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Encyclopedia > Thomson Financial League Tables

Thomson Financial's standard league tables are rankings of Investment Banks in terms of the dollar volume of deals they work on. New standard league table sessions in compliance with 2004 league table criteria for Debt, Equity, Syndicated Loans, Project Finance and M&A are currently available. Notice that this is revenue and dollar volume of securities issued (in underwriting) or transaction size (in M&A), not profitability. Thomson Financial is an arm of The Thomson Corporation one of the worlds leading information companies, focused on providing integrated information solutions to business and professional customers. ... Investment banks assist corporations in raising funds in the public markets (both equity and debt), as well as provide strategic advisory services for mergers, acquisitions and other types of transactions. ... Debt is that which is owed. ... The Court of Chancery, London, early 19th century This article is about concept of equity in Anglo-American jurisprudence. ... A syndicated loan (or syndicated bank facility) is a large loan in which a group of banks work together to provide funds for a borrower. ... Wikipedia does not have an article with this exact name. ... The phrase mergers and acquisitions (M&A) refers to the aspect of business strategy and management dealing with the merging and/or acquiring of different companies. ...

Contents


Usage

League tables are used in two contexts: either in promotional materials or client pitches produced by an investment bank, or tabulated by a financial information tool, such as Thomson Financial or Bloomberg.


When used in bank-produced materials, the company is always in control of deciding how to tabulate each table and which ones to show to customers. Banks naturally never show unflattering league tables, so one rarely sees league tables where the firm is not in the top 3. Banks seeking to enter a new space may show 2 tables side by side from the previous and the current year to show how they have improved. As mentioned above, the details of how each table was calculated are essential to understanding how much these tables have been tweaked.


Growing concerns about credibility of league tables have led some banks to use actual screenshots of Bloomberg's league tables in their materials to emphasize that no tweaks were used to manipulate the ranking. The selection bias of only showing the favorable rankings still holds however. In order to get the most complete information, one should access leagues tables on Bloomberg, Thomson Financial, or any other reputable source (they all rely on a third-party database that actually stores information on all announced deals). For convenience, most common league tables are reproduced below for recent years.


Criticisms

League tables are important for classifying investment banks by their area of expertise, but are a very imprecise way of ranking investment banks within broad categories. League tables give equal credit to all investment banks involved with a transaction, even if one of them collected the bulk of the fees, was hired first, and had more responsibility. With the emergence of financial supermarkets and stapled finance, companies are often accused of tacitly doling out league table credit to banks to secure better terms on the financing for the transaction.


Most damaging to the tables' credibility, however, has been the way league tables are tabulated and used in investment bank pitches to clients and prospective hires. Exploiting the fact that there's no "industry standard" in calculating league tables, bankers instruct their analysts to tweak the way the tables are tabulated to make the home institution appear higher in the tables, ideally in the top 3. Most common tweaks include counting or excluding announced but uncompleted deals, deals smaller than a certain size, deals in a given geographic area, the date range, and so on. These details are usually listed at the bottom of each table, and should always be scrutinized.


