Thomson Financial League Tables Totally Explained

Everything about Thomson Financial League Tables totally explained

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.

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 mergermarket, 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 isn't 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've 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

Underwriting Leaders 1 January 2004 - 31 December 2004 (based on $ value) > Debt, Equity & Equity-relatedEquity & Equity-relatedDebt incl. MBS, ABS & U.S. Tax MunisLoans

Market Sector	# 1 Ranked Bookrunner	Proceeds ($ million)	Market Share (%)	Number of issues	Market size ($ million)	Market issues
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
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
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	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
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

Underwriting Leaders 1 January 2003 - 31 December 2003 (based on $ value) > Debt, Equity & Equity-relatedEquity & Equity-relatedDebt incl. MBS, ABS & U.S. Tax MunisLoans

Market Sector	# 1 Ranked Bookrunner	Proceeds ($ mils)	Market Share (%)	# of issues	Mrkt size ($ mils)	Mrkt issues
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
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
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
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

Mergers & Acquisitions Leaders 1 January 2004 - 31 December 2004 (based on $ value) >

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

Mergers & Acquisitions Leaders 1 January 2004 - 31 December 2004 (based on $ value) >

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

Mergers & Acquisitions Leaders 1 January 2003 - 31 December 2003 (based on $ value) >

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

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