The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

US debt: ABN Amro keeps its bond spin-off in the family

ABN Amro is handing down its underperforming US high-grade business to wholly owned

Late last year, one of ABN Amro's senior North American managers likened the bank's involvement in the investment-grade US credit markets to "a kind of store-front on Madison Avenue".

Competing with the most fashionable US high-grade bond underwriting houses, however, appears to have become too extravagant a pastime for the Dutch bank.

In June ABN ceded control of its entire US domestic debt capital markets underwriting business to its wholly owned but fiercely autonomous midwest bank, LaSalle.

The move comes as no surprise, considering ABN is sixteenth in the high-grade corporate bond underwriting league tables with a 0.9% market share, excluding self-led deals and anything 18 months or shorter. That's in spite of a build-up in the US bond business by the Dutch bank less than two years ago, when it publicly vowed to be eighth by the end of 2004.

It will be handing over a freshly gutted business to LaSalle. In June ABN sacked all but one of its high-grade bond traders in New York, shut down its research group, lost a top syndicate director and shaved about 500 borrowers off its DCM coverage list in preparation for the cast-off.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree