Regional Winners

North America

Best Investment Bank

Morgan Stanley

Morgan Stanley’s strengths in the equity and M&A; advisory businesses make it the clear leader in North American investment banking. Not only did it lead General Motors’ $18.1 billion initial public offering, but it also integrated its majority holding in Smith Barney, greatly expanding its distribution network. While Morgan Stanley lags in fixed-income, it is increasing its headcount in this area.

Best Equity Bank

Morgan Stanley

Morgan Stanley was the number-one bookrunner of equity and equity-related issues in the US market last year. The firm led 156 deals with proceeds of $35.6 billion in 2010, according to Thomson Reuters. It was the leader in US common stock offerings, including the $10.5 billion follow-on by Citi in December 2010, in which the US Treasury sold its remaining shares in Citi. Morgan Stanley also was the leader in IPOs last year.

Best Debt Bank

Barclays Capital

Barclays Capital was the leading debt bank in North America last year. It was number one in US debt, with proceeds of $297.1 billion from 649 deals. Barclays Capital was also the leader in US federal credit agency debt and was number two in US mortgage-backed securities.

Best M&A; Bank

Morgan Stanley

Morgan Stanley was a leading financial adviser on M&A; transactions in North America in 2010. It advised on 186 deals involving US-based companies announced last year, with a total value of $296.8 billion. Morgan Stanley was also the leading financial adviser on M&A; deals in Canada in 2010. The firm advised on 27 deals involving Canadian companies, with a value of $34.1 billion, giving it a 19.8% market share.

Western Europe

Best Investment Bank

Morgan Stanley

Morgan Stanley was the top investment bank in Western Europe last year, where it led in financial advice on M&A; and was number one in fees on equity transactions. Morgan Stanley also was the leading bank in convertible bonds in Europe in 2010, with proceeds of $2.8 billion from eight deals.

Best Equity Bank

Morgan Stanley

Morgan Stanley was a leading bookrunner of equity and equity-related issues in Europe, with $15.8 billion in proceeds from 51 deals in 2010. It was number one in imputed fees from equity issues, with a total of $204 million, according to Thomson Reuters. Morgan Stanley was the number-two bookrunner on common stock issues, with proceeds of $5.1 billion from 19 deals.

Best Debt Bank

Deutsche Bank

Deutsche Bank was the leading debt bank in Europe last year in a number of areas. It was number one in fees earned on corporate debt denominated in euros. The Germany-based bank was also the leader in international emerging markets bonds, taking the top spot in Latin America and Asia. It also was number one in global high-yield debt not denominated in dollars.

Best M&A; Bank

Morgan Stanley

Morgan Stanley was the leading financial adviser on M&A; transactions in Europe last year. It advised on 183 deals valued at $262.3 billion, giving it a market share of 26.9%, according to Thomson Reuters. Morgan Stanley advised International Power, based in the UK, on its $14.3 billion acquisition by GDF Suez, based in France.

Asia

Best Investment Bank

Morgan Stanley

Morgan Stanley took the top spot among financial advisers on M&A; in Asia last year. It also was a leading bookrunner of Asian equity issues. Agricultural Bank of China selected Morgan Stanley to work on the Hong Kong portion of its $22.1 billion IPO, the largest in the region last year..

Best Equity Bank

Morgan Stanley

In addition to its work for Agricultural Bank of China, Morgan Stanley led 88 equity and equity-related offerings in Asia last year, more than any other bank. It also was the leading bank for IPOs in the region, where it handled 37 such deals.

Best Debt Bank

Standard Chartered Bank

Standard Chartered Bank was the leading bookrunner in Asia, excluding Japan, for local currency–denominated bonds last year. Looking ahead to the coming year, Christian Wait, global head of capital markets at Standard Chartered, says global bond issues denominated in local currencies by sovereign issuers in Asia will increase as investors expand their exposure in this area.

"In the non-sovereign space, high yield will continue to be very important"

"Companies are seeking growth capital and investors need to protect themselves against high interest rates" – Christian Wait, Standard Chartered

“In the non-sovereign space, high yield will continue to be very important as companies seek growth capital and investors protect themselves against high interest rates,” Wait says. “Clearly, the CNH [offshore renminbi] market will continue to grow as the supply-and-demand imbalance continues to exist. This will be in parallel with the renminbi synthetic market.” Wait says he also expects growth this year in the leveraged-finance sector and in the mezzanine finance, or pre-IPO, business in Asia.

