Best Investment Banks 2013: Country Winners

COUNTRY WINNERS


By Michael Shari

 

COUNTRY WINNERS
NORTH AMERICA
Canada BMO Capital Markets
US J.P. Morgan
LATIN AMERICA
Argentina Banco de Galicia y Buenos Aires
Brazil Itaú BBA
Chile Banco de Chile
Colombia Bancolombia
Mexico Santander Mexico
EUROPE
Austria Erste Group
Belgium Barclays
France BNP Paribas
Germany Deutsche Bank
Italy Mediobanca
Netherlands Rabobank
Poland J.P. Morgan
Portugal Espírito Santo Investment Bank
Russia VTB Capital
Spain BBVA
Sweden SEB
Switzerland Credit Suisse
Turkey FinansInvest
United Kingdom Barclays
ASIA-PACIFIC
Australia Macquarie
China China International Capital Corp
Hong Kong HSBC
India Citi
Indonesia Mandiri Sekuritas
Japan Nomura
Kazakhstan Kazkommerts Securities
Malaysia CIMB
Mongolia Optima Capital
Philippines BDO Capital & Investment
Singapore DBS
South Korea Daewoo Securities
Taiwan Grand Cathay Securities
Thailand Siam Commercial Bank
MIDDLE EAST
Bahrain Gulf International Bank
Egypt HSBC
Israel Jefferies
Kuwait NBK Capital
Lebanon BankMed
Oman BankMuscat
Qatar Qatar National Bank
Saudi Arabia Samba Capital
UAE Samba Capital
AFRICA
Angola Standard Bank Angola
Nigeria FBN Capital
South Africa Standard Bank

NORTH AMERICA

CANADA

BMO Capital Markets

BMO Capital Markets is growing market share across the board in its home market of Canada. Last year BMO raised $5 billion in 47 domestic equity deals with a 14.9% market share. It raised $28.8 billion in 122 bond deals. And it’s the second-largest player in M&A, advising clients on 39 deals valued at $43.4 billion last year.

 

US

J.P. Morgan

In a year when investors around the world sought shelter in high-grade US corporate debt, the go-to bank was J.P. Morgan, which issued more bonds than any other in the US. It raised $277.1 billion for its clients in 1,330 bond deals that made up an 11.6% market share.

LATIN AMERICA

ARGENTINA

Banco de Galicia y Buenos Aires

Banco de Galicia y Buenos Aires is the largest bank in Argentina that is not owned by the government or controlled by foreign sharehold-ers. Last year it made more money for its clients than any other bank in Argentina’s bond market, raising $344 million in 12 debt deals with a 10.3% market share.

 

BRAZIL

Itaú BBA

Riding the emerging-markets debt wave, Itaú BBA raised more money in bonds for its clients than any other Brazilian bank last year—$10.4 billion in 63 bond issues that represented a 15.5% mar-ket share. In M&A, Itaú did 55 deals that were valued at $27.2 billion.

 

CHILE

Banco de Chile

Banco de Chile’s two investment banking divisions raised $787 million in seven local corporate bond issues last year, garner-ing a 30.2% share of the corporate bond market. It underwrote a $7.8 million issue by Empresa de los Ferrocarriles del Estado, a transportation firm.

 

COLOMBIA

Bancolombia

Last year Bancolombia raised more money for its clients in Columbia’s public equity market than any other bank—$1.2 billion in four deals that had a 35.8% market share, according to Dealogic. The bank also advised clients on three cross-border M&A deals.

 

MEXICO

Banco Santander Mexico

Santander raised $964.1 million in four deals in Mexico’s public equity market—more than any other bank except Citi and J.P. Morgan. The bank raised $4.1 billion for itself in its IPO last September. It also raised $3.1 billion in 23 bond issues with a 7% market share.

EUROPE

AUSTRIA

Erste Group

Erste Group soaked up market share in equity and debt last year. In equity Erste rose to second place by raising $151.2 million in a single equity deal that claimed a 30.7% market share. Erste also rose to second place in debt, with 23 bond issues that raised $4.18 billion.

