medium · Debt Capital Markets primary-issuance-syndication

How does portability affect the 'League Table' credit for a bank leading a refinancing?

1. It doubles it, because the bank is essentially 'issuing' the same debt twice.
2. It increases it, as the bank gets credit for managing the 'portable' transaction.
3. It has no effect, as banks only care about the fees from the M&A advisory side.
4. It reduces it, because existing debt remains in place rather than being refinanced in a new deal.

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