Banks love the idea of one-stop shopping. When companies get their advice and acquisition finance for a deal under the same banking roof, they get a double dip with both the M&A mandate and the potentially far more lucrative lead-financing role. Fortunately for the leading investment banks, this is a trend on the increase. Views vary as to whether this is a result of consolidation in the financial services sector or is itself a root cause of this consolidation.

As straight lending drags down banks' return on capital, they are putting increasing pressure on corporates to come to them for both advice and financing. Many are willing to offer incentives in the form of reduced advisory fees to get the financing mandate. Pure advisory pitches are becoming rarer and rarer debt and equity financing offered as part of the total package are now the norm, at least from the growing number of players that are able to provide the full range of services.