The death of DCM?

The heyday of the traditional debt capital markets is long gone. Who would have thought that, some six months into the year, it would have taken just a $6 billion share of underwriting to take top place in the US investment-grade corporate bookrunner table? Go back to 2004 and it would have been something like $10 billion. Perhaps a bigger surprise is that this number trails behind the equivalent European league table (€8.5 billion).

The corporate investment grade market has been a great disappointment. The boom was a two-year phenomenon that ended in 2001 – by volumes the market is back to its 1999 levels. With volumes buoyed up by the M&A boom, banks ramped up their capabilities, expecting increased disintermediation of credit risk. However, the world has regressed. No one considered that the loan market’s efficiency would last for so long.

DMOs wise up to a new mission

Testing the limits of the DMOs

The US market is still far more profitable than Europe’s, and not just because US issuers are less aggressive when it comes to cutting fees and syndicates are smaller.

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The death of DCM?

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