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.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

People: Turbulence continues in bank DCM coverage

Bankers that cover financial institutions’ debt capital should be in greater demand than ever given market turmoil surrounding their client base. Banks have always been the largest component of debt new issues but now are forecast to dominate primary flows to an even greater extent because of their pent-up demand for financing. Not only are many of them in desperate need of funds following the closure of structured finance markets, they are also selling bonds that earn underwriters a greater amount of fees than was the case pre-crunch.

However, this select group of originators has endured almost as much turbulence as banks have – with a large number of firms losing senior officials.

One of the most surprising recent departure was the retirement of Gary Abrahams from UBS. Abrahams is only in his early 40s but is a widely respected figure for his success with UK financial institutions in particular. Fortunately for UBS they are able to replace Abrahams with another respected figure – Frank Kennedy – who moves back into FIG origination from fixed income.

One of his competitors says that Abrahams was probably the highest revenue earner in the UK FIG business over the past few years but probably not the highest paid given his success because he didn’t move around enough.

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