Banks battle for LBO mandates
Competition for LBO mandates has reached cut-throat levels, with many banks prepared to take big risks to secure a leading place on arranger league tables and boost their market share. So far the US firms appear to be winning, thanks largely to their ability to offer a one-stop shopping service (encompassing loans, bonds, mezzanine and equity) which is attractive to borrowers. The big European banks are fighting back, determined to avoid ceding one of the fastest growing areas of the European financing market to the Wall Street firms. There is no end to the battle in sight. And even a couple of deal disasters may not be enough to ease the bidding war.
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