Euromoney polled heads of Eurobond and government bond trading, asking them to nominate the top three houses at trading bonds in specific markets. This year, the survey was revised to reflect the recent structural changes on many bond trading desks. We received 52 replies in total.
In the overall tables, the following weightings were applied to banks’ scores to reflect the variation in size and importance of the various markets.
Eurobonds: weighted by volume of outstanding Eurobonds in each currency at the end of the first quarter this year (source: Capital Data Bondware). The second weighting takes into account secondary market turnover as reported by Euroclear for January and February 2000.
Government bonds: weighted by the Salomon Smith Barney World Government Bond Index at the end of March.
In the subsequent breakdown of bond markets, scores were awarded on a sliding scale of 4:3:2 and were not weighted according to turnover or volume.
Respondents were requested not to nominate their own institutions. Banks that declined to participate, thereby denying credit to competitors, had their scores reduced by 10% in each category.
| Eurobonds | |||
| Overall Eurobond trading | |||
| Rank 2000 | Rank 1999 | Score | |
| 1 | 1 | Deutsche Bank | 883 |
| 2 | 2 | Morgan Stanley Dean Witter | 502 |
| 3 | 3 | Warburg Dillon Read | 438 |
| 4 | 4 | ABN Amro | 363 |
| 5 | 6 | JP Morgan | 304 |
| 6 | 5 | Merrill Lynch | 302 |
| 7 | 7 | Salomon Smith Barney | 298 |
| 8 | 12 | Credit Suisse First Boston | 264 |
| 9 | 8 | RBC Dominion Securities | 210 |
| 10 | 15 | Goldman Sachs | 208 |
| 11 | 14 | Dresdner Kleinwort Benson | 205 |
| 12 | 10 | Barclays Capital | 156 |
| 13 | 13 | TD Securities | 139 |
| 14 | 18 | Chase Manhattan Bank | 128 |
| 15 | 16 | Lehman Brothers | 125 |
| 16= | 17 | HSBC Markets | 111 |
| 16= | * | BNP Paribas | 111 |
| 16= | 11 | Commerzbank | 111 |
| 19 | 36 | WestLB | 83 |
| 20 | 30 | KBC Bank | 80 |
| 21 | 19 | Nomura Securities | 77 |
| 22 | 24 | DG Bank | 69 |
| 23 | 21 | PaineWebber | 62 |
| 24= | 23 | Greenwich Natwest | 59 |
| 24= | 20 | ING Barings | 59 |
| *Paribas ranked 9, BNP ranked 33= | |||
| Weighted by volume of outstanding bonds | |||
| Rank 2000 | Rank 1999 | Bank | Total |
| 1 | 1 | Deutsche Bank | 519 |
| 2 | 4 | Morgan Stanley Dean Witter | 296 |
| 3 | 2 | ABN Amro | 267 |
| 4 | 3 | Warburg Dillon Read | 259 |
| 5 | 6 | Salomon Smith Barney | 216 |
| 6 | 5 | Merrill Lynch | 192 |
| 7 | 7 | JP Morgan | 183 |
| 8 | 9 | Credit Suisse First Boston | 144 |
| 9 | 11 | Dresdner Kleinwort Benson | 144 |
| 10 | 10 | Goldman Sachs | 139 |
| 11 | 12 | Lehman Brothers | 96 |
| 12 | 16 | HSBC Markets | 88 |
| 13 | * | BNP Paribas | 75 |
| 14 | 13 | Barclays Capital | 69 |
| 15 | 19= | Chase Manhattan Bank | 61 |
| 16 | 18 | PaineWebber | 53 |
| 17 | 17 | ING Barings | 44 |
| 18 | 37 | KBC Bank | 42 |
| 19 | 24 | DG Bank | 41 |
| 20 | 14= | Commerzbank | 38 |
| 21 | 34 | WestLB | 36 |
