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Best debt house 2006: League tables tell only half the story

Euromoney’s new poll shows that, according to the world’s largest issuers, Deutsche and Citigroup have the quality as well as the quantity of business to maintain their leading positions. But, as Alex Chambers reports, the results also throw up some interesting contradictions.

Full poll results


Debt poll of polls: Customer votes reveal the new big three

Primary debt poll

Quality versus quantity
League table Vs poll results
Bank Category League table Poll result Up/Down
JPMorgan USD international 1 5 -4
Goldman Sachs USD international 9 4 +5
Calyon ABS international 8 3 +5
UBS Euro international 15 3 +12
Citigroup Hybrid international 13 4 +9
SG Euro international 6 8 -2
Lehman All MTNs 4 8 -4
RBS ABS international 3 11 -8
Source: Dealogic, Euromoney

MEASURING THE PERFORMANCE and competence of debt intermediaries is far from straightforward. What is to be gained from simply looking at which institution is conducting the largest deal volume? Those banks willing to buy market share by subsidizing bond transactions for opportunistic borrowers can easily manipulate the most obvious quantitative performance measures such as league tables. The intense competition for business in debt has meant that this type of activity is extremely common.

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