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Capital Markets

Primary debt poll 2010

Barclays Capital tops Euromoney primary debt survey for a second year; HSBC, Deutsche close behind

Barclays Capital maintained its number one position in Euromoney’s 2010 primary debt survey, indicating its 2008 takeover of Lehman Brothers has helped turn it into a major global player in the debt capital markets. However, close behind are two other European-based global banks, HSBC and Deutsche Bank, who have also cemented their places as major primary debt providers. Meanwhile BNP Paribas, which as recently as 2007 wasn’t even in the debt survey’s top 10, has grabbed fourth position in this year’s survey.

The publicly traded primary debt markets are in sharp focus in 2010 as the threat of contagion from the European sovereign debt crisis curtails new debt issuance, particularly from financial institutions. A strong balance sheet, therefore, is an important element in securing new business. This year’s top ranked banks represent a core group of institutions that were relatively unscathed from the banking crisis, and have built a broader coverage at the expense of banks such as UBS, Citigroup and Merrill Lynch (Now Bank of America Merrill) from the pre-crisis years. But it’s not just about balance sheet.

“Borrowers are looking for the complete all round approach from banks before awarding their mandates. While execution and syndication of debt are key, swap provision, ratings agency advisory and liability management, are also now considered important elements of a debt capital markets offering,” says Euromoney


The top 5 primary debt banks are as follows:

1. Barclays Capital

2. HSBC

3. Deutsche Bank

4. BNP Paribas

5. Societe Generale

More on Primary debt


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