Author: Michael Shari

ANNUAL AWARDS: HIGH-OCTANE YEAR

Global investment banks will face a tremendous challenge as they strive to continue running their underwriting businesses at the elevated levels they reached in 2013.

Many of the largest banks on Wall Street reaped a windfall in debt capital markets in the first half of the year, as corporations that wanted to refinance their debt at a low cost issued new bonds in anticipation of the US Federal Reserve’s raising rates.

In the fourth quarter of last year, investment banks rode the tail end of a year-long bull market in US stocks, underwriting equity issues for companies that wanted to cash in before a new reality set in. Enriched from these transactions, corporations hired the banks to advise them on acquisitions.

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Corporates are in the enviable position of having banks compete more aggressively than ever for their business this year. “In theory, the prices should come down for the issuers,” says Fred Cannon, director of research at Keefe, Bruyette & Woods (KBW) in New York.

The situation is different for banks based outside the US. European banks have been preoccupied with shrinking their balance sheets and restructuring debt in preparation for a new round of stress tests at the hands of their newly empowered schoolmaster, the European Central Bank. And, ever since stocks and bonds in emerging markets erupted in turmoil in January, investment banks native to Asia, Africa and Latin America have been forced to take a defensive posture to heal themselves rather than an entrepreneurial one to raise money for their clients.

As a result, US-based banks are conquering a dominant expanse of territory that was once ruled by their domestic competitors in Europe and emerging markets. Small deals that Wall Street would have scoffed at just a couple of years ago have become prime targets for the likes of Goldman Sachs and J.P. Morgan. “A lot of international banks, with some of their reorganizational issues, are going to lose a little bit of share,” says David Konrad, head of US banking coverage at Macquarie Securities in New York.

This year Wall Street banks are likely to get even more aggressive as revenue from trading in derivatives—which is migrating to new exchanges—declines. “This will create greater competition in some of the more lucrative areas, like M&A,” KBW’s Cannon predicts. Then the investment banking industry could become more Darwinian than ever.

