Equity + Debt League Tables
I was just looking over the newly released http://online.thomsonreuters.com/DealsIntelligenc… league tables and since M&A for the fourth quarter didn't come out yet I've just been checking out the Debt and Equity ones. Maybe I'm missing something since I work at a boutique that only does M&A but is it true that the general trend is that a huge balance sheet is a great advantage in Equity and Debt deals?
For example I always see very strong showings by the commercial/investment juggernauts such as JPM, BAC, C, WFC (stock tickers) and I was wondering if this a direct correlation with their ability to throw their BS around or if there's not much correlation? Top 2 this quarter were JPM/BAML so I thought maybe there was a pattern going on here.
Yes BS has a lot to do with it but relationship also matters.
MS is not as willing to throw around b/s but they're top 3 in ECM
If you're only getting business by throwing around balance sheet ... chances are the deals you do will be crap and the quality of execution shtty ...
I would say the 4 banks you listed are given an even stronger advantage in LevFin/Sponsors due to the ability to throw the BS around. This can be seen from all of them having very strong deals and reputation + exit ops from their LevFin groups, i.e. BAML being very strong at LevFin.
Equity might depend on the bank itself but I would think debt would also be a strong showing for BAML/Citi/WF/JP Morgan.
DCM is directly tied to corporate lending on the revolver and term loans.
Does "throwing the balance sheet around" simply mean lending money?
Dolores maiores ipsum aliquid ad saepe. Ipsam aut velit rerum. Atque dolores assumenda perspiciatis qui necessitatibus. Accusamus enim autem vero. Cumque blanditiis est ipsa dolor deserunt.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...