Poll of Polls: Overall results
The 1996 poll of polls, drawn from league tables and majorEuromoney polls last year, shows that Deutsche Morgan Grenfell’s aggressive strategy over the past 12 months has paid off. It has risen to sixth place this year, regaining ground lost in 1995 when it fell from eighth spot to 12. Deutsche Morgan Grenfell has excelled at underwriting, although it also features in thetop 10 for trading and the top 20 for advising: borrowers voted the bank eighth at overall capital raising and fifth at lead-managing Eurobond issues (fourth according to the bank’s peers) in Euromoney‘s global financing guide inSeptember. Chase’s emergence as one of the strongest banks comes as no surprise. At 10, the bank is the highest climber in the overall poll; in 1995, Chase Manhattan was ranked at 17 and Chemical at 19. The combined expertise of both houses ensures that the new bank makes its mark at both underwriting and trading, scoring 74.46 for foreign exchange alone, just behind Citicorp at 75. It also maintains its position as the sixth-best advisory institution.
Credit Suisse First Boston’s ranking for 1996 represents a big improvement on1995, when it dropped to ninth spot from sixth. Placed at seven in the 1996 poll of polls, the bank stands out in every sector, but especially underwriting. Italso rose from 19 to 13 in the advisory ranking as a result of a strong score for M&A.
Japanese entry
Other banks making headway in the underwriting ranking include ABN Amro,Nomura and Daiwa Securities. ABN Amro moved up from 15 in 1994 to 13 in 1995,reaching ninth place in 1996 with scores sharply higher than previous years foroverall capital raising and bond underwriting. Nomura moves up to 16th place in the overall table also on the back of improved results in underwriting. Daiwa Securities joins the overall top 20 for the first time and gains seven places in the underwriting ranking.
The outlook is not so good for BZW, Lehman Brothers and Dresdner Kleinwort Benson, all of which drop down the poll of polls. BZW’s new energetic management team under chief executive Bill Harrison has yet to reap results in Euromoney‘s polls; it falls from seven to 12 in the overall poll. The bankslips in every section. It is down five places for underwriting, three fortrading and 13 for advising, where it improves in one field only: privatization.
Lehman Brothers, at 14, falls the furthest and for the second year running it came fourth in the 1994 poll and eighth in 1995. The bank’s overallscore has almost halved from 264.54 to 134.64 and its figures for trading havefallen from 139.31 in 1995 to 45.27 this year.
Dresdner Kleinwort Benson just misses the overall top 20 with a score of 44.84 and falls eight places to 17 in underwriting. Other banks which are just outside the top 20 include CIBC Wood Gundy with a total score of 38.11, Fleming with 34.87, Société Générale with 31.51 and INGBaring with 27.36.
The 1996 poll of polls was compiled using Euromoney‘s annual foreign exchange, bond traders’, European brokers’, Asian brokers’ and global financing polls published in 1996. League tables from Capital Data Bondware, Capital Data Loanware and MTNWare cover the period from January 1 1996 to December 9 1996.Tables from Securities Data Company cover the period January 1 1996 to December12 1996.
Inquiries to Rebecca Dobson (+44-171-779 8694)
