Not getting enough for their money: treasurers mull self-arranged bonds

Quite a lot for not very much: this is how corporate treasurers are starting to view the fees they pay out to banks to raise money for them in the capital markets. With corporate paper in such demand, and companies already well connected to investors, banks will have to work harder than ever to justify their place in the food chain, writes Nina Flitman.

  • 10 Aug 2012

It’s not enough that corporates are out-performing their banks in almost every area of the markets — now they think they might be able to do the bankers’ own jobs better as well.

Corporate bonds are in such strong demand that some issuers think they could self-arrange deals and ...

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Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

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1 Citi 1,712.34 6 12.44%
2 SG Corporate & Investment Banking 1,292.64 1 9.39%
2 Rabobank 1,292.64 1 9.39%
4 Mizuho 1,215.54 3 8.83%
5 Wells Fargo Securities 1,012.71 4 7.36%