FCA targets syndication and reciprocity

摘要

The UK's financial conduct authority has hit the industry with a request for thousands of details relating to recent bond and equity deals as part of an investigation into how banks make up underwriting syndicates as well as how they advise on mergers and acquisitions. It has asked for 37 data points on new issues from the past five years, including investor order sizes, final allocations and pitch documentation. Banks will even be required to provide details of deals they failed to win, suggesting the FCA wants to see how more junior roles are subsequently distributed by bookrunners, to see whether there is effective competition for mandates and that fees charged by banks are also competitive.