The answer is yes. ANZ is ranked “the most improved” according to the findings of Asset Benchmark Research’s annual survey. 319 institutional investors participated in the review which canvassed opinion on which bank has improved the most over the past 12 months in Asian G3 bonds (excluding Japan, Australia and New Zealand).

ANZ’s investment in building its Asian G3 bond business brings fruit as the bank stood out from the pack. The question accentuated the current opinion of the investors because it called for one bank nomination only.

While retrenchment is high among several American and European banks in the region, regional banks like ANZ are gaining ground. “ANZ have been providing more liquidity and the pricing has been very competitive, especially in the first half of this year,” says an investor participating in the survey. “Their inventory has increased as well as providing sharper pricing,” echoes another. A third explains: “Troy Bowler, head of rates sales and his team stands out.”

The results of the Asian G3 Bond Benchmark Review 2015 showed that ANZ’s share of points was 14.1%. The share of points is based on the number of nominations each bank has received and is generated using a weighted methodology.

Citi ranked second with 12.1%. “Their trading has improved with the addition of Conor Yuan. They seem to be more active, I don’t know if it’s to do with limits or something” says one investor. Another emphasizes coverage: “They’ve done better in the sales part.”

The survey, conducted in the third quarter of 2015, measured each bank's market share by client group, asset class, and geographical location. Market share was estimated based on the participants’ responses about their dominant asset class, trading volume and distribution of trades among their brokers. The report also pinpoints gains and losses in client satisfaction using various measures of research capabilities, sales and trading.