June 2006
Best debt house 2006: League tables tell only half the story
Euromoney’s new poll shows that, according to the world’s largest issuers, Deutsche and Citigroup have the quality as well as the quantity of business to maintain their leading positions. But, as Alex Chambers reports, the results also throw up some interesting contradictions.
Full poll results
Methodology
Debt poll of polls: Customer votes reveal the new big three
Primary debt poll
| Quality versus quantity |
| League table Vs poll results |
| Bank |
Category |
League table |
Poll result |
Up/Down |
| JPMorgan |
USD international |
1 |
5 |
-4 |
| Goldman Sachs |
USD international |
9 |
4 |
+5 |
| Calyon |
ABS international |
8 |
3 |
+5 |
| UBS |
Euro international |
15 |
3 |
+12 |
| Citigroup |
Hybrid international |
13 |
4 |
+9 |
| SG |
Euro international |
6 |
8 |
-2 |
| Lehman |
All MTNs |
4 |
8 |
-4 |
| RBS |
ABS international |
3 |
11 |
-8 |
| Source: Dealogic, Euromoney |
MEASURING THE PERFORMANCE and competence of debt intermediaries is far from straightforward. What is to be gained from simply looking at which institution is conducting the largest deal volume? Those banks willing to buy market share by subsidizing bond transactions for opportunistic borrowers can easily manipulate the most obvious quantitative performance measures such as league tables. The intense competition for business in debt has meant that this type of activity is extremely common. And even if the league tables are taken at face value, many aspects of debt provision are not captured by such simple measures.
More information on primary debt poll
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