Methodology
Euromoney asked bond fund managers and buy-side traders across Europe which banks do the best job of providing liquidity in these sectors. We received 133 responses from 101 institutions, 42 of which are ranked in the Institutional Investor Euro 100 league table of top fund managers. If you have queries, please contact Andrew Newby, head of research, on +44 (0) 20 7779 8694, anewby@euromoneyplc.com.
| Investment grade | ||
| Corporates | ||
| 2004 | Bank | Score |
| 1 | Deutsche Bank | 694 |
| 2 | JPMorgan | 683 |
| 3 | Barclays Capital | 610 |
| 4 | ABN Amro | 524 |
| 5 | Morgan Stanley | 521 |
| 6 | Citigroup | 505 |
| 7 | BNP Paribas | 447 |
| 8 | UBS | 438 |
| 9 | Société Générale | 413 |
| 10 | HSBC | 230 |
| 11 | CSFB | 205 |
| 12 | RBS | 196 |
| 13 | Dresdner Kleinwort Wasserstein | 190 |
| 14 | Goldman Sachs | 178 |
| 15 | Lehman Bros | 135 |
| 16 | Fortis Bank | 106 |
| 17 | Merrill Lynch | 94 |
| 18 | Bear Stearns | 29 |
| 19= | HVB | 28 |
| 19= | SEB Merchant Banking | 28 |
| Credit indices | ||
| 2004 | Bank | Score |
| 1 | JPMorgan | 612 |
| 2 | ABN Amro | 474 |
| 3 | Deutsche Bank | 376 |
| 4 | Morgan Stanley | 337 |
| 5 | Citigroup | 327 |
| 6 | BNP Paribas | 316 |
| 7 | Lehman Bros | 287 |
| 8 | Merrill Lynch | 240 |
| 9 | Barclays Capital | 226 |
| 10 | Société Générale | 218 |
| 11 | UBS | 212 |
| 12 | Goldman Sachs | 137 |
| 13 | HSBC | 99 |
| 14 | Dresdner Kleinwort Wasserstein | 88 |
| 15 | CSFB | 54 |
| 16 | Bank of America | 38 |
| 17 | RBS | 35 |
| 18 | Fortis Bank | 23 |
| 19 | Bear Stearns | 18 |
| 20 | Commerzbank Securities | 10 |
| Asset backed | ||
| 2004 | Bank | Score |
| 1 | ABN Amro | 436 |
| 2 | Citigroup | 339 |
| 3 | UBS | 271 |
| 4= | Barclays Capital | 262 |
| 4= | Deutsche Bank | 262 |
| 6 | JPMorgan | 238 |
| 7 | Morgan Stanley | 196 |
| 8 | BNP Paribas | 195 |
| 9 | Société Générale | 185 |
| 10 | Lehman Bros | 156 |
| 11 | HSBC | 119 |
| 12 | Bear Stearns | 104 |
| 13 | Merrill Lynch | 101 |
| 14 | Dresdner Kleinwort Wasserstein | 98 |
| 15 | RBS | 85 |
| 16 | Goldman Sachs | 38 |
| 17 | CSFB | 37 |
| 18= | HVB | 15 |
| 18= | Commerzbank Securities | 15 |
| 20= | Bank of America | 10 |
| 20= | Fortis Bank | 10 |
| Financials | ||
| 2004 | Bank | Score |
| 1 | Barclays Capital | 613 |
| 2 | BNP Paribas | 532 |
| 3 | JPMorgan | 500 |
| 4 | Deutsche Bank | 436 |
| 5 | Citigroup | 404 |
| 6 | ABN Amro | 353 |
| 7 | Société Générale | 328 |
| 8 | UBS | 303 |
| 9 | Morgan Stanley | 225 |
| 10 | HSBC | 211 |
| 11 | CSFB | 172 |
| 12 | RBS | 117 |
| 13 | Lehman Bros | 108 |
| 14 | Dresdner Kleinwort Wasserstein | 107 |
| 15 | Goldman Sachs | 83 |
| 16 | Merrill Lynch | 81 |
| 17 | Fortis Bank | 69 |
| 18 | ING | 21 |
| 19 | Bear Stearns | 15 |
| 20= | Commerzbank Securities | 12 |
| 20= | HVB | 12 |
| High yield | ||
| Corporates | ||
| 2004 | Bank | Score |
| 1 | JPMorgan | 108 |
| 2 | Deutsche Bank | 78 |
| 3 | UBS | 70 |
| 4 | Barclays Capital | 58 |
| 5 | Morgan Stanley | 57 |
| 6 | Merrill Lynch | 49 |
| 7 | CSFB | 43 |
| 8 | Citigroup | 42 |
| 9 | ABN Amro | 40 |
| 10 | BNP Paribas | 33 |
| 11 | Goldman Sachs | 23 |
| 12 | Société Générale | 21 |
| 13 | Dresdner Kleinwort Wasserstein | 10 |
| 14= | HSBC | 5 |
| 14= | Fortis Bank | 5 |
| Credit indices | ||
| 2004 | Bank | Score |
| 1 | JPMorgan | 81 |
| 2 | Deutsche Bank | 47 |
| 3 | Merrill Lynch | 41 |
| 4 | Goldman Sachs | 35 |
| 5 | Citigroup | 32 |
| 6 | Lehman Bros | 28 |
| 7 | Barclays Capital | 24 |
| 8 | Morgan Stanley | 19 |
| 9 | ABN Amro | 17 |
| 10= | UBS | 13 |
| 10= | BNP... | |
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