Debt and equity

2004

Underwriting Leaders 1 January 2004 - 31 December 2004 (based on $ value)
Market Sector # 1 Ranked Bookrunner Proceeds
($ million)
Market
Share (%)
Number
of issues
Market size
($ million)
Market
issues
Stock & Bonds
Global Debt, Equity & Equity-related Citigroup 534,486.2 9.4 1,892 5,693,011.6 20,066
Global Disclosed Fees Citigroup 1,717.4 11.1 724 15,400.6 6,890
Stocks
Global Equity & Equity-related Morgan Stanley 54,268.7 10.7 184 505,098.9 3,628
Global Convertible Offerings Morgan Stanley 10,483.1 10.7 46 98,436.4 469
Global Common Stock- U.S. Issuers Morgan Stanley 20,084.9 15.5 83 129,603.5 767
Global Initial Public Offerings - U.S. Issuers Morgan Stanley 7,322.1 16.3 21 44,867.7 233
EMEA Equity & Equity-related Morgan Stanley 17,739.3 9.4 35 189,471.4 955
EMEA Convertible Offerings Deutsche Bank 2,290.9 11.4 6 20,187.3 80
EMEA Common Stock Morgan Stanley 16,336.7 9.7 29 168,595.5 872
EMEA Initial Public Offerings CSFB 3,976.6 10.3 12 38,597.9 306
Bonds
Global Debt incl. MBS, ABS & U.S. Tax Munis Citigroup 486,758.6 9.4 1,620 5,187,013.8 16,439
All International Bonds Citigroup 202,957.9 8.3 531 2,433,995.2 5,068
All International Bonds in Euros Deutsche Bank 80,355.5 7.8 303 1,025,579.6 2,529
Global High Yield Corporate Debt Citigroup 23,505.9 14.4 124 163,213.4 606
US Investment Grade Citigroup 138,874.2 20.2 526 688,639.2 1,845
All US Federal Credit Agency Debt Merrill Lynch & Co. Inc. 96,512.0 11.2 721 861,750.8 10,606
US Mortgage-backed securities Bear Stearns & Co. Inc. 90,073.8 12.4 130 729,306.4 1,121
US Asset-backed securities Citigroup 82,962.3 9.7 177 856,713.0 1,595
All International Structured Finance Citigroup 31,470.5 10.5 37 299,233.3 308
Loans
Global Loans JP Morgan 499,900.5 18.9 1,153 2,639,843.7 7,147
U.S. Syndicated Loans JP Morgan 430,208.7 32.1 1,014 1,339,007.3 3,448
EMEA Syndicated Loans Barclays Capital 89,869.1 9.7 252 923,783.1 1,423
U.S. Leveraged Loans JP Morgan 115,088.7 24.1 448 477,339.1 1,810
European Leveraged Loans Royal Bank of Scotland 16,006.6 13.6 64 117,337.1 233
EMEA Sponsored Loans Royal Bank of Scotland 17,526.7 16.4 58 106,909.5 189

