2019-SPACInsider Underwriters-league-Tournament-300x200-v2

Welcome to the 2019 SPACInsider Underwriters League Tournament!

Since it’s now officially Summer and we’re in the process of preparing to publish the new Second Quarter  and first half of 2019 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. The settings prevent us from seeing 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


2019 UW Group A 2nd round


2019 UW Group B 2nd round


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 also find Round One Matches here.

This is a tournament of the top 16 underwriters of 2018 and YTD 2019 (as of June 21st) combined, based on SPAC deal volume sold 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 10:00PM ET and posting new matches at 11:00PM 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 Friday.


In an effort to make the rankings a little bit more fair for everyone, we combined all of the League data from 2018 and added in YTD 2019.  We then took the total combined deal volume sold 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.
2019 UW League tournament final rankings