Best M&A; Bank

Morgan Stanley

Morgan Stanley was the number-one financial adviser on M&A; deals involving companies based in Asia, excluding Japan, last year. It advised on 57 deals in the region, valued at $59.3 billion. Morgan Stanley is advising the Singapore Exchange on its $8.3 billion offer for ASX, the leading stock-exchange operator in Australia.

Central & Eastern Europe

Best Investment Bank

Bank of America Merrill Lynch

Bank of America Merrill Lynch is the leading investment bank in the CEE region, with broad-based strength in debt, equity and M&A; transactions. The bank announced some of the most prominent M&A; deals last year, such as the $25.7 billion combination of Russia-based potash producers Silvinit and Uralkali and the $5.4 billion acquisition of Bank Zachodni WBK, based in Poland, by Banco Santander.

Best Equity Bank

Bank of America Merrill Lynch

Bank of America Merrill Lynch was joint bookrunner on the Polish government’s privatization of power utility Tauron, representing 51.6% of the company. This $1.2 billion sale was the second largest IPO ever of a utility in the CEE region. The bank also was joint bookrunner on the $2.2 billion IPO of Rusal, the world’s largest aluminum producer and the first Russia-based company to list on the Hong Kong Stock Exchange.

Best Debt Bank

J.P. Morgan

J.P. Morgan was the number-one bookrunner on European emerging market bonds last year, with 25 debt deals totaling $7.4 billion in proceeds. J.P. Morgan was joint manager of the $560 million debut sovereign debt issue for Albania last October.

Best M&A; Bank

Morgan Stanley

Morgan Stanley advised Russia-based telecom Vimpelcom on its $20.7 billion acquisition of Italy-based Weather Investments, now called Wind Telecom. The bank was the top financial adviser on M&A; transactions announced last year that involved any Eastern European–based companies. It advised on 29 such deals valued at a total of $56.5 billion.

Nordic

Best Investment Bank

SEB

SEB offers investment banking and brokerage services in all of the Nordic and Baltic countries, as well as London, New York and Frankfurt. Last year it introduced a series of offshore Chinese renminbi services for cash management, trade finance and foreign exchange. SEB is a leader in domestic and cross-border M&A; transactions in the region.

Best Equity Bank

Bank of America Merrill Lynch

Bank of America Merrill Lynch was the joint bookrunner for two of the three largest IPOs in the Nordic region last year. It participated in the $1.9 billion IPO of Norway-based property and casualty insurer Gjensidige. It also ran the books for the $916 million IPO of the Norwegian subsidiary of Statoil Fuel & Retail, which operates 2,300 service stations and convenience stores across the region.

Best Debt Bank

DnB NOR

DnB NOR, the largest bank in Norway, is expanding its Hamburg and Singapore offices to handle a pickup in ship financing. The bank’s focus is mainly on the offshore drilling market. DnB NOR has also expanded its energy team. In most areas of the Norwegian bond market, DnB has a market share of more than 30%.

Best M&A; Bank

SEB

SEB was financial adviser to 34 M&A; deals announced in the region last year with a total value of $6.3 billion. It is cooperating with E.J. McKay in China to generate transactions between China and the Nordic region. SEB opened a Shanghai branch in 2005 and has had a representative office in Beijing since 1983.

Latin America

Best Investment Bank

Citi

With a presence in 24 countries in the region, Citi is the leading investment bank in Latin America and the Caribbean. It was joint global coordinator of the $70 billion Petrobras follow-on equity offering, the largest ever anywhere in the world. Citi was also the leading debt bank in the region last year and the number-one loan underwriter.

Best Equity Bank

Bank of America Merrill Lynch

Bank of America Merrill Lynch was joint global coordinator and joint bookrunner on the record $70 billion add-on equity offering for Brazil’s state-controlled oil company, Petrobras. BoAML also was global coordinator of the $5.4 billion follow-on equity offering by Banco do Brasil and a $3 billion add-on equity offering for Itaú Unibanco Holding. The latter deal was the largest-ever private placement by a Brazilian issuer.

Best Debt Bank

Citi

Citi is the leading debt bank in Latin America, where it underwrote 59 deals last year totaling $13.2 billion. Citi was sole bookrunner of a $3 billion bond for PDVSA, the national oil company of Venezuela. It was joint bookrunner of a $4 billion bond for America Movil, the leading telecom in Latin America. In January 2011, it was joint bookrunner of a $6 billion Petrobras offering, the largest emerging-markets corporate bond ever placed in the international market.

