Awards for Excellence 2002
Citigroup/Salomon Smith Barney
Even the creators of the Citigroup/ Salomon Smith Barney combine must be pleasantly surprised by the extent to which the firm has dominated global debt markets over the past 12 months.
Across the board in bond issuance - from investment-grade credit to emerging-market debt and asset-backed securities - Citi is leaving other firms trailing in its wake. And with a global syndicated loan business second only to JPMorgan's, the bank has proved beyond all doubt that in the current market environment size matters in the debt markets.
"They are the 800-pound gorilla in the business," says one capital markets competitor. "It feels as if they are involved in three out of every four deals at the moment. They are very powerful and right now they are dominant."
In international bond issuance, Citi had a phenomenal market share of over 10% in 2001, compared with 8.5% for its nearest challenger, Deutsche Bank. This year the gap has closed between the two leaders, with Citi on 9.27% against Deutsche's 9.22% at the beginning of June. But these two are way ahead of the third-placed bank, JPMorgan, with 7.86%.