It pays to be number one
The practice of underwriting low-profit, short-dated deals in order to manipulate the bookrunner league tables has left many banks open to accusations that they pay their way up the rankings. Oliver Holtaway reports on the shenanigans in the market
It has been a great year so far for underwriters. During the first nine months of 2003, global debt capital markets volume went up by a quarter. Over 20,000 deals have realised $14.8 billion of fees, a 31% year-on-year increase.
Among other things, this means that some banks have had more cash in their coffers to indulge in one of the corporate bond market’s less appealing habits: the buying of
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