Magazine article Global Finance

The Global Winner: Credit Suisse First Boston

Magazine article Global Finance

The Global Winner: Credit Suisse First Boston

Article excerpt

When people contemplate the WV future of project finance, they talk about Credit Suisse First Boston. Under New York-based Adebayo Ogunlesi, 43, the 70-person project finance team is widely viewed as the industry's most successful adviser and arranger of both capital market and bank debt financings.

While CS First Boston and Credit Suisse had worked together before to finance projects, their January 1 merger created a truly powerful team. Developers say one-stop shopping provides speedy, flexible, often less expensive financings. A competitor attempting to adopt the CSFB approach says successful practitioners can generate fees up to three times the size of those earned in traditional arranging and underwriting roles.

In the immensely promising domain of capital markets financing, CSFB has left competitors in the dust, completing 31 deals worth $8.3 billion since 1992, more than the combined total of its three closest competitors, Lehman Brothers, Goldman Sachs, and Salomon Brothers. Recent offerings include a $180 million financing this summer for Jasmine Telecommunications in Thailand, and $372 million for a recent hydroelectric project in the Philippines.

Although the bank ranks just llth worldwide in the more traditional realm of loan underwriting and syndicating, CSFB is rising quickly. In the first half of 1997 the fully merged capital markets and syndicated loan operations have won 10 agent or lead arranger roles in loan syndicates, more than Credit Suisse won in all of 1996. …

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