Information about Thomson Financial League Tables
Thomson Financial's standard league tables are rankings of Investment Banks in terms of the dollar volume of deals they work on. New standard league table sessions in compliance with 2004 league table criteria for Debt, Equity, Syndicated Loans, Project Finance and M&A are currently available. Notice that this is revenue and dollar volume of securities issued (in underwriting) or transaction size (in M&A), not profitability.
When used in bank-produced materials, the company is always in control of deciding how to tabulate each table and which ones to show to customers. Banks naturally never show unflattering league tables, so one rarely sees league tables where the firm is not in the top 3. Banks seeking to enter a new space may show two tables side by side from the previous and the current year to show how they have improved. As mentioned above, the details of how each table was calculated are essential to understanding how much these tables have been tweaked.
Growing concerns about credibility of league tables have led some banks to use actual screenshots of Bloomberg's league tables in their materials to emphasize that no tweaks were used to manipulate the ranking. The selection bias of only showing the favorable rankings still holds however. In order to get the most complete information, one should access leagues tables on Bloomberg, Thomson Financial, or any other reputable source (they all rely on a third-party database that actually stores information on all announced deals). For convenience, most common league tables are reproduced below for recent years.
Most damaging to the tables' credibility, however, has been the way league tables are tabulated and used in investment bank pitches to clients and prospective hires. Exploiting the fact that there's no "industry standard" in calculating league tables, bankers instruct their analysts to tweak the way the tables are tabulated to make the home institution appear higher in the tables, ideally in the top 3. Most common tweaks include counting or excluding announced but uncompleted deals, deals smaller than a certain size, deals in a given geographic area, the date range, and so on. These details are usually listed at the bottom of each table, and should always be scrutinized.
In finance, a mortgage-backed security (MBS)
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Usage
League tables are used in two contexts: either in promotional materials or client pitches produced by an investment bank, or tabulated by a financial information tool, such as Dealogic, Thomson Financial or Bloomberg.When used in bank-produced materials, the company is always in control of deciding how to tabulate each table and which ones to show to customers. Banks naturally never show unflattering league tables, so one rarely sees league tables where the firm is not in the top 3. Banks seeking to enter a new space may show two tables side by side from the previous and the current year to show how they have improved. As mentioned above, the details of how each table was calculated are essential to understanding how much these tables have been tweaked.
Growing concerns about credibility of league tables have led some banks to use actual screenshots of Bloomberg's league tables in their materials to emphasize that no tweaks were used to manipulate the ranking. The selection bias of only showing the favorable rankings still holds however. In order to get the most complete information, one should access leagues tables on Bloomberg, Thomson Financial, or any other reputable source (they all rely on a third-party database that actually stores information on all announced deals). For convenience, most common league tables are reproduced below for recent years.
Criticisms
League tables are important for classifying investment banks by their area of expertise, but are a very imprecise way of ranking investment banks within broad categories. League tables give equal credit to all investment banks involved with a transaction, even if one of them collected the bulk of the fees, was hired first, and had more responsibility. With the emergence of financial supermarkets and stapled finance, companies are often accused of tacitly doling out league table credit to banks to secure better terms on the financing for the transaction.Most damaging to the tables' credibility, however, has been the way league tables are tabulated and used in investment bank pitches to clients and prospective hires. Exploiting the fact that there's no "industry standard" in calculating league tables, bankers instruct their analysts to tweak the way the tables are tabulated to make the home institution appear higher in the tables, ideally in the top 3. Most common tweaks include counting or excluding announced but uncompleted deals, deals smaller than a certain size, deals in a given geographic area, the date range, and so on. These details are usually listed at the bottom of each table, and should always be scrutinized.
