Lehman Lands Research Gold

Lehman Brothers' fixed-income research is the best on Wall Street, according to investors who voted in Institutional Investor's 13th All-America Fixed-Income Research poll.

  • 17 Sep 2004
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Lehman Brothers' fixed-income research is the best on Wall Street, according to investors who voted in Institutional Investor's 13th All-America Fixed-Income Research poll. The firm scooped first-place finishes in 14 categories, including investment-grade, distressed and asset-backeds, marking the fifth straight year it has taken the top spot in the poll.

Lehman beat out J.P. Morgan, which finished a close second in the final medal count but won top billing in five fewer categories than Lehman did. Credit Suisse First Boston, last year's second-place finisher, dropped a spot to third this year.

The poll was the buzz of the fixed-income research community, even though some market participants try to downplay the importance of the rankings as a popularity contest. Still, they acknowledge a blue ribbon certainly doesn't hurt come bonus time. "It's definitely a factor in bonuses," said one official, although he declined to speculate on how it might affect his own paycheck.

Ravi Mattu, global head of fixed income research at Lehman, said the poll is an important window into where the firm stacks up against its rivals. "We absolutely view it as a qualitative input into how our analysts are doing." He added the results are one factor taken into account for compensation, but stressed the poll does not offer a complete picture of the services analysts provide for investors because for example it does not measure efforts on quantitative portfolio strategies. Still, "it's certainly a report card of the strength of the franchise," he added.

Fixed-Income Research Rankings
FIRM 2004 2003
Lehman Brothers 1 1
J.P. Morgan 2 3
Credit Suisse First Boston 3 2
Citigroup 4 4
UBS 5 5
Bear Stearns 6 7
Deutsche Bank 7 7
Merrill Lynch 7 10
Morgan Stanley 9 6
Banc of America Securities 10 11
Source: Institutional Investor

For complete results of the poll, head to II's Web site (www.institutionalinvestor.com).

  • 17 Sep 2004

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 Jan 2017
1 Citi 22,118.13 61 9.00%
2 Barclays 20,987.41 55 8.54%
3 JPMorgan 17,406.75 53 7.08%
4 HSBC 16,333.52 48 6.64%
5 Goldman Sachs 15,454.74 49 6.29%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 17 Jan 2017
1 Commerzbank Group 114.00 1 66.16%
2 CaixaBank 37.05 1 21.50%
3 UniCredit 10.62 1 6.17%
3 BNP Paribas 10.62 1 6.17%
Subtotal 172.30 3 100.00%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 17 Jan 2017
1 SG Corporate & Investment Banking 770.06 2 16.80%
2 Goldman Sachs 656.16 2 14.32%
3 JPMorgan 527.28 4 11.50%
4 Emirates NBD PJSC 408.38 1 8.91%
5 Deutsche Bank 321.53 3 7.01%