What drives league table rankings in M&A and capital markets
- Graziano Stefanelli
- Sep 6
- 2 min read
League tables reflect transaction volume but also signal market influence.
League tables are published rankings that track the performance of investment banks based on the volume or value of transactions they advise on—across M&A, equity capital markets (ECM), and debt capital markets (DCM). While often seen as marketing tools, these rankings affect credibility, deal flow, and competitive positioning. Understanding what drives these rankings is critical for interpreting the strategic behavior of investment banks.
Deal value and credited role determine league table inclusion.
To be counted in a league table, an investment bank must meet specific role and attribution requirements. Tables distinguish between:
Mandated lead roles: Credited to advisors formally hired by one of the parties.
Passive roles: May not be fully credited if the bank plays only a minor supporting role.
Exclusive vs. joint mandates: Shared roles dilute credit, especially in multi-bank syndicates.
The announced or completed status of a transaction also affects whether and when a deal is counted. Most M&A league tables separate deals based on:
Announced date (for pipeline and current momentum)
Completed date (for confirmed execution)
Rankings differ depending on region, sector, and deal type.
Banks tailor their focus based on regional, sectoral, or size-based league tables. For example:
A bank may rank high in tech M&A or mid-market buyouts but not appear in global totals.
Transaction size and frequency both contribute to rankings.
League tables can be weighted by:
Aggregate transaction value: Gives priority to banks that lead large-cap or mega-deals.
Deal count: Highlights banks with consistent volume, even if deal sizes are smaller.
While bulge bracket firms often dominate value-based tables, boutique advisors may lead by volume in specific niches.
Data providers apply different methodologies.
Key league table providers include Refinitiv, Dealogic, Bloomberg, and MergerMarket. Each uses slightly different inclusion criteria, deal classification standards, and update frequencies.
For instance:
Refinitiv may exclude minority stake deals under 5%.
Dealogic may adjust for announced vs. completed discrepancies.
Bloomberg often verifies attribution with client confirmation.
Banks closely track these differences to optimize disclosure and maximize credited deal flow.
Some banks optimize behavior to improve rankings.
Investment banks have strategic incentives to improve their league table standing, including:
Announcing deals quickly to claim credit before closing.
Structuring mandates to maximize attribution across roles.
Reporting small or confidential deals when they qualify under adjusted thresholds.
Marketing teams within banks often coordinate with transaction teams to ensure accurate and favorable reporting to league table providers.
Clients consider league tables during advisor selection.
Corporate boards, private equity sponsors, and CFOs frequently review league table performance when selecting M&A or capital markets advisors. While qualitative factors—like relationship history or sector fit—carry weight, being highly ranked reinforces a bank’s credibility and execution capability, particularly in competitive processes.
League tables are thus more than just statistics: they shape internal incentives, external perception, and the competitive positioning of investment banks across every transaction type.
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