Veteran-Owned Banks Take Bigger Chunk of High-Grade Debt Sales
- Firms are gaining greater share of volume, Bloomberg data show
- Renewed focus on diversity, record issuance bring new business
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Veteran-owned banks are getting a bigger piece of the pie when it comes to underwriting U.S. investment-grade corporate bond sales, growing their businesses amid a greater push for diversity in a record year for issuance.
The firms have been a member of syndicate in about a quarter of deals as of Nov. 9, up from 17% two years ago, according to data compiled by Bloomberg. At the same time, they’ve handled about a third of this year’s volume, suggesting the banks are responsible for allocating a greater share of the offerings they’re included on, and represents the largest percentage in the last five years.