And equity underwriting, which is more lucrative, could have a long way to run.
Otherwise, with no deal activity, bond financing remains depressed along with the equity underwriting calendar.
One explanation is that equity underwriting still depends on close relations between issuers and their bankers.
Its long-term ambition is a top-five position in equity underwriting, but it is in no hurry.
Britain's Office of Fair Trading announced an inquiry into the equity underwriting services of investment banks, including the fees they charge.
But neither has been able to make a big breakthrough into equity underwriting, the investment-banking business that separates the best from the rest.
The charts display the fact that almost all of Nomura's equity underwriting business and merger and acquisition adviser fees come from clients in Japan.
Morgan was probably thrilled to see revenues surge from equity underwriting and merger advisory work, both fields it has long tried to break into.
Douglas Ferrans, author of a report on equity underwriting for the Institutional Investors Council, says the bundling of charges for corporate-broking services with underwriting fees raises the suspicion that shareholders are paying over the odds.
Its investment banking division provides debt and equity underwriting services to corporates and merger related advisory services for institutions and competes with other established investment banks such as Goldman Sachs, Morgan Stanley, Deutsche Bank, UBS and Wells Fargo.
The sovereign debt crisis in the euro zone and the lingering uncertainty over the repercussions of the debate on reducing the Federal deficit in the United States have the potential to impact the global debt origination market that account for approximately 43% of the revenues of the equity underwriting and debt origination segment of Goldman Sachs.
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For Chase, the acquisition adds an equity-underwriting capacity in the fastest-growing part of the economy, which also accounts for much merger and acquisition activity.
's equity-underwriting team, which isn't involved in the Pinnacle offering.
It claims to rank among the top four globally in mergers and acquisitions, and equity and debt underwriting, the classic investment-banking disciplines.
Under current securities laws, members of an IPO underwriting syndicate are prohibited from publishing equity research before and up to the IPO pricing date and for a period of 40 days after the pricing of an IPO.
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