Debt and equity
2004
| Market Sector | # 1 Ranked Bookrunner | Proceeds ($ million) | Market Share (%) | Number of issues | Market size ($ million) | Market issues |
|---|---|---|---|---|---|---|
| Stock & Bonds | ||||||
| Global Debt, Equity & Equity-related | Citigroup | 534,486.2 | 9.4 | 1,892 | 5,693,011.6 | 20,066 |
| Global Disclosed Fees | Citigroup | 1,717.4 | 11.1 | 724 | 15,400.6 | 6,890 |
| Stocks | ||||||
| Global Equity & Equity-related | Morgan Stanley | 54,268.7 | 10.7 | 184 | 505,098.9 | 3,628 |
| Global Convertible Offerings | Morgan Stanley | 10,483.1 | 10.7 | 46 | 98,436.4 | 469 |
| Global Common Stock- U.S. Issuers | Morgan Stanley | 20,084.9 | 15.5 | 83 | 129,603.5 | 767 |
| Global Initial Public Offerings - U.S. Issuers | Morgan Stanley | 7,322.1 | 16.3 | 21 | 44,867.7 | 233 |
| EMEA Equity & Equity-related | Morgan Stanley | 17,739.3 | 9.4 | 35 | 189,471.4 | 955 |
| EMEA Convertible Offerings | Deutsche Bank | 2,290.9 | 11.4 | 6 | 20,187.3 | 80 |
| EMEA Common Stock | Morgan Stanley | 16,336.7 | 9.7 | 29 | 168,595.5 | 872 |
| EMEA Initial Public Offerings | CSFB | 3,976.6 | 10.3 | 12 | 38,597.9 | 306 |
| Bonds | ||||||
| Global Debt incl. MBS, ABS & U.S. Tax Munis | Citigroup | 486,758.6 | 9.4 | 1,620 | 5,187,013.8 | 16,439 |
| All International Bonds | Citigroup | 202,957.9 | 8.3 | 531 | 2,433,995.2 | 5,068 |
| All International Bonds in Euros | Deutsche Bank | 80,355.5 | 7.8 | 303 | 1,025,579.6 | 2,529 |
| Global High Yield Corporate Debt | Citigroup | 23,505.9 | 14.4 | 124 | 163,213.4 | 606 |
| US Investment Grade | Citigroup | 138,874.2 | 20.2 | 526 | 688,639.2 | 1,845 |
| All US Federal Credit Agency Debt | Merrill Lynch & Co. Inc. | 96,512.0 | 11.2 | 721 | 861,750.8 | 10,606 |
| US Mortgage-backed securities | Bear Stearns & Co. Inc. | 90,073.8 | 12.4 | 130 | 729,306.4 | 1,121 |
| US Asset-backed securities | Citigroup | 82,962.3 | 9.7 | 177 | 856,713.0 | 1,595 |
| All International Structured Finance | Citigroup | 31,470.5 | 10.5 | 37 | 299,233.3 | 308 |
| Loans | ||||||
| Global Loans | JP Morgan | 499,900.5 | 18.9 | 1,153 | 2,639,843.7 | 7,147 |
| U.S. Syndicated Loans | JP Morgan | 430,208.7 | 32.1 | 1,014 | 1,339,007.3 | 3,448 |
| EMEA Syndicated Loans | Barclays Capital | 89,869.1 | 9.7 | 252 | 923,783.1 | 1,423 |
| U.S. Leveraged Loans | JP Morgan | 115,088.7 | 24.1 | 448 | 477,339.1 | 1,810 |
| European Leveraged Loans | Royal Bank of Scotland | 16,006.6 | 13.6 | 64 | 117,337.1 | 233 |
| EMEA Sponsored Loans | Royal Bank of Scotland | 17,526.7 | 16.4 | 58 | 106,909.5 | 189 |
2003
| Market Sector | # 1 Ranked Bookrunner | Proceeds ($ mils) | Market Share (%) | # of issues | Mrkt size ($ mils) | Mrkt issues |
|---|---|---|---|---|---|---|
| Stock & Bonds | ||||||
| Global Debt, Equity & Equity-related | Citigroup | 542,748.5 | 10.2 | 1,872 | 5,326,243.5 | 19,706 |
| Global Disclosed Fees | Citigroup | 1,760.2 | 12.2 | 860 | 14,460.5 | 8,023 |
| Stocks | ||||||
| Global Equity & Equity-related | Goldman Sachs | 46,142.0 | 11.9 | 174 | 388,176.1 | 2,418 |
| Global Convertible Offerings | JP Morgan | 21,550.8 | 13.1 | 70 | 164,468.3 | 486 |
| Global Common Stock - U.S. Issuers | Goldman Sachs | 12,763.1 | 16.2 | 57 | 78,889.2 | 520 |
| Global Initial Public Offerings - U.S. Issuers | Goldman Sachs | 2,657.9 | 19.2 | 13 | 13,849.2 | 79 |
| Global Common Stock - EMEA | Goldman Sachs | 7,049.6 | 13.6 | 25 | 51,912.1 | 308 |
| Global Initial Public Offerings - EMEA | Goldman Sachs | 1,816.8 | 20.5 | 3 | 8,870.7 | 97 |
| Global Convertible Offerings - EMEA | Deutsche Bank | 8,275.0 | 17.9 | 17 | 46,171.0 | 76 |
| Bonds | ||||||
| Global Debt incl. MBS, ABS & U.S. Tax Munis | Citigroup | 501,813.5 | 10.2 | 1,655 | 1,867,147.7 | 7,068 |
| All International Bonds | Citigroup | 209,749.0 | 9.7 | 512 | 2,161,992.6 | 4,536 |
