European banks ceding share of int'l bond underwriting to US rivals

London

ANY conversation with a European bank executive these days quickly turns to talk of how their US rivals are in better shape.

American banks were much quicker in bolstering their capital bases after the financial crisis; they also have more regulatory certainty (in part because they didn't challenge every proposed rule change). And in at least one corner of the financial markets, Europeans are ceding market share at an accelerating rate.