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

Comments (13)

Jun 29, 2021 - 6:07pm
DealJunkie101, what's your opinion? Comment below:

Nomura, RBC and BNPP will give you decent experience. BNPP might be skewed a bit towards financing though.

Jun 29, 2021 - 9:20pm
Calabi-Yau, what's your opinion? Comment below:

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.

Laborare Pugnare Parati Sumus

  • 1
  • Intern in IB - Cov
Jun 30, 2021 - 6:38am

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-infrastructurenatrespu-in-london-2021

Jun 30, 2021 - 7:56am
Calabi-Yau, what's your opinion? Comment below:

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.

Laborare Pugnare Parati Sumus

  • Analyst 1 in IB - Gen
Jun 29, 2021 - 9:40pm

Agree with the above comments, Nomura is the best infra shop among what you mentioned in London

Jun 30, 2021 - 8:17am
ZlatanSPV, what's your opinion? Comment below:

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.

Most Helpful
  • Analyst 1 in PE - Other
Jun 30, 2021 - 6:54pm

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.

  • Intern in IB - Gen
Aug 17, 2021 - 2:42pm

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