| 22 | 25 | HypoVereinsbank | 30 |
| 23 | 22 | Greenwich Natwest | 25 |
| 24 | 38 | CDC Marchés | 19 |
| 25 | 27 | Société Générale | 19 |
| * Paribas ranked 8, BNP ranked 29 | |||
| Weighted by Euroclear turnover stats | |||
| Rank 2000 | Rank 1999 | Bank | Total |
| 1 | 1 | Deutsche Bank | 535 |
| 2 | 2 | Warburg Dillon Read | 515 |
| 3 | 5 | Morgan Stanley Dean Witter | 511 |
| 4 | 7 | Salomon Smith Barney | 430 |
| 5 | 6 | Merrill Lynch | 362 |
| 6 | 3 | ABN Amro | 305 |
| 7 | 10 | JP Morgan | 267 |
| 8 | 8 | Credit Suisse First Boston | 240 |
| 9 | 9 | Barclays Capital | 232 |
| 10 | 11 | Goldman Sachs | 154 |
| 11 | 45 | Chase Manhattan Bank | 132 |
| 12 | 15 | PaineWebber | 114 |
| 13 | 17 | Dresdner Kleinwort Benson | 112 |
| 14 | 14 | Lehman Brothers | 101 |
| 15 | 20 | RBC Dominion Securities | 101 |
| 16 | 12 | HSBC Markets | 99 |
| 17 | 18 | Nomura Securities | 82 |
| 18 | 34 | Bank of Tokyo-Mitsubishi | 67 |
| 19 | 30 | Industrial Bank of Japan | 58 |
| 20 | 23 | Greenwich Natwest | 53 |
| 21 | * | BNP Paribas | 50 |
| 22 | 21 | HypoVereinsbank | 44 |
| 23 | 19 | ING Barings | 38 |
| 24 | 35 | KBC Bank | 31 |
| 25 | 28 | CDC Marchés | 30 |
| * Paribas ranked 4, BNP ranked 31 | |||
| US dollar market | |||
| FRNs | |||
| Rank 2000 | Rank 1999 | Score | |
| 1 | 3 | Salomon Smith Barney | 42 |
| 2 | 1 | Merrill Lynch | 33 |
| 3= | 12= | JP Morgan | 30 |
| 3= | 2 | Morgan Stanley Dean Witter | 30 |
| 5 | 5 | Deutsche Bank | 31 |
| 6 | 4 | PaineWebber | 24 |
| 7 | 10= | ABN Amro | 21 |
| 8 | – | Chase Manhattan Bank | 20 |
| 9 | 7 | Warburg Dillon Read | 19 |
| 10 | 8 | Credit Suisse First Boston | 18 |
| Straights | |||
| 1 | 1 | Morgan Stanley Dean Witter | 54 |
| 2 | 2 | Warburg Dillon Read | 45 |
| 3 | 4 | Salomon Smith Barney | 41 |
| 4= | 3 | Merrill Lynch | 36 |
| 4= | 6= | Deutsche Bank | 36 |
| 6= | 8 | Credit Suisse First Boston | 26 |
| 6= | 5 | ABN Amro | 26 |
| 8 | 6= | JP Morgan | 21 |
| 9 | 10= | Goldman Sachs | 14 |
| 10 | – | Chase Manhattan Bank | 10 |
| Convertibles | |||
| 1 | 1 | Morgan Stanley Dean Witter | 30 |
| 2 | 6= | Merrill Lynch | 28 |
| 3= | 3 | Goldman Sachs | 21 |
| 3= | 4= | Credit Suisse First Boston | 21 |
| 5 | 2 | Warburg Dillon Read | 17 |
| 6= | 6= | Salomon Smith Barney | 11 |
| 6= | – | KBC Bank | 11 |
| 8 | 11= | Deutsche Bank | 5 |
| 9= | 8 | Donaldson Lufkin & Jenrette | 3 |
| 9= | – | Dresdner Kleinwort Benson | 3 |
| euro market | |||
| FRNs | |||
| Rank 2000 | Rank 1999 | Bank | Score |
| 1 | 1 | Deutsche Bank | 28 |
| 2= | – | Salomon Smith Barney | 24 |
| 2= | 3 | Barclays Capital | 24 |
| 4= | 4 | Warburg Dillon Read | 21 |
| 4= | 5 | ABN Amro | 21 |
| 6= | 6 | Morgan Stanley Dean Witter | 20 |
| 6= | 8 | Dresdner Kleinwort Benson | 20 |
| 8 | 9 | DG Bank | 19 |
| 9 | * | BNP Paribas | 18 |
| 10 | 13= | JP Morgan | 15 |
| * Paribas ranked 2, BNP 12= | |||
| Straights | |||
| 1 | 1 | Deutsche Bank | 98 |
| 2 | 2 | ABN Amro | 51 |
