For the first time since IR Magazine started reporting on roadshow patterns there is a tie for the most-used broker for roadshows globally. Bank of America Merrill Lynch (BofAML) has been named most-used broker for 2018 alongside competitor JPMorgan Chase.
Each saw more than a quarter (26.3 percent) of the 615 respondents to the research survey go on the road with it over the past year. BofAML and JPMorgan Chase come in just slightly above Citi, which climbs one place from the 2017 rankings to round out the top three at 26.1 percent, as revealed in the IR Magazine Global Roadshow Report 2018, which is sponsored by BofAML.
‘North American companies – a group that favors Bank of America Merrill Lynch as its broker of choice – are less represented than usual in this year’s survey,’ explain the report authors. ‘This, and JPMorgan Chase’s strong showing among European companies, may explain the two companies sharing the global top spot.’
Deutsche Bank and UBS share fourth place, with Credit Suisse in fifth, followed by Morgan Stanley and Barclays Capital.
Companies that have broken into the top 10 this year include HSBC in ninth place and Macquarie and Kepler Cheuvreux, which share 10th place with Jefferies. HSBC was 12th in 2017, while Macquarie and Kepler Cheuvreux were 14th and 19th, respectively.
Goldman Sachs has dropped out of the top 10 this year, falling from eighth place in 2017 to 15th this year.
When it comes to the average number of roadshows per client, Kepler Cheuvreux comes out top with 1.7, followed by Deutsche Bank and Jefferies, each at 1.6. After that, many average 1.5 or fewer roadshows per client, with BofAML hitting the average and JPMorgan Chase averaging 1.3.
Regionally, the top three most-used brokers globally are top across North America, Europe and Asia, where IR Magazine focuses its research: BofAML remains the most-used broker by North American companies, JPMorgan Chase by those in Europe and Citi in Asia.