| All Euromarket Issues | Deutsche Bank | 109,514.4 | 7.8 | 446 | 1,396,912.9 | 3,568 |
| All Bonds in Euros | Deutsche Bank | 80,424.7 | 8.3 | 272 | 964,888.9 | 2,229 |
| Global High Yield Corporate Debt | Citigroup | 22,791.3 | 15.6 | 123 | 145,750.4 | 524 |
| US Investment Grade | Citigroup | 135,196.2 | 20.5 | 563 | 658,664.7 | 1,868 |
| All US Federal Credit Agency Debt | Deutsche Bank | 101,974.2 | 8.6 | 432 | 1,190,831.2 | 13,152 |
| US Mortgage-backed Securities | UBS | 104,061.6 | 11.6 | 98 | 900,153.4 | 1,203 |
| US Asset-backed securities | Citigroup | 64,915.7 | 11.2 | 147 | 580,823.4 | 1,175 |
| Loans | ||||||
| Global Loans | JP Morgan | 336,230.6 | 17.5 | 669 | 1,920,187.0 | 5,734 |
| U.S. Syndicated Loans | JP Morgan | 277,361.4 | 28.3 | 553 | 979,626.9 | 2,962 |
| EMEA Syndicated Loans | Citigroup | 67,439.7 | 10.3 | 138 | 657,566.8 | 1,069 |
| U.S. Leveraged Loans | JP Morgan | 82,218.5 | 22.3 | 253 | 368,321.7 | 1,549 |
| European Leveraged Loans | Barclays Capital | 9,949.7 | 9.3 | 34 | 107,336.5 | 222 |
Mergers and acquisitions
2005
| Market Sector | # 1 Ranked Advisor | Market Share (%) | Rank Value $US mil | Mrkt size ($ mils) |
|---|---|---|---|---|
| Worldwide Completed - Imputed Fees | Goldman Sachs & Co | 6.0 | 980.3 | 16,435.4 |
| Worldwide Announced Financial Advisors | Goldman Sachs & Co | |||
| Worldwide Announced Legal Advisors | Sullivan & Cromwell | |||
| Worldwide Completed Financial Advisors | Goldman Sachs & Co | |||
| Worldwide Completed Legal Advisors | Sullivan & Cromwell | |||
| US Announced Financial Advisors | JP Morgan Chase | |||
| US Announced Legal Advisors | Skadden, Arps, Slate, Meagher & Flom | |||
| US Completed Financial Advisors | Lehman Brothers | |||
| US Completed Legal Advisors | Sullivan & Cromwell |
2004
| Market Sector | # 1 Ranked Advisor | Market Share (%) | Fees & Rank Value $US mil | Mrkt size ($ mils) |
|---|---|---|---|---|
| Worldwide Completed - Imputed Fees | Goldman Sachs & Co | -- | 897.8 | 14,312 |
| Worldwide Announced Financial Advisors | Goldman Sachs & Co | 29.6 | 576,664.3 | 1,949,000.9 |
| Worldwide Announced Legal Advisors | Sullivan & Cromwell | 22.1 | 430,160.1 | |
| Worldwide Completed Financial Advisors | Goldman Sachs & Co | 31.0 | 356,182.1 | 1,516,079.8 |
| Worldwide Completed Legal Advisors | Sullivan & Cromwell | 33.0 | 500,244.3 | |
| US Announced Financial Advisors | JP Morgan Chase | 32.5 | 270,792.4 | |
| US Announced Legal Advisors | Skadden, Arps, Slate, Meagher & Flom | 30.5 | 254,428.2 | |
| US Completed Financial Advisors | Goldman Sachs & Co | 36.0 | 269,476.7 | |
| US Completed Legal Advisors | Sullivan & Cromwell | 30.8 | 230,415.3 |
2003
| Market Sector | # 1 Ranked Advisor | Market Share (%) | Rank Value $US mil | Mrkt size ($ mils) |
|---|---|---|---|---|
| Worldwide Announced Financial Advisors | Goldman Sachs & Co | 29.5 | 392,699.5 | 1,379,541.5 |
| Worldwide Announced Legal Advisors | Skadden, Arps, Slate, Meagher & Flom | 13.2 | 175,812.9 | |
| Worldwide Completed Financial Advisors | Goldman Sachs & Co | 31.0 | 356,182.1 | 1,206,972.9 |
| Worldwide Completed Legal Advisors | Linklaters | 17.9 | 205,727.4 | |
| US Announced Financial Advisors | Goldman Sachs & Co | 45.6 | 239,420.6 | |
| US Announced Legal Advisors | Simpson Thacher & Bartlett | 19.5 | 102,569.8 | |
| US Completed Financial Advisors | Goldman Sachs & Co | 44.9 | 200,854.1 | |
| US Completed Legal Advisors | Skadden, Arps, Slate, Meagher & Flom | 27.3 | 122,171.0 |
See also
- Advisory services
- Debt levels and flows
- Financial services
- Mergers & acquisitions
- Underwriting
External links
Thomson Financial is an arm of The Thomson Corporation, one of the world's leading information companies, focused on providing integrated information solutions to business and professional customers.
