Bankers can’t make up their minds about league tables. Sometimes they don’t seem to count for very much. It’s common knowledge that lead arranger data can be sliced and diced in myriad ways depending on which version of the truth a particular sales pitch demands. In fact, manipulating the figures has become so widespread that those involved no longer bother to deny it. “There are ways around every league table rule,” says the head of debt capital markets at one US bank.
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