| 3 | 3 | Warburg Dillon Read | 35 |
| 4 | 11= | Morgan Stanley Dean Witter | 27 |
| 5 | 7 | Salomon Smith Barney | 26 |
| 6 | * | BNP Paribas | 18 |
| 7 | 8= | JP Morgan | 14 |
| 8= | 18= | Lehman Brothers | 12 |
| 8= | 18= | Dresdner Kleinwort Benson | 12 |
| 8= | 5 | Credit Suisse First Boston | 12 |
| * Paribas ranked 4 | |||
| Convertibles | |||
| 1 | 2 | Morgan Stanley Dean Witter | 34 |
| 2 | 1 | Warburg Dillon Read | 24 |
| 3 | 7= | Goldman Sachs | 21 |
| 4 | 3 | Deutsche Bank | 19 |
| 5 | 6 | Merrill Lynch | 10 |
| 6 | 5 | Credit Suisse First Boston | 9 |
| 7 | – | KBC Bank | 8 |
| 8= | 7= | Salomon Smith Barney | 6 |
| 8= | 15= | Société Générale | 6 |
| 10= | 4 | JP Morgan | 4 |
| 10= | 9 | Lehman Brothers | 4 |
| 10= | – | ING Barings | 4 |
| Investment-grade credit categories | |||
| Corporates | |||
| 1 | 1 | Deutsche Bank | 48 |
| 2= | 6 | Morgan Stanley Dean Witter | 31 |
| 2= | 7= | Salomon Smith Barney | 31 |
| 4 | 2= | ABN Amro | 30 |
| 5 | 4 | Warburg Dillon Read | 28 |
| 6 | 2= | Merrill Lynch | 25 |
| 7 | 7= | Credit Suisse First Boston | 19 |
| 8= | 10= | Barclays Capital | 17 |
| 8= | 10= | Goldman Sachs | 17 |
| 10 | 14= | Dresdner Kleinwort Benson | 15 |
| Bank bonds | |||
| 1 | 1 | Deutsche Bank | 79 |
| 2 | 2 | ABN Amro | 40 |
| 3 | 5 | Dresdner Kleinwort Benson | 27 |
| 4 | 7= | Morgan Stanley Dean Witter | 23 |
| 5 | 4 | Merrill Lynch | 22 |
| 6 | 14 | Goldman Sachs | 21 |
| 7 | 7= | Salomon Smith Barney | 18 |
| 8 | 12= | Lehman Brothers | 16 |
| 9 | 3 | Warburg Dillon Read | 15 |
| 10 | * | BNP Paribas | 14 |
| * Paribas ranked 9, BNP ranked 16= | |||
| Pfandbriefe | |||
| 1 | 1 | Deutsche Bank | 97 |
| 2 | 3 | Dresdner Kleinwort Benson | 52 |
| 3 | 2 | Commerzbank | 45 |
| 4 | 6= | WestLB | 30 |
| 5 | 4 | HypoVereinsbank | 24 |
| 6 | 6= | DG Bank | 12 |
| 7 | 9 | Morgan Stanley Dean Witter | 10 |
| 8= | – | Erste Bank | 6 |
| 8= | – | Merrill Lynch | 6 |
| 8= | 5 | ABN Amro | 6 |
| *BNP ranked 11=, Paribas ranked 11= | |||
| Sovereigns | |||
| 1 | 1 | Deutsche Bank | 81 |
| 2 | 2 | ABN Amro | 56 |
| 3 | 6 | Morgan Stanley Dean Witter | 33 |
| 4 | 4 | JP Morgan | 30 |
| 5 | 3 | Warburg Dillon Read | 26 |
| 6= | 5 | Merrill Lynch | 15 |
| 6= | * | BNP Paribas | 15 |
| 8= | 9 | Credit Suisse First Boston | 14 |
| 8= | 11 | Goldman Sachs | 14 |
| 10 | 12 | Dresdner Kleinwort Benson | 11 |
| * Paribas ranked 8, BNP ranked18= | |||
| Agencies & supranationals | |||
| 1 | 2 | Deutsche Bank | 54 |
| 2 | 1 | ABN Amro | 39 |
| 3 | 9 | Warburg Dillon Read | 38 |
| 4 | 4 | Morgan Stanley Dean Witter | 36 |
| 5 | 5 | Salomon Smith Barney | 18 |
| 6 | 6 | JP Morgan | 16 |
| 7 | * | BNP Paribas | 15 |
| 8= | 10 | Dresdner Kleinwort Benson | 14 |
| 8= | 12= | Credit Suisse First Boston | 14 |
| 10= | 3 | Merrill Lynch | 11 |
| 10= | 7 | Goldman Sachs | 11 |
| * Paribas ranked 8, BNP ranked 19= | |||
| Asset-backed | |||
| 1 | 4 | Deutsche Bank | 42 |
