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Ten months after its unusual regional retreat in equity capital markets and M&A, HSBC has had a good year in debt capital markets, suggesting its new strategy can work
New look corporate finance division has merged M&A and sponsor coverage
Physical infrastructure, once seen as boring and ex-growth, has become one of the hottest areas for capital markets and M&A, and that is set to accelerate in 2026
Hit by an alleged ‘fraud’ at the bankrupt US car parts maker, Wall Street’s last pure play investment bank has its sights set on European leveraged finance as it expands its alliance with SMBC
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Tom King’s departure from Citi has enabled it to promote James Bardrick and Manuel Falco to joint heads of the European business. They are popular choices but the other contenders for the job may now feel their futures lie elsewhere.
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JPMorgan has established itself as the best investment bank in the world following the financial crisis, but its confrontational style of management raises big questions. This dysfunctionality was highlighted last week first when Bill Winters, co-chief executive of the investment bank, was unexpectedly replaced by Jes Staley.
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Europe’s established hierarchy of equity capital markets banks have spent months playing down the threat of universal rivals with strong balance sheets encroaching on their patch. But this week’s appointment by BNP Paribas of HSBC as lead bookrunner on its Eu4.3bn rights issue shows that they can no longer ignore the threat — and that the credit crunch winners are closing ranks against them.
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So you think you need balance sheet power to compete in capital markets? Not if you’re Francois-Xavier de Mallmann, Goldman Sachs’ head of European financing. He has found that the firm’s position as defence advisor of choice gives it the perfect platform for its transactional skills.
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Corporate brokers are back in demand, supporting capital markets businesses at integrated banks. But the leading firms are leaving a big gap for independents to plot their expansion.
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How that deal was done, and how the former Lehman Brothers bankers are rebuilding their investment banking pipeline — and firing again in fixed income. David Rothnie reports.