Global Financing Guide: Pleasing the crowd
The 1997 Euromoney poll reveals some sharp differences of opinion between borrowers and bankers themselves about which are the best capital market intermediaries. But JP Morgan stays the overall favourite. By Rebecca Dobson.
This year's survey of capital markets' users and peers shows that JP Morgan is still the overall favourite for capital raising and liability management. The bank tops 25 sections, mostly for derivatives; it is followed in the popularity stakes by Merrill Lynch, Chase and Deutsche Morgan Grenfell.
According to respondents to our borrowers' poll - mostly corporate treasurers and chief financial officers - JP Morgan provides the best service in bond syndication, private placements and risk management. It excels at dollar, yen and lira derivatives transactions. As for the bank's peers, they consider JP Morgan the most consistently innovative Eurobond house, distinguished at equities and loans too. However, they vote for Chase as the leading name for liability management.
This difference of opinion between market users and peers runs throughout the survey, where banks vote in line with league tables but corporates do not.