Which banks do not have a balance sheet?
Hi,
Just wondering which banks do not have a balance sheet and where do I go to find this information if I want to see a complete list somewhere.
Thanks
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Wdym "do not have a balance sheet?" Do you mean not have a balance sheet at all? All companies have a balance sheet in theory since they all have assets and liabilities, but if you mean which banks aren't considered 'balance sheet banks' in that they don't do things like lending or underwriting from their balance sheet, then I know the boutiques would fit into this category at least.
"oh wow all companies have a balance sheet?!11!? who knew!!?"
Thanks for stating the obvious... OP obviously is referring to banks that don't underwrite or lend.
k
I'm going to assume you're referring to balance sheet banks, as opposed to banks that have balance sheets. (Every single investment bank will have a balance sheet for accounting purposes).
Just search for boutique investment banks, 99% of the time they don't do any lending themselves.
Some banks lead w their balance sheet (majority of, albeit not all, BBs and larger MMs). Some don't (all boutiques and some BBs like GS, MS, CS, and UBS)
You realize Credit Suisse and UBS lend right?
So do MS and GS
Yeah, but these other BBs' LevFin teams don't hold positions. They sell them off to investors or funds
Go through levfin league tables on BBG. Any bank that isn't there is likely not a "balance sheet bank"
not true as non bank arrangers have made up such a large portion of league tables in recent years i.e. jefferies which only has a $50b b/s compared to the $1T b/s most people think of when they think “balance sheet bank” not to mention larger more commercial banks that lend conservatively won’t be on those tables as well like ABN Amro or KeyBanc
...
I’ll bite. Off the top of my head, here’s a list of banks that lend:
BofA
Barclays
Citi
Credit Suisse
DB
JPM
UBS
Truist
US Bank
KeyBank
PNC
Wells Fargo
More pure advisory shops not lending:
Goldman (I’ve seen them in some ABL deals and on the lower end of some bank groups for larger public names but obviously not a focus)
Morgan Stanley (same as Goldman)
Basically all your boutiques
Most of your MMs (Blair, Baird, HW, HL, Lincoln, etc.)
Edit: the rest of you monkeys clean up what I missed
.
Can someone explain what the deal is with Jefferies? I have read multiple places that they are able to underwrite highly levered debt (6x+) when the BBs cannot...is it some regulatory loophole they're taking advantage of?
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