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Euromoney‘s annual poll of capital markets’ users and intermediaries is surprisingly different from the bookrunner league tables. Merrill Lynch is, by some margin, the number-one bookrunner for international bonds so far in 1996, but it is JP Morgan which tops our poll as the borrowers’ favourite. In the league table, by contrast, JP Morgan is only fifth with just two-thirds of Merrill’s volume. JP Morgan’s poll result is particularly impressive in the US domestic markets, where it rises to become the top US MTN house, overtaking the bulge bracket firms. |
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