Those with strong hearing could almost hear the collective groan over the last few weeks as awards submissions emails went out from all and sundry. Fresh-faced associates have been put to task, compiling exhaustive documents to send out to over-worked editors. Bedraggled communications executives are trying their best to juggle the schedules of bankers, journalists, and PowerPoint projectionists.
League table analysts may have the worst of it, being asked for increasingly absurd renditions. Ultra-specific league tables do give hacks some entertainment but they don’t give much regard to a bank being second on the league table of three year bonds in Asia ex-China ex-Japan ex-India ex-a few deals they weren’t on and ex-September because Ron was off on holiday.
It could be worse. Pity the poor junior banker who put together a pitch for GlobalCapital Asia this week. He used a bond to justify a ‘Best ECM’ house submission, submitted a property company for ‘Best FIG Deal’ and made a daring attempt to win ‘Best Loans House’ without once mentioning anything as prosaic as an actual loan.
Perhaps, having heard so many times about his managers bringing down walls between different departments, he took the ‘synergy’ guff too literally.
We hope even that poor soul will concede it’s all worth it in the end. Capital markets move so quickly, leaving little time to celebrate success. And after all, there isn't an award for ‘Best Submission’. Or is there?