| 2 | 11= | Warburg Dillon Read | 41 |
| 3 | 1 | Morgan Stanley Dean Witter | 39 |
| 4 | 2 | JP Morgan | 34 |
| 5 | 5 | Credit Suisse First Boston | 17 |
| 6= | – | Greenwich NatWest | 16 |
| 6= | 3 | Merrill Lynch | 16 |
| 8 | 14= | Lehman Brothers | 15 |
| 9 | 7 | Goldman Sachs | 12 |
| 10 | 8 | Bear Stearns | 10 |
| Emerging markets | |||
| 1 | 2 | JP Morgan | 43 |
| 2 | 1 | Chase Manhattan Bank | 38 |
| 3 | 4 | Deutsche Bank | 36 |
| 4 | 5= | Morgan Stanley Dean Witter | 35 |
| 5 | 7 | Credit Suisse First Boston | 31 |
| 6 | 9 | Warburg Dillon Read | 24 |
| 7 | 5= | Merrill Lynch | 15 |
| 8 | – | Bank Austria | 11 |
| 9= | 3 | Salomon Smith Barney | 10 |
| 9= | 10 | ABN Amro | 10 |
| High-yield | |||
| 1 | 10= | Credit Suisse First Boston | 25 |
| 2= | 1 | Donaldson Lufkin & Jenrette | 21 |
| 2= | 2 | Morgan Stanley Dean Witter | 21 |
| 4 | 7= | Deutsche Bank | 19 |
| 5= | 10= | Lehman Brothers | 16 |
| 5= | 6 | Goldman Sachs | 16 |
| 7 | 3 | Chase Manhattan Bank | 14 |
| 8 | 5 | Merrill Lynch | 15 |
| 9 | 7= | JP Morgan | 12 |
| 10 | 15 | Warburg Dillon Read | 7 |
| Maturity buckets | |||
| Short-dated (<2 years) | |||
| 1 | 7= | JP Morgan | 24 |
| 2 | 1 | Deutsche Bank | 19 |
| 3 | 9= | Salomon Smith Barney | 14 |
| 4 | 5 | ABN Amro | 11 |
| 5= | 4 | Warburg Dillon Read | 10 |
| 5= | – | Credit Suisse First Boston | 10 |
| 7 | 9= | Morgan Stanley Dean Witter | 9 |
| 8 | – | Erste Bank | 6 |
| 9 | 6 | Goldman Sachs | 5 |
| 10= | – | Norinchukin Bank | 4 |
| 10= | – | Swedbank | 4 |
| 10= | – | ING Barings | 4 |
| 10= | – | DG Bank | 4 |
| 10= | – | Banco Finantia | 4 |
| 10= | 14= | Bear Stearns | 4 |
| 10= | – | Investec | 4 |
| Intermediate (3-10years) | |||
| 1 | 3 | Deutsche Bank | 29 |
| 2 | 6= | Morgan Stanley Dean Witter | 14 |
| 3 | 2 | Warburg Dillon Read | 12 |
| 4 | 8 | Goldman Sachs | 10 |
| 5 | 6= | JP Morgan | 11 |
| 6 | 1 | ABN Amro | 8 |
| 7= | 5 | Merrill Lynch | 7 |
| 7= | 9= | Salomon Smith Barney | 7 |
| 7= | 18= | Dresdner Kleinwort Benson | 7 |
| 10 | – | KBC Bank | 6 |
| Long-dated (>10 years) | |||
| 1 | 1= | ABN Amro | 17 |
| 2 | 6 | Morgan Stanley Dean Witter | 14 |
| 3 | 1= | Deutsche Bank | 11 |
| 4= | 9= | Credit Suisse First Boston | 10 |
| 4= | 3= | Merrill Lynch | 10 |
| 6= | 15= | JP Morgan | 8 |
| 6= | 5 | Warburg Dillon Read | 8 |
| 8= | 9= | ING Barings | 7 |
| 8= | 13= | HSBC Markets | 7 |
| 8= | 8 | Goldman Sachs | 7 |
| Currencies | |||
| Sterling | |||
| 1 | 1 | Barclays Capital | 75 |
| 2 | 3 | Warburg Dillon Read | 53 |
| 3 | 4 | RBC Dominion Securities | 35 |
| 4 | 2 | HSBC Markets | 28 |
| 5 | 8= | Deutsche Bank | 20 |
| 6 | 5 | Dresdner Kleinwort Benson | 17 |
| 7 | 6 | Greenwich Natwest | 15 |
| 8= | 10 | Morgan Stanley Dean Witter | 10 |
| 8= | 12= | JP Morgan | 10 |
| 10 | 8= | ABN Amro | 8 |
| Greek drachma | |||
| 1 | 3 | Alpha Credit Bank | 42 |
| 2 | 5 | Deutsche Bank | 30 |
| 3 | 1 | RBC Dominion Securities | 24 |
| 4 | 2 | TD Securities | 22 |