// Securities underwriting Securities underwriting is a way of placing a newly issued security, such as stocks or bonds, with investors. ... January 1 is the first day of the calendar year in both the Julian and Gregorian calendars. ... 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ... December 31 is the 365th day of the year (366th in leap years) in the Gregorian Calendar. ... 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ... Citigroup Inc. ... In business disclosed fees is debt and equity underwriting revenue reported by investment banks See also Thomson Financial league tables This article is a substub, the first step on the way to becoming a full article. ... Citigroup Inc. ... Morgan Stanley NYSE: MS is an investment bank, retail broker, and credit card provider with headquarters in New York Citys Times Square. ... A convertible security is a security (finance) that can be converted into another security, for example a bond that under certain terms can be converted into equity. ... Morgan Stanley NYSE: MS is an investment bank, retail broker, and credit card provider with headquarters in New York Citys Times Square. ... Common stock, also referred to as common shares, are, as the name implies, the most usual and commonly held form of stock in a corporation. ... Morgan Stanley NYSE: MS is an investment bank, retail broker, and credit card provider with headquarters in New York Citys Times Square. ... In financial markets, an initial public offering (IPO) is the first sale of a companys common shares to public investors. ... Morgan Stanley NYSE: MS is an investment bank, retail broker, and credit card provider with headquarters in New York Citys Times Square. ... Morgan Stanley NYSE: MS is an investment bank, retail broker, and credit card provider with headquarters in New York Citys Times Square. ... A convertible security is a security (finance) that can be converted into another security, for example a bond that under certain terms can be converted into equity. ... Deutsche Bank AG NYSE: DB (German for German Bank) is a multinational bank operating worldwide and employing almost 64,000 people (Dec. ... Common stock, also referred to as common shares, are, as the name implies, the most usual and commonly held form of stock in a corporation. ... Morgan Stanley NYSE: MS is an investment bank, retail broker, and credit card provider with headquarters in New York Citys Times Square. ... In financial markets, an initial public offering (IPO) is the first sale of a companys common shares to public investors. ... Categories: Corporation stubs | Banks of the United States | Investment banks ... Debt is that which is owed. ... A mortgage-backed security (MBS) is similar to a bond whose cash flows are backed by mortgage payments. ... ABS is a three-letter abbreviation with multiple meanings: Able-bodied Seaman / Able-bodied Seamen — (the original term was Able Seaman, abbreviated AB) ABS, a popular clothing brand by Allen B. Schwartz Always Better Service, the brand name of a computer manufacturing company. ... Citigroup Inc. ... In finance, a bond is a debt security, in which the issuer owes the holders a debt and is obliged to repay the principal and interest (the coupon). ... Citigroup Inc. ... In finance, a bond is a debt security, in which the issuer owes the holders a debt and is obliged to repay the principal and interest (the coupon). ... Deutsche Bank AG NYSE: DB (German for German Bank) is a multinational bank operating worldwide and employing almost 64,000 people (Dec. ... High yield debt (non-investment grade or junk bond) is a business term referring to a corporate debt instrument, usually a bond, that has a higher yield (compared to investment grade debt) because of a high perceived credit risk (default risk). ... Citigroup Inc. ... Citigroup Inc. ... Merrill Lynch & Co. ... A mortgage-backed security (MBS) is similar to a bond whose cash flows are backed by mortgage payments. ... Bear Stearns Companies Inc. ... Asset-backed securities are a type of bond that is based on pools of assets. ... Citigroup Inc. ... Citigroup Inc. ... A loan is a type of debt. ... John Pierpont Morgan John Pierpont Morgan I (April 17, 1837 – March 31, 1913) was an American financier and banker, who at the turn of the century (1901), was one of the wealthiest men in America. ... A syndicated loan (or syndicated bank facility) is a large loan in which a group of banks work together to provide funds for a borrower. ... John Pierpont Morgan John Pierpont Morgan I (April 17, 1837 – March 31, 1913) was an American financier and banker, who at the turn of the century (1901), was one of the wealthiest men in America. ... A syndicated loan (or syndicated bank facility) is a large loan in which a group of banks work together to provide funds for a borrower. ... Barclays Capital is the investment banking division of Barclays Bank plc. ... John Pierpont Morgan John Pierpont Morgan I (April 17, 1837 – March 31, 1913) was an American financier and banker, who at the turn of the century (1901), was one of the wealthiest men in America. ... The Royal Bank of Scotland (LSE: RBS) is one of Scotlands four national clearing banks and one of the oldest in the UK, founded in Edinburgh in 1727 by Royal Charter. ... The Royal Bank of Scotland (LSE: RBS) is one of Scotlands four national clearing banks and one of the oldest in the UK, founded in Edinburgh in 1727 by Royal Charter. ...

2003

Underwriting Leaders 1 January 2003 - 31 December 2003 (based on $ value)
Market Sector # 1 Ranked Bookrunner Proceeds ($ mils) Market Share (%) # of issues Mrkt size ($ mils) Mrkt issues
Stock & Bonds
Global Debt, Equity & Equity-related Citigroup 542,748.5 10.2 1,872 5,326,243.5 19,706
Global Disclosed Fees Citigroup 1,760.2 12.2 860 14,460.5 8,023
Stocks
Global Equity & Equity-related Goldman Sachs 46,142.0 11.9 174 388,176.1 2,418
Global Convertible Offerings JP Morgan 21,550.8 13.1 70 164,468.3 486
Global Common Stock - U.S. Issuers Goldman Sachs 12,763.1 16.2 57 78,889.2 520
Global Initial Public Offerings - U.S. Issuers Goldman Sachs 2,657.9 19.2 13 13,849.2 79
Global Common Stock - EMEA Goldman Sachs 7,049.6 13.6 25 51,912.1 308
Global Initial Public Offerings - EMEA Goldman Sachs 1,816.8 20.5 3 8,870.7 97
Global Convertible Offerings - EMEA Deutsche Bank 8,275.0 17.9 17 46,171.0 76
Bonds
Global Debt incl. MBS, ABS & U.S. Tax Munis Citigroup 501,813.5 10.2 1,655 1,867,147.7 7,068
All International Bonds Citigroup 209,749.0 9.7 512 2,161,992.6 4,536
All Euromarket Issues Deutsche Bank 109,514.4 7.8 446 1,396,912.9 3,568
All Bonds in Euros Deutsche Bank 80,424.7 8.3 272 964,888.9 2,229
Global High Yield Corporate Debt Citigroup 22,791.3 15.6 123 145,750.4 524
US Investment Grade Citigroup 135,196.2 20.5 563 658,664.7 1,868
All US Federal Credit Agency Debt Deutsche Bank 101,974.2 8.6 432 1,190,831.2 13,152
US Mortgage-backed Securities UBS 104,061.6 11.6 98 900,153.4 1,203
US Asset-backed securities Citigroup 64,915.7 11.2 147 580,823.4 1,175
Loans
Global Loans JP Morgan 336,230.6 17.5 669 1,920,187.0 5,734
U.S. Syndicated Loans JP Morgan 277,361.4 28.3 553 979,626.9 2,962
EMEA Syndicated Loans Citigroup 67,439.7 10.3 138 657,566.8 1,069
U.S. Leveraged Loans JP Morgan 82,218.5 22.3 253 368,321.7 1,549
European Leveraged Loans Barclays Capital 9,949.7 9.3 34 107,336.5 222

