Top Infrastructure IBD Teams In London 2021
Hi All,
I am in the fortunate position to have 2 FT infra IBD offers from banks with a lesser presence in London, with both having a historically strong infrastructure franchise (think 2 offers from the likes of RBC/Nomura/BNPP/Standard Chartered)
I have 2 qns about this
1) Should I pick the bank with the better brand name or the one which will give me the deal experience
2) When it comes to lateralling, what are the top banks for infra that I should be targeting? I know Macquarie is a clear #1, but is there an extended list?
Thanks
Nomura, RBC and BNPP will give you decent experience. BNPP might be skewed a bit towards financing though.
yh that was my thinking - looking at linkedin i think BNPP do infra out of their ERI group - which is a financing team.
what does this mean (especially relative to the others)?
From the above, Nomura has by far the best Infra M&A franchise. Other than those, MS (separate Transpo and P&U) , GS, Barc, UBS are probably the best. Macquarie is good as well.
How would you rate a DC advisory / Jefferies / Evercore? Looking around on WSO, I saw these as other names which were strong in the London PUI / Infra scene. Thanks again on this - I am currently trying to find someone with access to inframation to check the deal rankings for me!
EDIT: just came across this https://www.wallstreetoasis.com/forums/ib-ranking-infrastructurenatresp…
DC advisory has a very good Infra team but purely mid market - guys above chase the real beasts (HEDNO, WPD, Caruna, Brisa, EDP hydro, Signature Aviation and more). I hear good things on Jef but mostly in the US I think but not sure. EVR is supposed to be good from what's said but don't see them very often - maybe I'm missing something. Generally, the wider Infra space is dominated by BBs or BSB for the most part.
Agree with the above comments, Nomura is the best infra shop among what you mentioned in London
French banks (CACIB/SG/BNPP) are all major players in European infra - they run advisory mandates then can arrange financing
Have also seen RBC on some deals (airport/transportation mostly).
Otherwise, you can't go wrong with your typical MS/JPM/GS.
I would avoid boutiques if you want to work on big infra deals.
DC Advisory for MM
For context I have experience within a solid infra investor in the City and we were usually sniffing around the infra deals that tend to make the front pages.
Of the four you have offers from Nomura and RBC were the most active on the larger deals in my experience. For what it's worth I was pretty impressed by Nomura during our interactions so would put them first but take that with a pinch of salt.
In terms of top Infra "teams" you wouldn't go wrong with JPM / MS / GS just note that their Infra "teams" tend to be housed within broader groups or split across them (i.e. within NRG for GS and split for MS (also split for JPM I think but not 100% sure)). As noted above Barclays PUI is also very strong and I have always been impressed by them during interactions. Macquarie is also pretty good as mentioned above.
I also had a lot of exposure to Rothschild, Lazard, and Evercore who do just fine on the M&A mandates and would be good if you wanted to work for an independent but slight word of warning that the deals tend to be smaller and a good portion of their dealflow is also non-M&A. Have also heard LionTree thrown around every so often but wouldn't put ahead of any of the groups listed above.
How is DC Advisory (LDN) for infrastructure - they do m&a and debt advisory (is this similar to other banks who don't provide financing?)
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