| 5 | 4 | National Bank of Greece | 17 |
| 6 | 6 | Salomon Smith Barney | 8 |
| 7= | 15= | Warburg Dillon Read | 7 |
| 7= | – | Citibank | 7 |
| 7= | 9= | Commerzbank | 7 |
| 10= | – | WestLB | 4 |
| 10= | – | Merrill Lynch | 4 |
| Czech koruna | |||
| 1 | 2= | Deutsche Bank | 40 |
| 2 | 1 | Commerzbank | 34 |
| 3 | 2= | RBC Dominion Securities | 23 |
| 4 | 4 | TD Securities | 19 |
| 5 | 5 | ING Barings | 9 |
| 6= | 15= | Warburg Dillon Read | 4 |
| 6= | – | Bank Austria | 4 |
| 6= | – | HypoVereinsbank | 4 |
| 6= | – | Credit Suisse First Boston | 4 |
| 6= | – | KBC Bank | 4 |
| 6= | – | Bank of America | 4 |
| 6= | – | DG Bank | 4 |
| 6= | 10= | ABN Amro | 4 |
| Rand | |||
| 1 | 1 | RBC Dominion Securities | 60 |
| 2 | 2 | TD Securities | 32 |
| 3 | 3 | Deutsche Bank | 24 |
| 4 | 7 | WestLB | 6 |
| 5= | 8= | Standard Bank | 4 |
| 5= | 15= | Salomon Smith Barney | 4 |
| 5= | 13= | Nedbank | 4 |
| 5= | – | Commerzbank | 4 |
| 5= | 4 | JP Morgan | 4 |
| 5= | – | ANZ Banking Group | 4 |
| Scandinavian currencies | |||
| 1 | 2 | Unibank | 29 |
| 2 | 1 | Deutsche Bank | 27 |
| 3 | 3 | Den Danske Bank | 20 |
| 4 | 7= | KBC Bank | 17 |
| 5 | 5 | SEB | 10 |
| 6 | 10= | DG Bank | 8 |
| 7 | 7= | ABN Amro | 7 |
| 8= | – | Bikuben Girobank | 6 |
| 8= | 15= | Credit Suisse First Boston | 6 |
| 8= | 4 | Svenska Handelsbanken | 6 |
| 8= | – | Fortis Bank | 6 |
| A$/NZ$/C$ | |||
| 1 | 2 | TD Securities | 56 |
| 2 | 1 | RBC Dominion Securities | 53 |
| 3 | 4= | Commonwealth Bank of Australia | 13 |
| 4 | 9= | Deutsche Bank | 10 |
| 5= | 7 | ANZ Banking Group | 7 |
| 5= | – | Morgan Stanley Dean Witter | 7 |
| 7= | 6 | Warburg Dillon Read | 4 |
| 7= | 11= | Westpac Banking Corp | 4 |
| 9= | 9= | HSBC Markets | 3 |
| 9= | 3 | CIBC Wood Gundy | 3 |
| Yen | |||
| 1 | 1 | Nomura Securities | 61 |
| 2 | 3 | Bank of Tokyo-Mitsubishi | 35 |
| 3 | 2 | Industrial Bank of Japan | 32 |
| 4 | 6 | Morgan Stanley Dean Witter | 15 |
| 5 | 4 | Merrill Lynch | 13 |
| 6 | 8 | Daiwa Securities | 11 |
| 7 | 10 | Norinchukin Bank | 10 |
| 8 | 5 | Salomon Smith Barney | 9 |
| 9 | 11= | HSBC Markets | 5 |
| 10= | – | Crédit Agricole Indosuez | 4 |
| 10= | 14= | JP Morgan | 4 |
| Electronic trading systems | |||
| 1 | 1 | Bloomberg Electronic Trading | 52 |
| 2 | 10= | Autobahn (Deutsche Bank) | 32 |
| 3 | 2= | Reuters | 12 |
| 4= | 5= | EBS | 8 |
| 4= | 5= | SWX | 8 |
| 6= | 5= | MTS | 4 |
| 6= | 5= | EMTS | 4 |
| 6= | 10= | Eurex | 4 |
| 6= | – | Internet | 4 |
| 6= | – | Cantor | 4 |
| 6= | – | SBTS | 4 |
| 6= | – | JPEX | 4 |
| 6= | – | Coredeal | 4 |
| 6= | – | Sabre (Salomon Smith Barney) | 4 |
| Government bonds | |||
| Overall govt bonds unweighted | |||
| Rank 2000 | Rank 1999 | Score | |
| 1 | 2 | Deutsche Bank | 333 |
| 2 | 1 | ABN Amro | 314 |
| 3 | 8 | Morgan Stanley Dean Witter | 153 |
| 4 | 4 | JP Morgan | 150 |
| 5 | * | BNP Paribas | 112 |
| 6 | 5= | SEB | 103 |
| 7 | 25 | TD Securities | 98 |
| 8 | 16 | ING Barings | 94 |