Best M&A; Bank

Credit Suisse

Credit Suisse was the number-one financial adviser on mergers and acquisitions announced in Latin America last year. It advised on 46 deals totaling $79.5 billion, giving it a 36% market share. Credit Suisse advised Heineken on its $7.7 billion purchase of the beer unit of Fomento Económico Mexicano.

Middle East

Best Investment Bank

Sambacapital

Sambacapital Investment Banking is the market leader in capital markets offerings in the Middle East region. The Riyadh-based investment bank is an independent provider of investment products and services. It has one of the largest investment banking teams in Saudi Arabia, and it also offers asset management and portfolio management services across global markets. Since 2009, Sambacapital has been involved as a lead manager and bookrunner on most of the Saudi riyal-denominated bond and sukuk offerings in the kingdom. It was joint lead manager of Saudi Electricity’s 7 billion riyal ($1.9 billion) sukuk in May 2010.

Best Equity Bank

Sambacapital

Sanbacapital is the number-one adviser on equity capital raisings in Saudi Arabia in cumulative league tables for 2004 through 2010. Sambacapital has raised more than $11.2 billion since the Capital Market Law was enacted in Saudi Arabia, separating investment banking from commercial banking. Sambacapital was successful in securing a number of mandates for initial public offerings in 2010 and is currently working on several IPO and equity private placements, which it expects to bring to market in 2011.

Best Debt Bank

HSBC

HSBC was the top bookrunner for Middle East debt issues in 2010. It managed 22 deals with proceeds totaling $6.4 billion. The largest bond was a $3.5 billion offering from Qatari Diar Finance. In Saudi Arabia, HSBC operates its investment bank as a joint venture with SABB. HSBC also has an Islamic banking division, HSBC Amanah, which has arranged numerous sukuk issues.

Best M&A; Bank

Morgan Stanley

Morgan Stanley benefited from a surge in M&A; activity across the Middle East last year, particularly in the telecom sector. The bank was the number-one financial adviser on M&A; transactions in the region, with 10 deals valued at a total of $29.5 billion, which gave it a market share of 35.8%.

Africa

Best Investment Bank

Standard Bank

Standard Bank, based in South Africa, has a presence in 17 African countries, where it offers a wide range of corporate and investment banking services. In March 2010 it introduced its strategic partner, Industrial and Commercial Bank of China, as one of the lead arrangers of a $400 million refinancing of the Lumwana copper project in Zambia for Equinox Minerals, based in Toronto. Equinox later leveraged this financing to acquire Citadel Resource, an Australian mining company developing a copper and gold project in Saudi Arabia. Standard Bank was also sole financial adviser to State Grid Corporation of China on its $1.8 billion acquisition of transmission assets in Brazil.

Best Equity Bank

Vetiva Capital Management

Vetiva Capital Management is a pan-African financial institution based in Nigeria. Last year it advised on the merger of Dangote Cement and Benue Cement and the subsequent listing of the combined firm on the Nigerian Stock Exchange on October 26, 2010. The new Dangote Cement is Nigeria’s largest listed company, accounting for 25% of the exchange’s capitalization. Vetiva offers investment banking, wealth management and securities dealing services. Its research division produces reports on most companies listed on the Nigerian exchange.

Best Debt Bank

Standard Bank

Standard Bank concentrates on industry sectors that are most relevant to emerging markets. The bank’s growing global presence enables it to profit from the increasing movement of capital between emerging markets. In August 2010, Essar Telecom Kenya, a subsidiary of India-based Essar Global, selected Standard Bank as global coordinator to arrange a $200 million syndicated, structured term loan facility. The deal included a seven-year vendor financing, a seven-year tranche for development finance institutions, and a five-year Kenyan shilling portion. China Construction Bank participated in the lending syndicate.

Best M&A; Bank

J.P. Morgan

J.P. Morgan was the number-one financial adviser for M&A; transactions with any South Africa–based companies announced in 2010, according to Thomson Reuters. The bank advised on six South African deals valued at $7.4 billion, giving it a market share of 25.4%. It advised Dimension Data Holdings, a reseller for Cisco Systems, on its $2.7 billion acquisition by Nippon Telegraph and Telephone. J.P. Morgan also advised insurer Metropolitan Holdings on its $2.1 billion acquisition by Momentum, a spin-off from First Rand.

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