SPACs seem to be the hot topic of the month. Which banks have the strongest SPAC franchises and who do you see maintaining that lead moving forward
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2020 YTD SPAC fees: (by Bloomberg via Dealogic)
CS: $190M
Citi: $106M
GS: $105M
All others: $426
CS has been leading the way along with Citi and GS. Deutsche was a pioneer of SPACs but has fallen behind as they've gained popularity
JVB FINANCIAL
Santangelo has been dad dicking everyone ngl
Slinging meat
Yeah. CS really hit the SPAC wave hard and has been building out their team. Great traction and SPAC creds, can pitch themselves as a product leader, but I'm sure GS will close the gap
CS is top, they hired Niron Stabinsky from DB a few years back who is regarded as leader in the space
CS SF is top group
Early Bird Capital🥶
Have been putting together league tables for client materials and have seen some names come up that I'm not as familiar with (i.e. Chardan, BTIG, EarlyBird Capital). Any insight on these guys?
Most of these smaller banks just do the IPO, they rarely participate in a meaningful PIPE. They make money getting a few points on the front end of an IPO, then the balance on the backend de-SPAC. EarlyBird also invests in a lot of the sponsor vehicles for the SPAC's they underwrite, so they get additional revenue there.
From a league table perspective, I've laid out the top 10 in 2021 by advisor credit:
Underwriting:
1) Citigroup
2) Goldman Sachs
3) Credit Suisse
4) Cantor Fitzgerald
5) Jefferies
6) Morgan Stanley
7) Deutsche Bank
8) BofA
9) Barclays
10) JP Morgan
DeSPAC Advisors:
1) Morgan Stanley
2) Goldman Sachs
3) Credit Suisse
4) Deutsche Bank
5) JP Morgan
6) Cowen
7) BofA
8) UBS
9) Moelis
10) Barclays
Interesting that Citi is number one in underwriting but nowhere to be found on the DeSPAC side. Anyone know why this is the case?
CS and Goldman both top 3 in each.
M Klein obivously.
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