Allotment Option 1995 3 0 2 1 1 1996 17 9 10 16 14 1997 7 5 7 5 4 1998 13 12 18 7 11 1999 13 10 14 9 6 2000 5 11 9 7 11 2001 9 7 9 7 8 2002 12 6 11 7 3 2003 15 3 13 5 6 2004 11 5 9 7 8 2005 11 1 8 4 3 2006 15 2 10 7 9 2007 15 3 9 9 13 2008 2 0 0 2 0 Panel B: Pre-SOX period May 1995- Dec 2001 67 54 69 52 55 Panel C: Post-SOX period Jan 2003- July 2008 69 14 49 34 39 Mean fee (%) is the
underwriting fee (spread) as a percent of the total or gross proceeds.
Alternative Hypothesis 1: The ABS market has shown rapid growth in market size between 1999 through 2006 which may attract more underwriters to the market willing to accept lower
underwriting fee and thereby accepting higher internal costs to capture business.
The gross spread is divided into a management fee, an
underwriting fee, and a selling concession.
4 million, a 1 per cent increase year-on-year, while equity capital markets
underwriting fees rose 32 per cent to a ten-year high of $71 million.
Equity capital markets
underwriting fees totalled $37 million, down two per cent from the first three months of 2014, while fees from debt capital markets underwriting declined 12 per cent year-on-year to $19.
CONTRACT REFERENCE to the pension fund, including securities
underwriting fee and related activities carried out (including the securities settlements) in accordance with the Estonian Central Register of Securities Act.
Lazard topped the Middle-Eastern completed M&A fee league table, while Qatar National Bank was first in the ECM
underwriting fee rankings.
HSBC topped both the completed M&A and the ECM
underwriting fee rankings, while Nomura was first for DCM underwriting.
1875 percent of the size of the rights issue, while the
underwriting fee is 3.
HSBC topped the Middle Eastern completed M&A fee league table, as well as both the DCM and Loans
underwriting fee rankings.