| 9 | 13 | RBC Dominion Securities | 93 |
| 10 | 10= | Warburg Dillon Read | 85 |
| 11= | 3 | Merrill Lynch | 83 |
| 11= | **** | Fortis Bank | 83 |
| 13 | 7 | Goldman Sachs | 79 |
| 14 | 29 | CDC Marchés | 78 |
| 15 | 12 | Nomura Securities | 77 |
| 16 | 14 | Barclays Capital | 75 |
| 17 | 15 | Société Générale | 73 |
| 18 | ** | Banco Bilbao Vizcaya Argentaria | 72 |
| 19 | 19= | Dresdner Kleinwort Benson | 69 |
| 20 | 5= | Salomon Smith Barney | 66 |
| 21= | 17 | Unibank | 65 |
| 21= | 22= | Greenwich Natwest | 65 |
| 23 | *** | Banco Santander Central Hispano | 63 |
| 24 | 10= | Den Danske Bank | 61 |
| 25 | 26 | Svenska Handelsbanken | 58 |
| *Paribas ranked 9, BNP ranked 18 | |||
| ** Banco Bilbao Vizcaya ranked 32, Banco de Negocios Argentaria ranked 56= | |||
| ***Banco Central Hispano ranked 61=, Banco Santander de Negocios ranked 19= | |||
| **** Fortis ranked 93=, Generale Bank ranked 28 | |||
| Weighted by Salomon WGBI | |||
| Rank 2000 | Rank 1999 | Bank | Final total |
| 1 | 1 | Deutsche Bank | 2256 |
| 2 | 4 | Nomura Securities | 1992 |
| 3 | 6 | Morgan Stanley Dean Witter | 1904 |
| 4 | 9 | JP Morgan | 1447 |
| 5 | 2 | Goldman Sachs | 1358 |
| 6 | 3 | Merrill Lynch | 1262 |
| 7 | 5 | Salomon Smith Barney | 1138 |
| 8 | 7 | ABN Amro | 1053 |
| 9 | 10 | Greenwich Natwest | 725 |
| 10 | * | BNP Paribas | 693 |
| 11 | 23 | Industrial Bank of Japan | 669 |
| 12 | 25 | Daiwa Securities | 644 |
| 13 | 17 | Bank of Tokyo-Mitsubishi | 621 |
| 14 | 14 | Dresdner Kleinwort Benson | 538 |
| 15 | 16 | Barclays Capital | 502 |
| 16 | 21 | CDC Marchés | 492 |
| 17 | 13 | Warburg Dillon Read | 477 |
| 18 | 8 | Lehman Brothers | 416 |
| 19 | 11 | Société Générale | 404 |
| 20 | 48 | WestLB | 365 |
| 21 | 15 | Credit Suisse First Boston | 284 |
| 22 | 35 | Caboto | 276 |
| 23 | 24 | UniCredito Italiano | 246 |
| 24 | 29 | Bear Stearns | 243 |
| 25 | 18 | San Paolo IMI | 241 |
| *Paribas ranked 12, BNP ranked 19 | |||
| Australia | |||
| Rank 2000 | Rank 1999 | Score | |
| 1 | – | TD Securities | 40 |
| 2 | – | RBC Dominion Securities | 34 |
| 3 | – | National Australia Bank | 18 |
| 4 | – | Westpac Banking Corp | 17 |
| 5= | – | Commonwealth Bank of Australia | 11 |
| 5= | – | Deutsche Bank | 11 |
| 7 | – | Warburg Dillon Read | 10 |
| 8 | – | Bank of Tokyo-Mitsubishi | 8 |
| 9= | – | Morgan Stanley Dean Witter | 6 |
| 9= | – | Nomura Securities | 6 |
| Canada | |||
| 1 | 1 | RBC Dominion Securities | 59 |
| 2 | 2 | TD Securities | 58 |
| 3 | 4 | CIBC Wood Gundy | 24 |
| 4 | 5 | Merrill Lynch | 10 |
| 5= | 6= | Morgan Stanley Dean Witter | 7 |
| 5= | 3 | BMO Nesbit Burns | 7 |
| 7 | 8= | Goldman Sachs | 5 |
| 8 | – | Antria | 4 |
| 9= | – | Commonwealth Bank of Australia | 3 |
| 9= | 7= | Scotia Capital Markets | 3 |
| 9= | 10= | JP Morgan | 3 |
| USA | |||
| 1 | 1 | Goldman Sachs | 39 |
| 2 | 3 | Merrill Lynch | 37 |
| 3 | 5 | Morgan Stanley Dean Witter | 34 |
| 4 | 2 | Salomon Smith Barney | 33 |
