Equity + Debt League Tables
I was just looking over the newly released http://online.thomsonreuters.com/DealsIntelligenc… league tables and since M&A for the fourth quarter didn't come out yet I've just been checking out the Debt and Equity ones. Maybe I'm missing something since I work at a boutique that only does M&A but is it true that the general trend is that a huge balance sheet is a great advantage in Equity and Debt deals?
For example I always see very strong showings by the commercial/investment juggernauts such as JPM, BAC, C, WFC (stock tickers) and I was wondering if this a direct correlation with their ability to throw their BS around or if there's not much correlation? Top 2 this quarter were JPM/BAML so I thought maybe there was a pattern going on here.
Yes BS has a lot to do with it but relationship also matters.
MS is not as willing to throw around b/s but they're top 3 in ECM
If you're only getting business by throwing around balance sheet ... chances are the deals you do will be crap and the quality of execution shtty ...
I would say the 4 banks you listed are given an even stronger advantage in LevFin/Sponsors due to the ability to throw the BS around. This can be seen from all of them having very strong deals and reputation + exit ops from their LevFin groups, i.e. BAML being very strong at LevFin.
Equity might depend on the bank itself but I would think debt would also be a strong showing for BAML/Citi/WF/JP Morgan.
DCM is directly tied to corporate lending on the revolver and term loans.
Does "throwing the balance sheet around" simply mean lending money?
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