Debt poll of polls: Customer votes reveal the new big three
Primary debt poll
| Quality versus quantity | ||||
| League table Vs poll results | ||||
| Bank | Category | League table | Poll result | Up/Down |
| JPMorgan | USD international | 1 | 5 | -4 |
| Goldman Sachs | USD international | 9 | 4 | +5 |
| Calyon | ABS international | 8 | 3 | +5 |
| UBS | Euro international | 15 | 3 | +12 |
| Citigroup | Hybrid international | 13 | 4 | +9 |
| SG | Euro international | 6 | 8 | -2 |
| Lehman | All MTNs | 4 | 8 | -4 |
| RBS | ABS international | 3 | 11 | -8 |
| Source: Dealogic, Euromoney | ||||
MEASURING THE PERFORMANCE and competence of debt intermediaries is far from straightforward. What is to be gained from simply looking at which institution is conducting the largest deal volume? Those banks willing to buy market share by subsidizing bond transactions for opportunistic borrowers can easily manipulate the most obvious quantitative performance measures such as league tables.