 

BELGIUM

Barclays

In the process of building up its M&A business in Belgium last year, Barclays advised its clients on bigger deals than any other invest-ment bank in the country. Its eight deals were valued at $43.4 billion, representing a whopping 69% market share in 2012.

 

FRANCE

BNP Paribas

In a tough year for all French banks, BNP Paribas completed an ambitious “adaption plan” to deleverage and recapitalize. Its share of equity deals in France tripled from 4.5% to 16.9% as it raised $1.7 for its clients in 10 domestic equity deals.

 

GERMANY

Deutsche Bank

In Germany’s battered equity market, Deutsche Bank raised more money for its other clients than any other bank—$5.3 billion in 17 equity deals that had a 21% market share, according to Dealogic. Deutsche also raised more money on Germany’s bond market than any other bank—$45.3 billion in 235 deals with a 9.8% market share.

 

ITALY

Mediobanca

Mediobanca raised more money for its clients in equity than any other Italian bank last year—$1.5 billion in six equity deals. It raised $9.9 billion for UniCredit of Italy in a follow-on equity deal in January. And it was the lead adviser to ENI on its $4.41 billion sale to Cassa Depositi e Prestiti.

 

NETHERLANDS

Rabobank

Rabobank raised $12 billion in 69 bond issues in the Netherlands, claiming a 7.7% market share and ranking in second place last year, according to Dealogic. The Dutch bank advised its clients on 31 mergers and acquisitions—more than any other bank in the Netherlands—that were valued at $9.5 billion.

 

POLAND

J.P. Morgan

J.P. Morgan lorded over Poland’s equity and M&A markets last year, ranking in second place in both categories, according to Dealogic. The bank raised $321 million in three equity deals that made up a 9.7% market share. And it advised its clients on four M&A deals valued at $2.9 billion for a 22.8% market share.

 

PORTUGAL

Espírito Santo Investment Bank

Espírito Santo raised more money in bonds for its clients than any other Portuguese bank last year. It raised $1.78 billion in 13 deals with a 19.9% market share, according to Dealogic. In M&A the bank advised clients on 15 deals valued at $12.6 billion.

 

RUSSIA

VTB Capital

In a record year for bond issuance in Russia, VTB Capital rose to first place, raising $15.6 billion for its clients in 92 deals with an 18% market share, according to Dealogic. In M&A, VTB ranked in second place with 22 deals—including Rosneftegaz’s acquisition of TNK-BP—that were valued at $69.8 billion.

 

SPAIN

BBVA

BBVA raised $13.6 for its clients in 88 debt deals that made up a 13.2% market share in Spain last year. Notably, BBVA was a book-runner in Fondo de Pago a Proveedores, a €30 billion ($40.4 billion) fund for Spanish municipalities that involves 20 banks.

 

SWEDEN

SEB

SEB ranked third in Sweden’s equity capital markets last year, with a 4.3% market share, and it ranked third in Sweden’s bond market, raising $9.2 billion in 98 bond issues.

 

SWITZERLAND

Credit Suisse

Credit Suisse raised more money for its clients on Switzerland’s stock market than any other bank—$4.7 billion in eight deals with a 61.6% market share. It ranked in second place in bonds, with an 18.3% market share, and second in M&A, with a 51% market share.

 

TURKEY

FinansInvest

Last November, FinansInvest ran Turkey’s largest equity deal ever—the secondary issue of Halkbank. Although Halkbank has come under scrutiny for its role in financing Turkey’s trade with Iran, the deal raised $2.5 billion and was two and a half times oversubscribed.

 

UNITED KINGDOM

Barclays

Barclays raised more money for its clients in bonds in the UK than any other bank last year—$45.85 billion. It ranked in eighth place in the UK’s stock market, raising $995 for its clients in eight deals that had a 4.9% market share.

