Feb 02, 2010

Help with definitions.

"Credit Suisse, Deutsche Bank and JP Morgan Cazenove are joint sponsors and joint bookrunners of the share sale, while Lazard is joint sponsor. Barclays, Lloyds, and RBS Hoare Govett are co-lead managers, while Investec and Singer are co-managers."

Who is really running this deal? Who gets the most fees? What is a joint sponsor?

THanks.

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4 Comments

dagobert_duck

16y

Bookrunners

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Authored by: Certified Corporate Finance Professional - 2nd Year AssociateCertified Corporate Finance Pro

Cornelius

16y

ripped this from dosk17

Mergers and Inquisitionsthere are really 2 roles for banks in an IPO: book runner and co-manager.
Book runners do most of the work, get the majority of investors, and collect the largest fees, while the co-managers are proportionately less involved and get lower fees. At the book runner level, analysts will develop sales force memos that will highlight selling points and risks for the client’s security.

Most bulge bracket banks will only be involved with IPOs if they serve as book runners, while boutiques and middle market banks fulfill the co-manager role.

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------------ I'm making it up as I go along.

nyckid

16y

so when they say "co-lead" underwriter/manager/agent...are they referring to being a book runner?

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Bulge Bracket Investment Banks

nyckid

16y

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