In 2009, despite challenging market conditions, Coverage & Investment Banking firmly supported its clients, corporates and financial institutions, by offering them all the means to ensure their financing needs and guarantee risk hedging.
Calyon benefited from a very active primary equity market. The Bank managed all of the large issues on the French market and carried out several transactions elsewhere in Europe and in the United States. Calyon also strengthened its leadership position in structured employee share-ownership arrangements in France and developed its equity financing business in France and abroad. In a market sharply down in terms of volumes, the Bank maintained its leadership position in syndicated loans. The Islamic finance activity continued to develop its product offering for clients in Europe and the Americas seeking to diversify their distribution strategies. The International Liaison Desk Network was very active in supporting the Group’s corporate clients abroad. Lastly, the French Regions Department strengthened its cooperative efforts with Crédit Agricole’s Regional Banks within the framework of a country-wide partnership agreement.

Results in 2009 were in line overall with the Structured Finance business line’s initial expectations given the banking environment. Based on geographic and business line diversification, the business line’s strategy proved resilient. Structured Finance maintained its positions thanks to its cross-divisional organisation and its sector expertise, which enabled it to develop its services to clients and meet all their requirements. The portfolio of structured transactions was secured thanks to active management, new production with an attractive risk-reward profile and the gradual return of liquidity.
The Export & Trade finance, Natural Resources, Infrastructure and Power product lines were particularly active during the year.

The expertise of the Aviation & Rail activity received recognition from Jane’s Transport Finance.
Calyon financed around 160 aircraft in 2009.

The Fixed Income Markets (FIM) business line recorded excellent results thanks to exceptional market conditions. Foreign Exchange, Interest Rate Derivatives and Commodities have maintained their level of activity. Treasury and bonds have performed particularly well. Bonds were a strategic activity for the Debt & Credit Markets product line, which was ranked eighth for new euro-denominated issues in October 2009 (Thomson Reuters).

FIM continued its diversification strategy, notably on the energy market through the partnership formed with EDF Trading in May 2009. Moreover, FIM developed its electronic platforms (Jetstream, CALM and e-Book).

In these ways, the business line supported its clients and met their requirements during the crisis. FIM also strengthened cohesiveness with the Bank’s other business lines.

Calyon’s equity brokerage activities, which are widely recognised around the world, did not escape the crisis unscathed but did obtain strong results at the end of 2009.
CA Cheuvreux currently provides access to 65 markets. The brokerage was ranked first for its recommendations and earnings estimates for European equities (Starmine 2009) and first for European small and mid cap research (Thomson Extel Reuters 2009).
CLSA continued its development in Asia with, in particular, the opening of an office in Australia and was recognised as the best broker in the Asia-Pacific region over the past 20 years (Asiamoney July 2009).
Newedge proved its ability to hold up under crisis conditions and was termed “a pure broker model”. Newedge was sixth in the global prime broker rankings (Hedge FundCollective investment scheme that sets its targets in terms of absolute return. It aims to generate a maximum return on invested capital by using hedging, arbitrage and leverage techniques. (Source : FBF - AFEI) Research, June 2009).

Throughout the crisis, the Commercial Banking business affirmed and strengthened its support for clients both in France and abroad. Calyon helped companies get through this period of crisis by facilitating the search for innovative solutions and by adapting to their needs in terms of financing, domestic and international guarantees and cash management. The Bank committed to long-term investments to strengthen its cash management offer both in France and abroad. Its objective is to help clients become even more efficient in the management of their cash and in the processing and reporting of the information that is most relevant for them, regardless of the language used. To this end, Calyon’s entire European and international network is now prepared to process SEPA flows.