GLOBAL WINNERS
Best Investment Bank Bank of America Merrill Lynch
Best in Emerging Markets Morgan Stanley
Best in Frontier Markets Standard Bank
Best Equity Bank Goldman Sachs
Best Debt Bank Deutsche Bank
Best M&A Bank Goldman Sachs
Best Up-and-Comer Vetiva Capital Management
Most Creative Rabee Securities
DEALS OF THE YEAR
Best Equity Deal Japan Tobacco’s $10 billion share sale
Bookrunners Daiwa Securities
Goldman Sachs
Mizuho
J. P. Morgan
Best Debt Deal Verizon Communications’ $49 billion bond issue in September 2013
Lead Managers Barclays
Bank of America Merrill Lynch
J. P. Morgan
Morgan Stanley
Best M&A Deal Verizon Communications’ acquisition of a 45% stake in Verizon Wireless
Advising Target UBS
Goldman Sachs
Advising Acquirer Barclays
Guggenheim Partners
Bank of America Merrill Lynch
J. P. Morgan
Morgan Stanley
SECTOR WINNERS
Consumer Bank of America Merrill Lynch
Financial Institutions Goldman Sachs
Healthcare Jefferies
Industrials/Chemicals Goldman Sachs
Infrastructure China Development Bank
Media/Entertainment J. P. Morgan
Metals & Mining BMO Capital Markets
Oil & Gas Goldman Sachs
Power Citi
Real Estate Bank of America Merrill Lynch
Technology J. P. Morgan
Telecoms J. P. Morgan
BEST LEGAL ADVISERS
Global Simpson Thacher & Bartlett
North America Simpson Thacher & Bartlett
Western Europe De Brauw Blackstone Westbroek
CEE Freshfields
Latin America Souza Cescon Barrieu & Flesch Advogados
Asia-Pacific Herbert Smith Freehills
Middle East Freshfields
Africa Freshfields
REGIONAL WINNERS
NORTH AMERICA
Best Investment Bank Bank of America Merrill Lynch
Best Equity Bank Goldman Sachs
Best Debt Bank Bank of America Merrill Lynch
Best M&A Bank Goldman Sachs
WESTERN EUROPE
Best Investment Bank Deutsche Bank
Best Equity Bank Deutsche Bank
Best Debt Bank Deutsche Bank
Best M&A Bank Barclays
NORDIC
Best Investment Bank Nordea Markets
Best Equity Bank Morgan Stanley
Best Debt Bank Nordea Markets
Best M&A Bank Goldman Sachs
CENTRAL & EASTERN EUROPE
Best Investment Bank PKO Bank Polski
Best Equity Bank Citi
Best Debt Bank VTB Capital
Best M&A Bank VTB Capital
LATIN AMERICA
Best Investment Bank Itaú BBA
Best Equity Bank Itaú BBA
Best Debt Bank Citi
Best M&A Bank BTG Pactual
ASIA-PACIFIC
Best Investment Bank Nomura
Best Equity Bank Goldman Sachs
Best Debt Bank Mizuho
Best M&A Bank Morgan Stanley
MIDDLE EAST
Best Investment Bank Gulf International Bank
Best Equity Bank Rabee Securities
Best Debt Bank HSBC
Best M&A Bank Bank of America Merrill Lynch
AFRICA
Best Investment Bank Standard Bank
Best Equity Bank Java Capital
Best Debt Bank Rand Merchant Bank
Best M&A Bank Bank of America Merrill Lynch
COUNTRY WINNERS
NORTH AMERICA
Canada RBC Capital Markets
US Bank of America Merrill Lynch
EUROPE
Austria Raiffeisen Bank International
Belgium BNP Paribas
France BNP Paribas
Germany Deutsche Bank
Italy UniCredit
Netherlands Goldman Sachs
Poland PKO Bank Polski
Portugal CaixaBI
Russia VTB Capital
Spain BBVA
Sweden Svenska Handelsbanken
Switzerland Credit Suisse
Turkey Akbank
Ukraine UniCredit Bank
United Kingdom HSBC
LATIN AMERICA
Argentina Banco de Galicia y Buenos Aires
Brazil Itaú BBA
Chile Banco de Chile
Colombia Grupo Aval
Mexico Santander Mexico
ASIA-PACIFIC
Australia Macquarie
China China Development Bank
Hong Kong HSBC
India Citi
Indonesia Mandiri Sekuritas
Japan Nomura
Kazakhstan Halyk Finance
Malaysia CIMB
Mongolia Daiwa
New Zealand Macquarie
Philippines BDO Capital & Investment Singapore DBS
South Korea KB Financial Group
Taiwan China Development Financial
Thailand Siam Commercial Bank
MIDDLE EAST
Bahrain Gulf International Bank
Egypt CI Capital
Iraq Rabee Securities
Israel Barclays
Jordan Arab Jordan Investment Bank
Kuwait Markaz
Lebanon Fransabank
Oman HSBC
Qatar Qatar National Bank
Saudi Arabia Samba Capital
UAE National Bank of Abu Dhabi
AFRICA
Angola Standard Chartered
Ghana IC Securities
Kenya EFG-Hermes
Morocco BNP Paribas
Mozambique Bank of America Merrill Lynch
Nigeria FBN Capital
South Africa Rand Merchant Bank

GLOBAL WINNERS

BEST INVESTMENT BANK: Bank of America Merrill Lynch

In a stark indication of the formidable progress that Bank of America Merrill Lynch has made since its creation through the controversial merger of Bank of America and Merrill Lynch in 2008, this Wall Street titan is leveraging the strength of BofA’s balance sheet and the legendary talent of Merrill’s standing army of brokers to steal market share from banks of all sizes and domiciles around the world. As a result, the bank earned 25.06% more in investment banking fees in 2013 than the year before, raking in $5.67 billion in fees from equity, debt and M&A deals, ranking second only to J.P. Morgan, according to Dealogic.