| 5 | 9 | Deutsche Bank | 22 |
| 6 | 6= | JP Morgan | 20 |
| 7 | 6= | Greenwich Natwest | 19 |
| 8 | 4 | Lehman Brothers | 12 |
| 9 | 14= | Bear Stearns | 9 |
| 10 | – | WestLB | 8 |
| Belgium | |||
| 1 | * | Fortis Bank | 74 |
| 2 | 2 | ABN Amro | 33 |
| 3 | 4 | KBC Bank | 26 |
| 4 | 3 | ING Barings | 20 |
| 5 | 7 | JP Morgan | 16 |
| 6= | 17= | Société Générale | 10 |
| 6= | 5 | Deutsche Bank | 10 |
| 8 | – | Erste Bank | 8 |
| 9 | 13= | Artesia Bank | 5 |
| 10= | – | Rabobank | 4 |
| 10= | – | Banque & Caisse d’Epargne de l’Etat | 4 |
| 10= | 9= | Warburg Dillon Read | 4 |
| *Fortis ranked 13=, Generale Bank ranked 1 | |||
| Denmark | |||
| 1 | 2 | Unibank | 42 |
| 2 | 1 | Den Danske Bank | 41 |
| 3 | 7 | Bikuben Girobank | 27 |
| 4 | 3 | ABN Amro | 20 |
| 5 | 10 | Nykredit | 14 |
| 6 | 6 | SEB | 12 |
| 7 | 11= | Sydbank | 9 |
| 8 | – | Amtssparekassen | 7 |
| 9 | 15= | Svenska Handelsbanken | 6 |
| 10= | 15= | KBC Bank | 4 |
| 10= | 9 | Warburg Dillon Read | 4 |
| 10= | – | Bayerische Landesbank | 4 |
| 10= | 11= | Merrill Lynch | 4 |
| Finland | |||
| 1= | 2 | SEB | 29 |
| 1= | – | Alfred Berg | 29 |
| 3= | 8 | EVLI Securities | 25 |
| 3= | 3 | MeritaNordbanken | 25 |
| 5 | 11= | Deutsche Bank | 20 |
| 6 | 4 | Okobank | 15 |
| 7 | 1 | ABN Amro | 10 |
| 8 | 7 | Svenska Handelsbanken | 7 |
| 9 | – | Chase Manhattan Bank | 6 |
| 10= | – | KBC Bank | 4 |
| 10= | – | Warburg Dillon Read | 4 |
| 10= | 6 | Unibank | 4 |
| 10= | – | Sakura Bank | 4 |
| France | |||
| 1 | * | BNP Paribas | 80 |
| 2 | 4 | CDC Marchés | 59 |
| 3 | 2 | Société Générale | 47 |
| 4 | 6 | Deutsche Bank | 23 |
| 5 | 5 | Crédit Agricole Indosuez | 22 |
| 6 | 7 | JP Morgan | 18 |
| 7 | 9 | Morgan Stanley Dean Witter | 15 |
| 8 | – | Credit Lyonnais | 6 |
| 9= | 13= | Warburg Dillon Read | 5 |
| 9= | 8 | Crédit Commercial de France | 5 |
| * Paribas ranked 1, BNP ranked 3 | |||
| Germany | |||
| 1 | 1 | Deutsche Bank | 126 |
| 2 | 2 | Dresdner Kleinwort Benson | 47 |
| 3 | 3 | ABN Amro | 37 |
| 4 | 4 | Commerzbank | 24 |
| 5= | 6 | Morgan Stanley Dean Witter | 18 |
| 5= | 7 | WestLB | 18 |
| 7 | 8 | HypoVereinsbank | 12 |
| 8 | 12 | DG Bank | 11 |
| 9 | 10 | JP Morgan | 8 |
| 10= | – | Barclays Capital | 6 |
| 10= | 13= | Bayerische Landesbank | 6 |
| Ireland | |||
| 1 | 1 | Davy Stockbrokers | 47 |
| 2 | 2 | AIB Group | 32 |
| 3 | 3 | ABN Amro | 27 |
| 4 | 4 | NCB Stockbrokers | 26 |
| 5 | 11= | Bank of Ireland | 11 |
| 6 | – | Greenwich Natwest | 10 |
| 7 | 5 | Deutsche Bank | 7 |
| 8 | 10 | Warburg Dillon Read | 4 |
| 9 | – | BNP Paribas | 3 |
| 10= | – | Ulster Bank | 2 |
| 10= | – | Riada Stockbrokers | 2 |
| Italy | |||
| 1 | 5 | Caboto | 32 |
| 2 | 2 | UniCredito Italiano | 31 |
| 3= | 4 | Deutsche Bank | 29 |
| 3= | 1 | San Paolo IMI | 29 |
| 5 | 9 | Morgan Stanley Dean Witter | 27 |
| 6 | 6 | JP Morgan | 26 |
| 7 | 15= | ABN Amro | 18 |
| 8 | * | BNP Paribas | 11 |
| 9 | 3 | Banca Commerciale Italiana | 10 |
