The All-Europe Fixed-Income Sales Team

概要

For one London-based bond buyer, the European sales team at J.P. Morgan earned its spurs last September on a debt-financing deal for Mexico City’s new, $13 billion international airport, among the largest infrastructure projects in the world.

At issue for the financier was that a special-purpose vehicle — rather than the Mexican government — was the bond issuer and the party backstopping the credits. In addition, several technical concerns had cropped up. “We had a number of questions about the way the deal was structured with the SPV,” the London financier reports, “and we had accounting questions over how they calculated cash flow and net income.”

But a rapid response by the J.P. Morgan fixed-income sales team in Europe helped clarify the deal. The squad speedily arranged a conference call for the prospective investor to speak with bankers in New York and Latin America, who explained the intricacies involved in the dual-tranche, $2 billion bond offering, with evenly split ten-year and 30-year maturities, on which J.P. Morgan acted as global coordinator and joint book runner. “Basically, they described to us the mechanics of the SPV and how the bonds would be paid for,” the satisfied financier recalls.

What further cemented this investor’s loyalty to J.P. Morgan’s European sales team was the contrast to his much less happy experience with a rival firm on a separate bond purchase, where “the competitor didn’t make an effort to set up a conference call” when he had questions about the financing. The bottom line, he says, is that “J.P. Morgan is more proactive, and they really understand what the client’s needs are.”

The Londoner also lauds the smooth workings of J.P. Morgan’s fixed-income European sales team and its coordination within the firm’s sprawling global organization. “Whether it’s Mexico or Brazil or Russia,” he says, “you always want to have one point of contact for any deal you’re interested in.”

优秀的客户服务是一个主要的原因J.P. Morgan claims the No. 1 position in亚博赞助欧冠’s All-Europe Fixed-Income Sales Team for 2017. “They have a clients-first culture,” explains another European investor.

JPM is followed by BNP Paribas and Citi to round out the Big Three. To gauge sales team rankings, we asked 239 buy-side analysts and money managers at more than 150 European firms managing some $3.8 trillion in fixed-income assets who participated in the 2017 All-Europe Fixed-Income Research Team survey to rank the best generalist salespeople.

十几次后续访谈显示，与客户的需求有关，购买私人最常见的炙手可热的思想思想，定价和充分供应产品，作为偏好一家公司销售团队的标准。

“我在政府债券和非美国贸易。代理商，我会与向我的银行交易，向我展示最优惠的价格，”斯堪的纳维亚投资者称为J.P.摩根作为他的进入公司。

The firm’s clout and reputation count too. “J.P. Morgan is a bulge-bracket firm, and they’ve been around a long time,” notes one German bond investor. “They’ve always been there, they’ll be there tomorrow, and it’s easy to have trust in them.”

JPM is also a financial emporium, a firm that “offers every kind of product,” says another London investor. “They do everything, even stuff that other banks aren’t doing anymore, like single-name credit default swaps.”

与此同时，BNP Paribas可以宣布其宣誓效忠法国公司的客户。“他们提供了良好的研究，战略，反馈，投资，他们在访问方面非常活跃，”意大利一张债券买家说。“他们经常在一些债券上有特别的优惠，你总能完全与他们交谈。”他补充说，“我们是一个保险公司，所以我们是普通的vanilla投资者，他们知道我们的需求。其他公司不太积极主动。“他指出了不利的公司，经常“尽量卖给你卡布奇诺，你想要的是咖啡。”

Yet another London investor makes a similar point about BNP Paribas: “We’re long-term, buy-and-hold investors, and they adapt to our needs and don’t bother us with stuff we don’t do.” This investor compliments the French firm for keeping him up-to-date with news flow and important events that influence the market. The sales team, for example, recently “organized a conference call with its top economists to discuss the minutes of the last ECB meeting and explain the crucial dates for its quantitative easing announcements.” He adds, “They’ve also been a good source of feedback and analysis on the U.S. elections.”

Citi wins kudos from its loyal clients as well. “We’ve had a strong relationship with them for many years,” says a Danish investor. “What they do well, first, is provide broad coverage in terms of names; second, they have a strong research effort, and, thirdly, they’ve been very fair and open on whom they’re working with if we’re in a bidding situation for the same assets.”

“They also give us the opportunity to buy into situations at an early stage,” this investor notes, citing an oil and gas sector leveraged buyout where “they plugged us into bank paper” at an early stage of the deal.

A London investor finds Citi to be “the best at prioritizing and understanding the client and talking to us about relevant products. They also do the best job holding prices on a trade. And they’re probably the strongest counterparty we see.” Citi impresses him by being “comfortable at doing large-ticket trades,” he says.