ASIA-PACIFIC

AUSTRALIA

Macquarie

Macquarie ranked in first place in Australia’s M&A market last year, advising clients on 37 deals worth $17.1 billion and claiming a 15.9% share, according to Dealogic. Macquarie advised Telstra on the $7.8 billion sale of its wholesale customer base and fixed-line con-cession to NBN.

 

CHINA

China International Capital Corp

China International Capital Corp ran the largest IPO in Hong Kong—and the fourth-largest IPO globally—last year. The innovatively struc-tured deal raised $3.6 billion for People’s Insurance Company of China without forcing it to spin off a new company (as state-owned enterprises do when they go public in China).

 

HONG KONG

HSBC

Last year HSBC raised more money in dim sum bonds (issued in Hong Kong in Chinese renminbi for multinationals that need the incon-vertible currency) than any other bank—Rmb41.3 billion ($6.6 billion—and claimed a 27% market share, according to Thomson Reuters.

 

INDIA

Citi

Citi raised more money for its clients on India’s stock market than any other bank last year. In 16 equity offerings, it raised $5.2 bil-lion, commanding a formidable 34.3% market share. It also raised $2.3 billion in 20 bond issues last year.

 

INDONESIA

Mandiri Sekuritas

Taking market share from the likes of HSBC, Mandiri Sekuritas is meeting demand from yield-starved foreign investors’ high-yield bonds issued in the world’s fourth-most-populous country. Mandiri raised $411 million for its clients in 14 bond issues last year, including a $310.3 million bond for telecoms company Indosat.

 

JAPAN

Nomura

In a year when foreign investors were rediscovering Japan’s stock market after a two-decade hiatus, Nomura raised more money for its clients in equity offerings than any other bank in Japan. It raised $5.2 billion in 44 equity deals that garnered a 19.7% market share, including a $2.1 billion follow-on deal for All Nippon Airways.

 

KAZAKHSTAN

Kazkommerts Securities

In an economy that was growing at a furious rate of 105% a year at last count, Kazkommerts Securities is the only Kazakh invest-ment bank that is active in the domestic public equity market. Kazkommertz raised $93 million in a single equity deal that had a 12% market share last year.

 

MALAYSIA

CIMB

CIMB underwrote more Islamic bonds than any other bank in the world last year, raising $5.3 billion for its clients, according to Thomson Reuters. In conventional finance, CIMB was lead left book-runner of the world’s fifth-largest IPO, raising $3.3 billion for Felda Global Ventures, a Malaysian agribusiness corporation, last June.

 

MONGOLIA

Optima Capital

Optima Capital was more active in Mongolia’s market for mergers and acquisitions than any other investment bank last year. Optima advised its clients on two deals that were valued at $83 billion but still represented an 18% share of the market.

 

PHILIPPINES

BDO Capital & Investment

BDO Capital & Investment raised $202.2 million in two equity deals in the Philippines last year, claiming a 5.8% market share—more than any other domestic Philippine bank. Last June, BDO raised just over $1 billion for its parent company, BDO Unibank, in the Philippines’ largest equity deal ever.

 

SINGAPORE

DBS

DBS, which is Singapore’s largest bank, raised more money for its clients in the city-state’s public debt market than any other bank last year. In 49 bond issuances that represented a 23.4% market share, the bank raised $49 billion, according to Dealogic. The bank is also a strong contender in equity and M&A markets.

 

SOUTH KOREA

Daewoo Securities

Daewoo Securities ranked fourth in South Korea’s stock mar-ket last year—higher than any Korean investment bank—raising $685 million in 10 equity deals that represented an 8.2% market share, according to Dealogic. Daewoo also raised $7.6 billion in 202 bond deals.

 

TAIWAN

Grand Cathay Securities

Grand Cathay Securities was a bookrunner of $1.76 billion in bonds in Taiwan last year—$400 million more than in 2011—with a 9.5% market share. In equity, Cathay raised $766 million in 28 deals that made up a 9.9% market share.

