Best Investment Banks 2013: Sector Winners

SECTOR WINNERS


By Michael Shari

 

SECTOR WINNERS
Consumer Citi
Financial Institutions Citi
Healthcare Piper Jaffray
Industrials/Chemicals Jefferies
Infrastructure China Construction Bank Corp
Media/Entertainment J.P. Morgan
Metals & Mining BMO Capital Markets
Oil & Gas Goldman Sachs
Power Morgan Stanley
Real Estate Raymond James
Technology Morgan Stanley
Telecoms J.P. Morgan

SECTOR WINNERS

CONSUMER

Citi

True to its brand as lender of choice for consumer-oriented compa-nies, Citi raised $5.4 billion for them in 18 bond deals last year—a 12.5% share of their debt issuance. The bank led a $2.8 billion bond issue for tobacco conglomerate Altria in August, and a $2.1 billion follow-on equity deal for Dollar General in September.

FINANCIAL INSTITUTIONS

Citi

Citi raised more public equity for financial institutions than any other bank last year, garnering $11.4 billion in 37 deals. It led the US Treasury’s sale of $20.7 billion in AIG stock and the $6.5 billion bond issue of KfW Bankengruppe of Germany.

 

HEALTHCARE

Piper Jaffray

Piper Jaffray raised $506 million for healthcare companies in 17 equity deals last year. In January this year, it was exclusive adviser to Athenahealth in its $293 million acquisition of iT firm Epocrates.

 

INDUSTRIALS/CHEMICALS

Jefferies

Jefferies raised $377 million in eight equity deals last year, including a $36 million follow-on equity offering by Green Plains Renewable Energy in March 2012. Now Leucadia National is acquiring Jefferies for $3.6 billion.

 

INFRASTRUCTURE

China Construction Bank Corp

Through its infrastructure financing in China and elsewhere, China Construction Bank has joined the ranks of multinational investment banks. It raised $2.8 billion in bonds for 14 infrastructure-related companies last year, nearly double the amount it raised in 2011.

 

MEDIA/ENTERTAINMENT

J.P. Morgan

J.P. Morgan rose to first place in the media and entertainment sector last year, raising $1.3 billion in 11 equity deals for a 13.5% market share. In M&A, J.P. Morgan advised AMC Entertainment of Missouri, on its $2.6 billion sale to Dalian Wanda Group of China last May.

 

METALS & MINING

BMO Capital Markets

In a tough year for mining companies in capital markets, BMO Capital Markets put its team of mining analysts to work defending its market share. BMO raised $1.1 billion in 15 deals with a 3.6% market share. It was the sole adviser to Minefinders on its $1.4 billion sale to Pan American Silver in January last year.

 

OIL & GAS

Goldman Sachs

Last year Goldman raised $3.8 billion in 27 equity deals. In February this year, Goldman was reportedly hired by BG Group of the UK to advise on the sale of a gas pipeline in Australia.

 

POWER

Morgan Stanley

Morgan Stanley raised $3.1 billion in 25 power-sector equity deals last year. In the industry’s largest cross-border M&A deal of the year, it advised International Power on the sale of a 30.3% stake to GDF Suez.

 

REAL ESTATE

Raymond James

Raymond James’s merger with Morgan Keegan in January last year cinched its hold over the real estate sector. Since then, it has raised $389 million in nine equity deals for real estate companies. It also led debt underwriting in the sector by raising $86.9 billion in bonds, according to Thomson Reuters.

 

TECHNOLOGY

Morgan Stanley

Morgan Stanley raised $4.1 billion in 34 equity deals last year—more deals in the sector than any bank except J.P. Morgan. That’s an 8.5% market share. It also raised $7.7 billion in 50 bond deals with a 7.9% market share.

 

TELECOMS

J.P. Morgan

J.P. Morgan raised $2.5 billion in 14 equity deals for telecom compa-nies last year—more than five times what it raised in just four deals in 2011. Now J.P. Morgan is reportedly advising Qatar Telecom on negotiations to acquire a 53% stake in Maroc Telecom of Morocco from Vivendi of France.

 

alt Sources
 

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