Capital markets: What future for FIG?

Non-DCM FIG revenues have fallen sharply this year as clients remain focused on balance sheet housekeeping, and many rights issues have proven to be a tough sell. Is FIG turning into the preserve of the bond market bookrunners?

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It has been a tough year so far for FIG. Global FIG revenue is down 15% year-on-year, according to Dealogic, and there is little evidence of a reversal any time soon. As the business mix becomes ever-less diverse and pressure for mandates intensifies, there could soon be casualties among second-tier players.

FIG revenues have been falling steadily since the first half of 2014. They have also been sharply skewing away from equity and towards debt capital markets.

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