 

THAILAND

Siam Commercial Bank

Siam Commercial Bank raised $175 million for its clients in Thailand’s bond market in 2012—more than twice the amount it raised in 2011—in 26 deals that represented a 9.1% market share. The bank also grew market share in equity, raising $175 million in four deals that made up a 3.4% share.

MIDDLE EAST

BAHRAIN

Gulf International Bank

Last year, GIB underwrote bonds in Saudi Arabia, Bahrain, UAE, Qatar and Oman. Last June, it was the bookrunner for a $1.5 bil-lion 10-year sovereign bond for the Kingdom of Bahrain that was 400% oversubscribed, and it placed $5.39 billion in bonds in 2012.

 

EGYPT

HSBC

Though Egypt’s public equity and debt market have slowed due to political unrest, M&A has carried on thanks to HSBC. The British bank advised France Telecom on its $3.6 billion purchase of a 57.6% stake in Egyptian Company for Mobile Services.

 

ISRAEL

Jefferies

Israel’s M&A market last year was driven by acquisitions of Israeli tech companies by Silicon Valley peers, Jefferies advised its clients on M&A deals valued at $999 million with a 7.5% market share, according to Dealogic. It ranked second in equity, raising $101 million in three deals.

 

KUWAIT

NBK Capital

NBK Capital was among the most aggressive investment banks in Kuwait last year. In October it advised Qatar Telecommunications on its $1.84 billion acquisition of a 39.6% stake in National Mobile Telecommunications in Kuwait, which represented a 32.4% share of Kuwait’s M&A market.

 

LEBANON

BankMed

Established in 1944 in Beirut, BankMed is among the fastest-growing investment banks in a frontier market that global investors only just starting to take seriously. Acting as a placement agent, the bank’s Medsecurities subsidiary raised $40 million for Beirut Terraces.

 

OMAN

BankMuscat

Since taking over Al Ahlia Securities in 2001, BankMuscat has grown market share in Oman’s market for bonds and structured finance. Last October, BankMuscat led six other Middle Eastern banks in managing the IPO of Alizz Islamic Bank, Oman’s second Islamic bank, which raised $119 million.

 

QATAR

Qatar National Bank

Qatar National Bank claimed first place in Qatar’s equity market last year by underwriting a single $1.9 billion follow-on deal for Qatar Telecom last May. It raised $796 million in bond transactions and it advised clients on two M&A deals valued at $2.7 million.

 

SAUDI ARABIA

Samba Capital

Samba Capital was the bookrunner for two equity deals that raised $509 million in Saudi Arabia last year, including the $360 million IPO of Al-Tayyar Travel Group. Samba also advised on two M&A deals valued at $728 million with a 19% market share.

 

UAE

Samba Capital

Samba Capital arranged $1 billion in debt refinancing for DP World in April and another $4.4 billion for the Jebel Ali Free Zone in June. It also arranged a $900 million syndicated term loan for First Gulf Bank of the UAE in November.

AFRICA

ANGOLA

Standard Bank Angola

Standard Bank Angola arranged several of the country’s largest syndicated loans last year. The bank underwrote $150 million of a $1.5 billion syndicated loan for Sonangol Group, the national oil company. The bank also arranged a $60 million credit facility for brewery Empresa de Cervejas N’Gola Norte.

 

NIGERIA

FBN Capital

FBN Capital, the capital markets arm of First Bank of Nigeria, raised $876 million in four bond issues for its clients. In a cross-border public equity deal, the investment bank raised $8.6 million in a rights issue for Fan Milk of Ghana.

 

SOUTH AFRICA

Standard Bank

Standard Bank raised $190 million on South Africa’s stock market last year in two deals. The bank underwrote a single bond issue in South Africa that raised $494 million with a 5.7% market share. In M&A, the bank had five deals worth $1.09 billion.

 

alt Sources
 

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