Shell’s reliance on top US banks irks rivals

By Jon Hay, Toby Fildes
08 Nov 2019

Royal Dutch Shell’s choice this week of a tight syndicate, heavy with US banks, to lead $4bn and €3bn of bonds has laid bare the sense of vulnerability among banks outside the US bulge bracket, as some expressed resentment at being left out of a lucrative and prestigious mandate.

Senior debt capital markets bankers at four banks said they were irked by Shell’s decision to launch a $4bn dollar bond on Monday with a syndicate of bookrunners dominated by three US banks — JP Morgan, Goldman Sachs and Morgan Stanley — and then to use precisely the ...

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