The spiraling subprime crisis continues to roil the credit markets, decimating issuance in the high-yield and asset-backed sectors. But for entities whose credit is good, the market remains very much open for business. Investment-grade borrowers raised $879.2 billion globally year to date as of May 16, just 0.5 percent less than in the same period last year. Financial institutions (yes, most of them are still investment grade) were among the biggest issuers, tapping the market to replenish their capital.
Which financial institutions have benefited from this activity? Citigroup and JPMorgan hold on to the top two positions, based on underwriting revenues, according to data provider Dealogic, but other firms have made big gains. Goldman, Sachs & Co. jumps onto the list at No. 3, followed by Royal Bank of Scotland, which took over ABN Amro’s bond business. UBS and Deutsche Bank lose ground.
