Not a lot on this forum about European/Asian banks that aren’t as prevalent in the US, thinking SocGen, BNP, Credit Agricole, Mizuho, MUFG, Macquarie, SMBC… from my experience they are mostly debt shops due to balance sheet, but seem to be on a lot of recent TLB + HY deals.
Wondering if anyone has some insight into how these stack up against each other in terms of comp / quality of deals / presence on the street. Thanks ladies and gents.
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Not 100% sure, just Macquarie is on top in my mind, especially for infra
second this. Also heard SocGen energy team is one of their best teams
By nature they always have been and will be on a lot of levfin deals. Whether they lead the deal here is an another question
Could you explain what you mean by that?
bump
In a nutshell, these banks are prominent in EUR so they have large balance sheets (cash/assets to put to work) so they’re able to underwrite debt facilities. There are only a handful of banks like this, so bank groups on TLBs / revolvers usually have the same names scattered in there. This being said, they’re not major players in the US so companies/sponsors will go to a JPM or BofA to lead these deals (left lead) as they are the best on the street by a pretty wide margin. All this coming from a LevFin guy at one of the listed banks.
Bump interested
thoughts on HSBC?
Never heard of these
Good one man. Real value add here. Really funny too.
Macquarie is goated for mm infra deals
Seems like they’re pretty clearly on the top of this list of banks
Rate them through what lens?
Balance sheet financing - They are all decent. With the likes of Soc Gen and BNP being better in Europe but obviously far weaker in US and Asia.
For M&A - these are pretty poor shops, with the exception of Macquarie which is ok as a niche infra shop.
JP banks have pretty awful comps as far as I'm aware.
What about Cowen TD? BMO?
Prob above these in terms of activity, but that’s a pretty broad statement. I’d say not as active in debt space due to size (BMO excluded)
TD Cowen is above BMO, BMO is above the ones you have mentioned here.
bump
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