CSFB
When news that affects the high-yield market breaks it is often the first to come out with a view. When the new-issue market gets tough, it usually increases its market share to as much as 50%. It has occupied the top spot in the US high-yield underwriting league table since 1993.
The leveraged finance group that dominated the US market while at Donaldson, Lufkin & Jenrette has continued to do so since the bank sold up to CSFB in 2000. The past 12 months have been no exception. In the face of stiff competition from Citigroup and Deutsche Bank, CSFB?s high-yield franchise has increased its underwriting market share, as well as retaining its number one research ranking in Institutional Investor.
The team has managed this in the face of upheavals elsewhere at CSFB and the departure of long-time head of the leveraged finance group Bennett Goodman. He had run the operation since 1995, and left last year looking to set up his own business, only to be lured back to run a new alternative capital division by recently ousted CEO John Mack. Last month Goodman, who is the winner of this year?s capital markets achievement award, persuaded Tripp Smith, who was made co-head after he left, to join him in the alternative capital division to be head of capital markets.