidon Principles, which saw a accumulation of 11 banks led by Citigroup (the alone US bank) accede to accommodate altitude factors in lending decisions to aircraft companies, potentially acid acclaim to those that abort to abate greenhouse gas emissions.

The accumulation represents about 20% of the all-around address accounts portfolio.

“It’s amount to who we are,” said Corbat. “We accept a history as a aircraft busline bank, so actuality the primary signature on the Poseidon Principles this year was one that I loved. It’s absolutely actionable – 80% of the appurtenances alien in the apple today at some point go over water.”

MAKING MONEY

Of course, admitting the acceptable intentions, Citigroup is not accomplishing all of these deals above the basic and cyberbanking markets aloof to be a acceptable accumulated citizen. The cold is to accomplish money.

And actuality afresh it can point to appropriate progress.

Citigroup can avowal the best banal amount achievement amid its aeon – its shares are up 40% aback the alpha of the year – alike if revenues accept been apathetic above the industry in 2019.

And Citigroup’s BCMA assay outperformed rivals with revenues of US$3.9bn in the aboriginal nine months of the year – up 4% from a year earlier, compared with a 5% abatement above the industry.

That was acknowledgment in allotment to debt underwriting and M&A advisory, area fees were up 8% and 6%, respectively, from a year earlier.

Trading was added mixed. Citigroup’s FICC revenues nudged up 3% to US$10bn, bigger than the collapsed achievement by peers, but equities assets angled 13% to US$2.4bn, compared with an industry abatement of 11%. Alike in equities, though, Citigroup can point to some progress. The coffer is IFR’s Equity Derivatives Abode of the Year afterwards growing its business in a arduous ambiance and outperforming peers.

And as for that all-important accumulated bank, Citigroup has been the arch coffer for transaction cyberbanking revenues for the accomplished three years and kept that acme for the aboriginal six months of 2019, according to the latest accessible abstracts from assay close Coalition. Citigroup backward aloof advanced of HSBC and JP Morgan and captivated arch positions for barter accounts and banknote administering in all three geographic regions, Coalition said.

PEOPLE FIRST

So how to accompany this all together? Here’s one way: people.

Citigroup has done able-bodied to put the appropriate bodies in the appropriate positions. Corbat has abundant to be appreciative of aback he looks aback at his seven-year (and counting) administration as CEO. His best of ex-markets arch Paco Ybarra to alter Jamie Forese as arch of the bank’s institutional applicant accumulation (that is BCMA additional the markets business, the antithesis casework assemblage and the clandestine bank) is clearing in well.

Meanwhile, the contempo advance of Jane Fraser to arch of the all-around customer coffer looks to be a acute one (even abrogation abreast the assured belief that she is best positioned to become the aboriginal woman to advance a above Wall Street bank).

But attending additionally at the affectionate of bodies accommodating to accompany Citigroup now that it is punching its weight.

In one fell dive in June it poached a clamp of big players in the tech and healthcare world: Mark Keene from Deutsche Coffer to advice baby-sit technology IB globally from San Francisco; Elizabeth Milonopoulos from Goldman and Brian Yick from Barclays, as all-around co-heads of internet IB; and in healthcare Doretta Mistras from Goldman. At abundant the aforementioned time it assassin Michael Marcus from Goldman and Mark Hantho and John Eydenberg (both from Deutsche). There are abundant added examples.

“I anticipate now bodies attending at the ability and the allowances of the platform, the globality, the stability, the investing, the actual bright strategy, the antithesis area that can be put to work, and they say: ‘Hey, you know, adverse area I am, or how I see the apple continuing to evolve, Citi looks a appealing acceptable abode to be’,” Corbat said.

Additional advertisement by Christopher Spink, Steve Garton and Steve Slater

To see the agenda adaptation of this report, amuse bang here

To acquirement printed copies or a PDF of this report, amuse email [email protected]

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