Welcome to the 1st Annual SPACInsider Underwriters League Tournament!

Since it’s now officially Summer and we’re in the process of preparing to publish the new Second Quarter League Tables, we thought we would have some fun and have an actual tournament for the Underwriters League.  It is a “League” after all, so let’s get competitive!

First off, the underwriter has to be a bookrunner or lead, but the winner is not a done deal…we’ve added scenarios to each day’s rounds that won’t make picking an underwriter as straightforward as you think…

All voting is completely anonymous (we take anonymity seriously and we swear on a stack of bibles we can’t see who votes for what), so get going and make your picks on the SPAC SIXTEEN to see who be the ULTIMATE SPAC UNDERWRITER!!!

Round One Matches Round Two Matches Round Three Matches FINALS



You can find each day’s matches under the Underwriters League Tournament tab in the navigation bar at the top of the page.  You can find Round One Matches here, Round Two Matches here, Round Three Matches here and the Finals here.

This is a tournament of the top 16 underwriters of 2017 and Q1 2018 combined, based on SPAC deal volume and number of SPAC deals completed.  Each day will bring a new round of matches where a scenario is presented and you are asked to choose an underwriter.  Voting is open for 23 hours for each match (ending every night at 11:59PM ET and posting new matches at 1:00AM ET) and the winners move on to the next day’s round.  There is a bit of a twist though…



The winners of each day carry their votes forward through each round.  So for example, Underwriter A wins with 52 total votes in Round 1 and carries those votes through each successive round until the final match where it comes into play.

The final winner will ultimately be determined by total number of votes cast throughout the entire tournament, but to get to the final two, an underwriter HAS TO WIN their individual matches.

However, we will NOT be showing actual vote counts (only percentages), so by the time we get to the final round, you will not be able to tell who the winner is until we announce on Thursday.


In an effort to make the rankings a little bit more fair for everyone, we combined all of the League data from 2017 and added in Q1-2018.  We then took the total combined deal volume for each underwriter and multiplied it by their total number of SPAC deals completed.  That number was then sorted and ranked to determine the top 16 underwriters.