Full Report Primar „arkets Po­erhouse The Primar „arkets Po­erhouse model ¥iven the e‘tremel high cost of failure for houses‡ given the premium placed on is ‚uilt around the competence to advise issuances and deals‡ clients tend to lack specialist advice and strong relationshipsˆ or structure profita‚le ‚ut infreŒuent price sensitivit‡ allo­ing ‚anks to charge Banks looking to differentiate are investing issuances or dealsˆ The model relies on high feesˆ The a‚ilit to e‘ecute or in effective information management specialist talent‡ ­ith deep sector’specific effectivel distri‚ute an issuance is rightl sstems to create deep client insights e‘pertise and strong relationships‡ and seen as critical‡ ‚ut a safet’first approach and offer targeted service deliverˆ a strong ‚randˆ This centralit of ‚rand ­orks to the advantage of incum‚ent‡ The fact that this is a non capital’intensive acts as a considera‚le ‚arrier to entr‡ esta‚lished plaers‡ reinforcing the need and a lo­ price’sensitive market means given the significant time it takes to for a strong ‚randˆ that the model ­ill continue to attract developˆ The model is made attractive ›arge plaers can differentiate through competition‡ ‚ut onl ‚anks that take‡ ‚ its lo­ capital intensit and‡ in an the a‚ilit to provide financing alongside or have taken‡ the time to develop strong increasingl integrated glo‚al marketplace‡ „¨A transactions‡ ­hich can ‚e an ‚rands ­ill ‚e a‚le to ­inˆ ­ill provide opportunities for ‚anks to efficient allocation of capital due to the transfer capa‚ilities to ne­ geographies profita‚ilit of the modelˆ Ho­ever‡ there and ne­ clientsˆ remains plent of room for ‚outiŒue Figure ‚ Primary Markets Po…erhouse Model Key Choice Core Bsiness Flow Conse‰ence Performance „tcome Differentiator Source Accenture Research Targeted ffective Information Deep Client Insight Technology anagement Systems Investment ow Technology Targeted Aligned „…ectives Costs Service Delivery High Fees ow Price Sensitivity Strong Brand ong†Term€ Stic‡y High Relationships Profits Proven Aility to ecte Competitive advantage Deep Sector†Specific for larger players ˆnowledge High evels of Trst Balance Financing Boo‡†Bilding Distriting Pricing at a Senior evel Sheet Provision Specialist Capailities  ­A€ C € DC € ‚eographicƒ Renowned Talent €…