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Corporate broking relationships endure for decades and build deep roots between both individuals and institutions, enabling banks to win outsized revenues from clients they serve. No wonder that a new crop of banks are expanding their ambitions
Five months in, Alessandro Melzi is getting started on the plan, but his boss is about to change
The launch of a €35bn exchange offer for Germany’s Commerzbank marks a decisive attempt to break a stalemate that has frustrated Andrea Orcel in his quest to turn UniCredit into a pan-European banking champion
Bank strives for ‘complete global offering’ in M&A and ECM but market conditions hang in the balance
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In the final part of our 2014 awards, we present our picks for Best M&A Deal, Best M&A Adviser and Best Investment Bank. -
Citi's Paul Young, head of EMEA debt capital markets and syndicate, has left his job to lay his hat at Mitsubishi UFJ Securities, his new home. Paul Morganti, the present international head of capital markets, will become vice chairman of capital markets when Young joins the firm in March.
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The Association for Financial Markets in Europe (Afme) has tried to put flesh on the bones of the capital markets union concept, recommending the European Commission set firm targets to boost Europe’s stock market capitalisation and level of market debt finance.
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FIG dealmaking will return in 2015, but it will be smaller and less exciting than it has been in the past, writes David Rothnie.
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A study of capital markets banks by PricewaterhouseCoopers shows debt origination businesses suffering the least from EU proposals to separate retail and investment banking. The study, commissioned by the Association for Financial Markets in Europe, estimates a cost impact of around €1bn on DCM and loans. This is larger in absolute terms than the €600m it estimates for M&A and ECM — but leaves DCM with a 65% pretax return, against 27% for M&A and ECM.
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The International Capital Markets Association’s secondary bond markets liquidity survey shows the sellside is “surprisingly not as despondent as it could be”, as dealers adapt to the new business environment and revise how they charge for balance sheet. Although liquidity has grown far worse since the crisis, bond traders large and small still have strategies to stay in the business and have adapted to some of the challenges of regulation.
