Capital markets bankers in Asia are complaining of a new trend threatening their profits: corporate finance issuers are mandating more banks per deal than ever before. According to data provided by UBS, the average number of banks on an IPO of over $1 billion was 2.8 in 2007, 3 in 2008, 4.6 in 2009 and 5.4 in 2010. The trend is apparent in bonds as well: a fine example came on May 4th with the $500 million deal for India’s aptly-named Syndicate Bank, which featured no less than eight bookrunners: Bank of America Merrill Lynch, Barclays Capital, Citi, Deutsche Bank, HSBC, J.P.
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