The Euromoney bond traders' poll: May 1996

May 1996

The Euromoney bond traders' poll

Which house is best at trading Deutschmark Eurobonds, Swiss government bonds or illiquid Ecu bonds? Here are the answers according to the competition. The poll results are based on replies received from 41 Eurobond and government bond traders. Voters were asked to name the three top houses in each category. Three points were awarded for a first place, two for a second and one for a third.

In the overall tables, the following weightings were applied to banks' scores to reflect the variation in size and importance of the various Eurobond and government-bond markets:

Eurobonds: weighted by turnover as reported by Euroclear and Cedel for 1995 and 1996 to date, and by volume of outstanding Eurobonds in each currency (source: Euromoney Bondware).

Government bonds: weighted by Salomon Brothers World Government Bond Index.

To appear in the overall rankings a bank must have been nominated in at least four
categories.

Voters were requested not to nominate their own institutions. This meant that it became an advantage for an institution not to take part in the survey (thereby not having to vote for anyone else). Of those institutions which feature prominently in the rankings, BNP, JP Morgan and Goldman Sachs declined to vote. Their scores have accordingly been reduced by 10% in each category.

The Euromoney bond traders' poll; Eurobonds

Best of all (weighted by market volume)
*1996*	*1995*		*Score*
1	2	Deutsche Morgan Grenfell		2410
2	1	SBC Warburg		2395
3	18	CS First Boston		2150
4	6	Morgan Stanley		1770
5	8	Merrill Lynch		1683
6	5	BZW		1553
7	9	JP Morgan		1433
8	14	Goldman Sachs		1354
9	16	Paribas		1257
10	4	UBS		1098
11	15	HSBC Markets		969
12	19	Société Générale		890
13	10	IBJ		880
14		Dresdner Kleinwort Benson		768
15	3	Lehman Brothers		644
16	12	Salomon Brothers		379
17		ABN Amro		356
18	11	Hambros		325
19		Daiwa		305
20		Commerzbank		265
Best of all (weighted by turnover)
*1996*	*1995*		*Score*
1	10	Paribas		2091
2	3	SBC Warburg		1532
3	7	JP Morgan		993
4	2	PaineWebber		884
5	5	Morgan Stanley		784
6		BNP		659
7	4	Merrill Lynch		644
8	13	Goldman Sachs		588
9	17	Société Générale		570
10	6	UBS		554
11	19	CS First Boston		500
12	12	HSBC Markets		462
13	15	Deutsche Morgan Grenfell		398
14	1	Lehman Brothers		341
15	8	BZW		325
16	11	IBJ		308
17		Crédit Commercial de France		265
18	16	Nomura		188
19	9	Salomon Brothers		164
20	18	Hambros		161
Best of all (unweighted)
*1996*	*1995*		*Score*
1	1	SBC Warburg		135
2	2	Deutsche Morgan Grenfell		121
3	5	Paribas		108
4	4	BZW		100
5	8	JP Morgan		96
6	7	Morgan Stanley		75
7	2	Hambros		70
8	6	UBS		66
9	11	PaineWebber		63
10	10	Société Générale		60
11	12	Merrill Lynch		59
12	17	Goldman Sachs		56
13	19	HSBC Markets		54
14	14	CS First Boston		53
15		ABN Amro		49
16		CIBC Wood Gundy		45
17		BNP		38
18	15	IBJ		34
19	16	Nomura		34
20		Lehman Brothers		33

The Euromoney bond traders' poll government bonds

Best (weighted by the Salomon index)
*1996*	*1995*		*Score*
1	2	Merrill Lynch	3013
2	3	JP Morgan	2413
3	1	Goldman Sachs	1972
4	5	Morgan Stanley	1724
5	10	SBC Warburg	1485
6	7	Lehman Brothers	1295
7	6	Deutsche Morgan Grenfell	1110
8		CS First Boston	1106
9	4	Salomon Brothers	1030
10		Citibank	654
11	12	ABN Amro	501
12		Paribas	432
13		Dresdner Kleinwort Benson	260
14	9	HSBC Markets	251
15		Bank of America	245
16	13	BZW	194
17		Kreditbank	144
18		Indosuez	92
19	14	UBS	82
20		CIBC Wood Gundy	73
Best (unweighted)
*1996*	*1995*		*Score*
1=	1	JP Morgan	114
1=	2	ABN Amro	114
3	7	Merrill Lynch	76
4	5	Morgan Stanley	72
5	3	Deutsche Morgan Grenfell	62
6	4	Goldman Sachs	49
7	12	Lehman Brothers	42
8	10	BZW	41
9	11	SBC Warburg	36
10	14	CS First Boston	34
11		Bank of America	33
12		Den Danske Bank	30
13		Kreditbank	28
14	13	HSBC Markets	24
15		Paribas	23
16		Indosuez	20
17		Dresdner Kleinwort Benson	19
18=		Salomon Brothers	18
18=		CIBC Wood Gundy	18
20	15	SE Banken	16
21		UBS	12
22		Citibank	11

Eurobonds US dollar
Fixed rate
*1996*	*1995*		*Score*
1		CS First Boston	20
2	2=	SBC Warburg	18
3	4	Merrill Lynch	16
4	7=	Goldman Sachs	13
5	7=	Morgan Stanley	11
6	7=	JP Morgan	9
7	10	PaineWebber	8
8=	1	Lehman Brothers	6
8=		Paribas	6
10	5	UBS	5
Floating and variable rate
*1996*	*1995*		*Score*
1	1	PaineWebber	32
2	5=	SBC Warburg	24
3=	5=	JP Morgan	13
3=	5=	HSBC Markets	13
5	8	UBS	11
6	4	Merrill Lynch	10
7=	3	Lehman Brothers	8
7=	2	Morgan Stanley	8
9=	10	Goldman Sachs	7
9=	19=	Bear Stearns	7
Convertibles/equity-linked
*1996*	*1995*		*Score*
1	4=	Goldman Sachs	8
2	1	Morgan Stanley	5
3=		Bankers Trust	3
3=	8=	CS First Boston	3
3=	8=	Lehman Brothers	3
3=		Salomon Brothers	3
3=	3	SBC Warburg	3
Asset-backed securities
*1996*	*1995*		*Score*
1	2	Goldman Sachs	11
2=	1	Morgan Stanley	9
2=	3=	PaineWebber	9
4=	7	Citibank	7
4=	3=	Lehman Brothers	7
Illiquid instruments
*1996*	*1995*		*Score*
1	7=	JP Morgan	17
2	3=	Merrill Lynch	10
3	9=	PaineWebber	9
4		CIBC Wood Gundy	6
5=	20	Bear Stearns	5
5=	15=	HSBC Markets	5
5=	11=	Nomura	5
Eurobonds other currencies
Ecu (benchmarks)
*1996*	*1995*		*Score*
1	1	Paribas	48
2	15=	BNP	16
3	2	SBC Warburg	13
4	3=	JP Morgan	11
5	10	Société Générale	10
6	3=	BZW	8
7=	5=	Caisse Des Dépôts et Consignations		6
7=	11=	Crédit Commercial de France	6
7=	8	Morgan Stanley	6
10	15=	Crédit Lyonnais	4
Ecu (illiquid)
*1996*	*1995*		*Score*
1	3	Paribas	25
2	2	Hambros	18
3	1	SBC Warburg	17
4		Société Générale	12
5		BNP	11

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The Euromoney bond traders' poll: May 1996

May 1996