| 10= | 15= | Banca Akros | 8 |
| 10= | 7 | Goldman Sachs | 8 |
| * Paribas ranked 8, BNP ranked 17= | |||
| Netherlands | |||
| 1 | 1 | ABN Amro | 106 |
| 2 | 2 | ING Barings | 56 |
| 3 | 3 | Rabobank | 42 |
| 4 | 6 | NIBStrating | 13 |
| 5 | 7= | JP Morgan | 12 |
| 6 | 4 | Deutsche Bank | 9 |
| 7 | – | Fortis Bank | 6 |
| 8 | 13= | Credit Suisse First Boston | 5 |
| 9= | 7= | Bank Labouchere | 4 |
| 9= | 13= | DG Bank | 4 |
| 9= | 5 | MeesPierson | 4 |
| Norway | |||
| 1 | 2= | Christiania bank | 33 |
| 2 | 1 | Den norske bank | 31 |
| 3 | 2= | SEB | 16 |
| 4 | – | Commerzbank | 11 |
| 5 | 4 | Svenska Handelsbanken | 10 |
| 6= | 16= | Deutsche Bank | 8 |
| 6= | 7= | Unibank | 8 |
| 8= | – | Société Générale | 6 |
| 8= | 5= | Den Danske Bank | 6 |
| 10 | 11= | Sundal Collier & Co | 5 |
| Portugal | |||
| 1 | 1 | Caixa Geral de Depositos | 31 |
| 2 | 3 | Deutsche Bank | 27 |
| 3 | 4= | ABN Amro | 21 |
| 4= | * | BNP Paribas | 12 |
| 4= | 7= | Banco Espirito Santo | 12 |
| 6 | – | Banco Santander Central Hispano | 13 |
| 7 | – | ING Barings | 10 |
| 8 | – | Goldman Sachs | 8 |
| 9 | 4= | Banco Português do Investimento | 7 |
| 10 | 11= | JP Morgan | 6 |
| *BNP ranked 11= | |||
| Spain | |||
| 1 | * | Banco Bilbao Vizcaya Argentaria | 68 |
| 2 | ** | Banco Santander Central Hispano | 59 |
| 3 | 3 | Deutsche Bank | 22 |
| 4 | 8 | JP Morgan | 15 |
| 5 | 16= | ABN Amro | 14 |
| 6 | 24= | CDC Marchés | 10 |
| 7 | – | Credit Suisse First Boston | 8 |
| 8 | 9 | Banesto Exterior | 7 |
| 9= | 6= | Bank of America | 6 |
| 9= | – | DG Bank | 6 |
| 9= | – | Crédit Agricole Indosuez | 6 |
| 9= | – | Morgan Stanley Dean Witter | 6 |
| 9= | 13= | Warburg Dillon Read | 6 |
| *Banco Bilbao Vizcaya ranked 2, Banco de Negocios Argentaria ranked 4 | |||
| **Banco Central Hispano ranked 5, Banco Santander de Negocios ranked 1 | |||
| Sweden | |||
| 1 | 1 | SEB | 46 |
| 2 | 2 | Svenska Handelsbanken | 35 |
| 3 | 12= | Den Danske Bank | 14 |
| 4 | 5= | SwedBank | 12 |
| 5= | 3 | Consensus Fondkommission | 11 |
| 5= | 8 | Unibank | 11 |
| 5= | 5= | MeritaNordbanken | 11 |
| 8 | 4 | ABN Amro | 10 |
| 9 | 10= | Öhman Fondkommission | 7 |
| 10 | 9 | Bikuben Girobank | 6 |
| UK | |||
| 1 | 1 | Barclays Capital | 64 |
| 2 | 3 | Greenwich Natwest | 36 |
| 3 | 4 | Warburg Dillon Read | 31 |
| 4 | 2 | HSBC Markets | 28 |
| 5 | 13= | Morgan Stanley Dean Witter | 18 |
| 6 | 5 | Credit Suisse First Boston | 14 |
| 7= | 9= | JP Morgan | 13 |
| 7= | 6 | Salomon Smith Barney | 13 |
| 9 | 16 | Deutsche Bank | 10 |
| 10 | – | Dresdner Kleinwort Benson | 7 |
| Japan | |||
| 1 | 1 | Nomura Securities | 71 |
| 2 | 4= | Daiwa Securities | 23 |
| 3 | 2 | Bank of Tokyo-Mitsubishi | 22 |
| 4 | 3 | Industrial Bank of Japan | 21 |
| 5 | 4= | Morgan Stanley Dean Witter | 13 |
| 6 | 14= | JP Morgan | 11 |
| 7 | 6 | Goldman Sachs | 5 |
| 8= | 11 | Salomon Smith Barney | 4 |
| 8= | 14= | Norinchukin Bank | 4 |
| 8= | 7 | Merrill Lynch | 4 |
