The financing category offers us three models to consider. Firms like Goldman Sachs and Morgan Stanley show greater strength in equity than debt. Others, notably Credit Suisse and Deutsche, do interesting and creative things in the debt markets, sometimes with careful use of the balance sheet, but tend to appear less in league tables.
Then there are the true full-service houses: HSBC, JPMorgan and Citi. Citi, under head of Asia Pacific banking, capital markets and advisory, wins the day for the range and volume of its activity, across disciplines and markets.
Often you can see this range in action for a single client. Take Indian transport financier Shriram: Citi led deals in equity (an underwritten rights offering), debt (a social bond, plus a tap) and structured finance (a domestic asset-backed securities deal in India) during our review period. In Korea it was there for Coupang on its IPO and a revolving credit facility.