German Capital Markets: Making the move to centre stage

March 01, 1999

The launch of the euro seems to have strengthened German banks' competitive advantage, rather than undermining it as some had expected. Despite increased competition, the capital market is going from strength to strength. And feeding on this growth is Frankfurt - home to the European Central Bank - fast becoming the financial epicentre of euroland. Is this all too good to last? Laura Covill reports.

Leading bookrunners of bond issues by German borrowers 1998
Rank		*Amount ($m)*	*No. of. issues*	*(%)*
1	Deutsche Bank	35,570	268	8.7
2	Landesbank Baden-Württemberg	35,064	307	8.5
3	Dresdner Bank	30,309	225	7.4
4	Westdeutsche Landesbank	29,840	176	7.3
5	HypoVereinsbank	26,487	424	6.4
6	Commerzbank	24,331	244	5.9
7	DG Bank	20,642	235	5.0
8	Norddeutsche Landesbank	12,820	138	3.1
9	ABN Amro	11,434	90	2.8
10	Goldman Sachs	9,047	38	2.2
11	Morgan Stanley	8,723	92	2.1