// Securities underwriting Securities underwriting is a way of placing a newly issued security, such as stocks or bonds, with investors. ... January 1 is the first day of the calendar year in both the Julian and Gregorian calendars. ... 2003 (MMIII) was a common year starting on Wednesday of the Gregorian calendar. ... December 31 is the 365th day of the year (366th in leap years) in the Gregorian Calendar. ... 2003 (MMIII) was a common year starting on Wednesday of the Gregorian calendar. ... Citigroup Inc. ... In business disclosed fees is debt and equity underwriting revenue reported by investment banks See also Thomson Financial league tables This article is a substub, the first step on the way to becoming a full article. ... Citigroup Inc. ... The Goldman Sachs Group, Inc. ... A convertible security is a security (finance) that can be converted into another security, for example a bond that under certain terms can be converted into equity. ... John Pierpont Morgan John Pierpont Morgan I (April 17, 1837 – March 31, 1913) was an American financier and banker, who at the turn of the century (1901), was one of the wealthiest men in America. ... Common stock, also referred to as common shares, are, as the name implies, the most usual and commonly held form of stock in a corporation. ... The Goldman Sachs Group, Inc. ... In financial markets, an initial public offering (IPO) is the first sale of a companys common shares to public investors. ... The Goldman Sachs Group, Inc. ... Common stock, also referred to as common shares, are, as the name implies, the most usual and commonly held form of stock in a corporation. ... The Goldman Sachs Group, Inc. ... In financial markets, an initial public offering (IPO) is the first sale of a companys common shares to public investors. ... The Goldman Sachs Group, Inc. ... A convertible security is a security (finance) that can be converted into another security, for example a bond that under certain terms can be converted into equity. ... Deutsche Bank AG NYSE: DB (German for German Bank) is a multinational bank operating worldwide and employing almost 64,000 people (Dec. ... Debt is that which is owed. ... A mortgage-backed security (MBS) is similar to a bond whose cash flows are backed by mortgage payments. ... ABS is a three-letter abbreviation with multiple meanings: Able-bodied Seaman / Able-bodied Seamen — (the original term was Able Seaman, abbreviated AB) ABS, a popular clothing brand by Allen B. Schwartz Always Better Service, the brand name of a computer manufacturing company. ... Citigroup Inc. ... In finance, a bond is a debt security, in which the issuer owes the holders a debt and is obliged to repay the principal and interest (the coupon). ... Citigroup Inc. ... Deutsche Bank AG NYSE: DB (German for German Bank) is a multinational bank operating worldwide and employing almost 64,000 people (Dec. ... In finance, a bond is a debt security, in which the issuer owes the holders a debt and is obliged to repay the principal and interest (the coupon). ... Deutsche Bank AG NYSE: DB (German for German Bank) is a multinational bank operating worldwide and employing almost 64,000 people (Dec. ... High yield debt (non-investment grade or junk bond) is a business term referring to a corporate debt instrument, usually a bond, that has a higher yield (compared to investment grade debt) because of a high perceived credit risk (default risk). ... Citigroup Inc. ... Citigroup Inc. ... Deutsche Bank AG NYSE: DB (German for German Bank) is a multinational bank operating worldwide and employing almost 64,000 people (Dec. ... A mortgage-backed security (MBS) is similar to a bond whose cash flows are backed by mortgage payments. ... UBS AG NYSE: UBS, (SWX: CH0012032030) TYO: 8657 is a financial services company, headquartered in Basel and Zürich, Switzerland. ... Asset-backed securities are a type of bond that is based on pools of assets. ... Citigroup Inc. ... A loan is a type of debt. ... John Pierpont Morgan John Pierpont Morgan I (April 17, 1837 – March 31, 1913) was an American financier and banker, who at the turn of the century (1901), was one of the wealthiest men in America. ... A syndicated loan (or syndicated bank facility) is a large loan in which a group of banks work together to provide funds for a borrower. ... John Pierpont Morgan John Pierpont Morgan I (April 17, 1837 – March 31, 1913) was an American financier and banker, who at the turn of the century (1901), was one of the wealthiest men in America. ... A syndicated loan (or syndicated bank facility) is a large loan in which a group of banks work together to provide funds for a borrower. ... Citigroup Inc. ... John Pierpont Morgan John Pierpont Morgan I (April 17, 1837 – March 31, 1913) was an American financier and banker, who at the turn of the century (1901), was one of the wealthiest men in America. ... Barclays Capital is the investment banking division of Barclays Bank plc. ...

