https://www.theglobeandmail.com/
To steal a phrase from supermodel Linda Evangelista, who wouldn’t wake up for photo shoots that paid less than $10,000 a day, investment bankers at global platforms such as RBC Capital Markets and Goldman Sachs Group Inc. don’t typically get out of bed to split a $1-million fee.
Yet RBC and Goldman – firms built for billion-dollar financings – put their muscle and brands behind a $23-million stock sale last month for junior miner Frontier Lithium Inc. The bought deal, initially pitched as a $20-million offering then upsized because of investor demand, earned the two lead dealers and four other banks just $1.1-million.
The Frontier financing highlights how the biggest banks are jockeying for position in critical minerals and the emerging supply chain for electric vehicle batteries.
RBC and Goldman won lead roles last month raising money for a company that previously worked with small-cap mining specialists Canaccord Genuity Group Inc. and BMO Capital Markets, which co-led a $12-million Frontier stock sale last December.
For the rest of this column: https://www.theglobeandmail.com/business/commentary/article-global-banks-look-down-market-for-new-business/