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Investment banks help companies and governments (or their agencies) raise money by issuing and selling securities in the capital markets (both equity and debt).
Almost all investment banks also offer strategic advisory services for mergers, acquisitions, divestiture or other
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Almost all investment banks also offer strategic advisory services for mergers, acquisitions, divestiture or other
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Debt is that which is owed; usually referencing assets owed, but the term can cover other obligations. In the case of assets, debt is a means of using future purchasing power in the present before a summation has been earned.
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In financial markets, the stock capital of a corporation or a joint-stock company is the capital raised through the issuance, sale and distribution of shares. A person or organization that holds at least a partial share of stock is called a shareholder.
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A syndicated loan (or "syndicated bank facility") is a large loan in which a group of banks work together to provide funds for a borrower. There is usually one lead bank (the "Arranger" or "Agent") that takes a percentage of the loan and syndicates the rest to other banks.
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Project finance is the financing of long-term infrastructure and industrial projects based upon a complex financial structure where project debt and equity are used to finance the project, and debt is repaid using the cashflow generated by operation of the project, rather than the
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Underwriting refers to the process that a large financial service provider (bank, insurer, investment house) uses to assess the process of providing access to their product like providing equity capital, insurance or credit to a customer.
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January 1 is the 1st day of the year (2nd in leap years) in the Gregorian calendar. There are 0 days remaining. The preceding day is December 31 of the previous year.
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December 31 is the 1st day of the year (2nd in leap years) in the Gregorian calendar. There are 0 days remaining.
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It is the final day of the Gregorian year. The day following is January 1 of the next year.
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Citigroup Inc.
Public (NYSE: C )
Founded New York City, USA (1812)
Headquarters New York City, USA
Key people Charles Prince, Chairman & CEO
Robert Rubin, Director and Chairman of Executive Committee
Gary Crittenden, CFO[1]
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Public (NYSE: C )
Founded New York City, USA (1812)
Headquarters New York City, USA
Key people Charles Prince, Chairman & CEO
Robert Rubin, Director and Chairman of Executive Committee
Gary Crittenden, CFO[1]
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In business disclosed fees is debt and equity underwriting and advisory revenue reported by investment banks.
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See also
- Dealogic league tables
- Thomson Financial league tables
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Citigroup Inc.
Public (NYSE: C )
Founded New York City, USA (1812)
Headquarters New York City, USA
Key people Charles Prince, Chairman & CEO
Robert Rubin, Director and Chairman of Executive Committee
Gary Crittenden, CFO[1]
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Public (NYSE: C )
Founded New York City, USA (1812)
Headquarters New York City, USA
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Robert Rubin, Director and Chairman of Executive Committee
Gary Crittenden, CFO[1]
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A convertible security is a security that can be converted into another security, for example, a bond that under certain terms can be converted into equity.
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Types
- Convertible bond
- Convertible preferred stock
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A convertible security is a security that can be converted into another security, for example, a bond that under certain terms can be converted into equity.
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Types
- Convertible bond
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Deutsche Bank AG
Public (NYSE: DB )
Founded 1870
Headquarters Frankfurt am Main, Germany
Key people Dr. Josef Ackermann, Chief Executive Officer and Chairman of the Management Board
Dr.
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Public (NYSE: DB )
Founded 1870
Headquarters Frankfurt am Main, Germany
Key people Dr. Josef Ackermann, Chief Executive Officer and Chairman of the Management Board
Dr.
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Debt is that which is owed; usually referencing assets owed, but the term can cover other obligations. In the case of assets, debt is a means of using future purchasing power in the present before a summation has been earned.
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worldwide view of the subject.
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In finance, a mortgage-backed security (MBS)
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In finance, an asset-backed security is a type of bond or note that is based on pools of assets, or collateralized by the cash flows from a specified pool of underlying assets.
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Citigroup Inc.
Public (NYSE: C )
Founded New York City, USA (1812)
Headquarters New York City, USA
Key people Charles Prince, Chairman & CEO
Robert Rubin, Director and Chairman of Executive Committee
Gary Crittenden, CFO[1]
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Public (NYSE: C )
Founded New York City, USA (1812)
Headquarters New York City, USA
Key people Charles Prince, Chairman & CEO
Robert Rubin, Director and Chairman of Executive Committee
Gary Crittenden, CFO[1]
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bond is a debt security, in which the authorized issuer owes the holders a debt and is obliged to repay the principal and interest (the coupon) at a later date, termed maturity.
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