Mergers and acquisitions

2005

Mergers & Acquisitions Leaders 1 January 2004 - 31 December 2004 (based on $ value)
Market Sector # 1 Ranked Advisor Market Share (%) Rank Value $US mil Mrkt size ($ mils)
Worldwide Completed - Imputed Fees Goldman Sachs & Co 6.0 980.3 16,435.4
Worldwide Announced Financial Advisors Goldman Sachs & Co
Worldwide Announced Legal Advisors Sullivan & Cromwell
Worldwide Completed Financial Advisors Goldman Sachs & Co
Worldwide Completed Legal Advisors Sullivan & Cromwell
US Announced Financial Advisors JP Morgan Chase
US Announced Legal Advisors Skadden, Arps, Slate, Meagher & Flom
US Completed Financial Advisors Goldman Sachs & Co
US Completed Legal Advisors Sullivan & Cromwell

The phrase mergers and acquisitions (M&A) refers to the aspect of business strategy and management dealing with the merging and/or acquiring of different companies. ... January 1 is the first day of the calendar year in both the Julian and Gregorian calendars. ... 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ... December 31 is the 365th day of the year (366th in leap years) in the Gregorian Calendar. ... 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ... The Goldman Sachs Group, Inc. ... The Goldman Sachs Group, Inc. ... Sullivan & Cromwell is a renowned and highly-regarded U.S. law firm known for representing large corporations such as ExxonMobil and Microsoft. ... The Goldman Sachs Group, Inc. ... Sullivan & Cromwell is a renowned and highly-regarded U.S. law firm known for representing large corporations such as ExxonMobil and Microsoft. ... J.P. Morgan Chase & Co. ... Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates (a. ... The Goldman Sachs Group, Inc. ... Sullivan & Cromwell is a renowned and highly-regarded U.S. law firm known for representing large corporations such as ExxonMobil and Microsoft. ...

2004

Mergers & Acquisitions Leaders 1 January 2004 - 31 December 2004 (based on $ value)
Market Sector # 1 Ranked Advisor Market Share (%) Fees & Rank Value $US mil Mrkt size ($ mils)
Worldwide Completed - Imputed Fees Goldman Sachs & Co -- 897.8 14,312
Worldwide Announced Financial Advisors Goldman Sachs & Co 29.6 576,664.3 1,949,000.9
Worldwide Announced Legal Advisors Sullivan & Cromwell 22.1 430,160.1
Worldwide Completed Financial Advisors Goldman Sachs & Co 31.0 356,182.1 1,516,079.8
Worldwide Completed Legal Advisors Sullivan & Cromwell 33.0 500,244.3
US Announced Financial Advisors JP Morgan Chase 32.5 270,792.4
US Announced Legal Advisors Skadden, Arps, Slate, Meagher & Flom 30.5 254,428.2
US Completed Financial Advisors Goldman Sachs & Co 36.0 269,476.7
US Completed Legal Advisors Sullivan & Cromwell 30.8 230,415.3

