medium · Debt Capital Markets primary-issuance-syndication
How does portability affect the 'League Table' credit for a bank leading a refinancing?
- It doubles the credit, since the bank effectively 'issues' the same debt a second time.
- It increases the credit, since the bank receives league table recognition for arranging the 'portable' refinancing transaction.
- It has no effect, because banks care only about fees earned on the M&A advisory mandate.
- It reduces it, because existing debt remains in place rather than being refinanced in a new deal.
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