BAML'S COBRA STRIKES Team of the month

摘要

The equity capital markets (ECM) in Europe are a bit of a curate's egg at the moment. If you're a big blue-chip company, no problem. For mid-caps, things can be alarmingly unpredictable, as more than one would-be listing has discovered. Yet the Europe, Middle East and Africa (EMEA) ECM team at Bank of America Merrill Lynch (BAML) has been assiduously tracking down liquidity for mid-market deals out of emerging Europe and has even coined a new structure for reducing market exposure risk - Cobra. More of that later. BAML has one of the smaller European ECM teams among the big banking names, but few can match the relentless persistence that keeps getting it into the biggest deals, securing its place at or near the top of the tables. No one within the respective banks seems to have had an easy ride since Merrill Lynch was bought by Bank of America in 2008 but, while there have been comings and goings in various parts of the empire, the European equity team has remained pretty solid.