The phrase mergers and acquisitions (M&A) refers to the aspect of business strategy and management dealing with the merging and/or acquiring of different companies. ... January 1 is the first day of the calendar year in both the Julian and Gregorian calendars. ... 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ... December 31 is the 365th day of the year (366th in leap years) in the Gregorian Calendar. ... 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ... The Goldman Sachs Group, Inc. ... The Goldman Sachs Group, Inc. ... Sullivan & Cromwell is a renowned and highly-regarded U.S. law firm known for representing large corporations such as ExxonMobil and Microsoft. ... The Goldman Sachs Group, Inc. ... Sullivan & Cromwell is a renowned and highly-regarded U.S. law firm known for representing large corporations such as ExxonMobil and Microsoft. ... J.P. Morgan Chase & Co. ... Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates (a. ... The Goldman Sachs Group, Inc. ... Sullivan & Cromwell is a renowned and highly-regarded U.S. law firm known for representing large corporations such as ExxonMobil and Microsoft. ...

2003

Mergers & Acquisitions Leaders 1 January 2003 - 31 December 2003 (based on $ value)
Market Sector # 1 Ranked Advisor Market Share (%) Rank Value $US mil Mrkt size ($ mils)
Worldwide Announced Financial Advisors Goldman Sachs & Co 29.5 392,699.5 1,379,541.5
Worldwide Announced Legal Advisors Skadden, Arps, Slate, Meagher & Flom 13.2 175,812.9
Worldwide Completed Financial Advisors Goldman Sachs & Co 31.0 356,182.1 1,206,972.9
Worldwide Completed Legal Advisors Linklaters 17.9 205,727.4
US Announced Financial Advisors Goldman Sachs & Co 45.6 239,420.6
US Announced Legal Advisors Simpson Thacher & Bartlett 19.5 102,569.8
US Completed Financial Advisors Goldman Sachs & Co 44.9 200,854.1
US Completed Legal Advisors Skadden, Arps, Slate, Meagher & Flom 27.3 122,171.0

The phrase mergers and acquisitions (M&A) refers to the aspect of business strategy and management dealing with the merging and/or acquiring of different companies. ... January 1 is the first day of the calendar year in both the Julian and Gregorian calendars. ... 2003 (MMIII) was a common year starting on Wednesday of the Gregorian calendar. ... December 31 is the 365th day of the year (366th in leap years) in the Gregorian Calendar. ... 2003 (MMIII) was a common year starting on Wednesday of the Gregorian calendar. ... The Goldman Sachs Group, Inc. ... Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates (a. ... The Goldman Sachs Group, Inc. ... Linklaters is an international law firm with headquarters in the UK and offices in 22 countries around the world. ... The Goldman Sachs Group, Inc. ... Simpson Thacher & Bartlett LLP is one of the largest law firms in New York and a leader in assisting clients in mergers and acquisitions. ... The Goldman Sachs Group, Inc. ... Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates (a. ...

See also

Debt is used to finance and pay for undertakings and business around the world. ... Financial services is a term used to refer to the services provided by the finance industry. ... The phrase mergers and acquisitions (M&A) refers to the aspect of business strategy and management dealing with the merging and/or acquiring of different companies. ... // Securities underwriting Securities underwriting is a way of placing a newly issued security, such as stocks or bonds, with investors. ...

External links

  • Thomson - Financial - League Tables

  Results from FactBites:
 
Thomson Financial League Tables - Wikipedia, the free encyclopedia (599 words)
Thomson Financial's standard league tables are rankings of Investment Banks in terms of the dollar volume of deals they work on.
League tables are important for classifying investment banks by their area of expertise, but are a very imprecise way of ranking investment banks within broad categories.
League tables give equal credit to all investment banks involved with a transaction, even if one of them collected the bulk of the fees, was hired first, and had more responsibility.
Debt - Encyclopedia, History, Geography and Biography (2259 words)
Financial debt is the debt held by the financial sector (from one financial institution to another).
Total debt is the sum of all those debts, excluding financial debt to prevent double accounting.
Lendings to stable financial entities such as large companies or governments are often termed "risk free" or "low risk" and made at a so-called "risk-free interest rate".
  More results at FactBites »


 

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