Over-capacity is the issue — not lack of competition

First it was politicians and regulators bashing the banks, now it’s institutional investors. But if there’s one thing that the ECM market can be thankful for in the Institutional Investor Council’s attack on rights issue fees this week, it is the timing. ECM and corporate broking are about as competitive as possible right now. In a couple of years’ time, though, it might be a different story: another lukewarm year for dealflow could put serious pressure on the industry to reduce capacity.

  • 15 Dec 2010
Companies will no doubt attempt to use the conclusions of the Institutional Investor Council’s report into UK rights issue fees — that they are too high and not transparent — as a stick to beat their banks down. But to what avail? Competitive pressures have already reduced ...

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 189,125.64 835 8.18%
2 Citi 178,481.94 729 7.72%
3 Bank of America Merrill Lynch 148,726.70 609 6.43%
4 Barclays 141,595.74 562 6.12%
5 HSBC 118,154.11 612 5.11%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 17,156.20 81 7.00%
2 Credit Agricole CIB 14,626.10 73 5.97%
3 Bank of America Merrill Lynch 13,982.20 42 5.71%
4 UniCredit 11,996.19 65 4.90%
5 SG Corporate & Investment Banking 11,443.33 58 4.67%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 6,404.49 28 10.72%
2 Goldman Sachs 5,586.94 27 9.35%
3 JPMorgan 5,185.69 33 8.68%
4 UBS 4,134.32 20 6.92%
5 Citi 4,039.74 28 6.76%