BEST IN EMERGING MARKETS: Morgan Stanley

Morgan Stanley was involved in more mergers and acquisitions in emerging markets than any other investment bank in 2013, for a total deal value of $99 billion, which represented a 14.7% market share, according to Thomson Reuters. In mainland China and Hong Kong, which represented a major driver of M&A activity in emerging markets last year, the bank advised clients in 20 deals worth a total of $27.9 billion.

BEST IN FRONTIER MARKETS: Standard Bank

Using Johannesburg as a base to finance ambitious deals in frontier markets across sub-Saharan Africa that are expected to enjoy at least five years of strong secular growth before maturing into less-stable emerging markets, this South African bank conquered a 12.8% share of the sub-Saharan syndicated loan market, valued at $1.6 billion, in 2013.

BEST EQUITY BANK: Goldman Sachs

Goldman Sachs raised $93.6 billion in 426 equity deals in 2013, more money than any other investment bank, according to Dealogic. One of the IPOs on which it was co-lead-manager, which raised $3.2 billion for Royal Mail last October, has performed so well that a British Parliament committee has investigated allegations of underpricing.

BEST DEBT BANK: Deutsche Bank

Deutsche Bank raised $387.9 billion in 1,674 bond deals for its clients worldwide in 2013, carving out a 6.4% market share worldwide, according to Dealogic. In addition to raising a total of $22.6 billion in high-grade bonds for Apple and T-Mobile USA last year, Deutsche served as the go-to bookrunner for the multibillion-dollar bonds deals of Italy, Spain other beleaguered European governments—and even the European Financial Stability Facility.

BEST M&A BANK: Goldman Sachs

Deploying a vast number of veteran dealmakers who are renowned for their talent for assembling sophisticated, cross-border mergers, Goldman Sachs advised clients on 368 deals worth $710.6 billion in 2013, a higher value than any other investment bank, according to Dealogic. Goldman was one of two banks that advised Vodafone Group on the $130 billion sale of its US mobile-phone business to Verizon Communications last September.

BEST UP-AND-COMER: Vetiva Capital Management

Based in Lagos, this Nigerian investment bank raised $344 million in a single equity offering last year—a follow-on deal for Oando, an oil and gas company, on May 20, 2013. That was more than any other bank raised on Nigeria’s stock market last year—and more than any investment bank raised in all frontier equity markets combined last year, according to Dealogic.

MOST CREATIVE: Rabee Securities

Emerging from the ashes of the Iraq war, this Baghdad-based brokerage listed Asiacell Telecommunications on the Iraq Stock Exchange in an innovative IPO that allowed majority shareholder Qatar Telecom QSC to buy $1.3 billion of equity from minority shareholders without raising new capital. The deal gave Rabee a 3.3% share of investment banking fees in all frontier markets last year, according to Dealogic.

DEALS OF THE YEAR

BEST EQUITY DEAL: Japan Tobacco’s $10 billion share sale, March 2013

Bookrunners: Daiwa Securities, Goldman Sachs, Mizuho, J.P. Morgan.

In the second-largest equity deal of the year, the Japanese government sold about one-third of its 50% stake in Japan Tobacco, which owns global cigarette brands as legendary as Camel and Benson & Hedges. The deal was well timed to take advantage of a resurgence in Japanese equities after two lost decades of stagnation.

BEST DEBT DEAL: Verizon Communications’ $49 billion bond issue, September 2013

Lead managers: Barclays, Bank of America Merrill Lynch, J.P. Morgan, Morgan Stanley.

Intended to finance Verizon’s purchase of Vodafone’s 45% stake in Verizon Wireless, Verizon’s US mobile business, this historic deal dominated global trading in bonds to such an extent that it actually triggered an SEC investigation after some investors balked at being denied an allocation.

BEST M&A DEAL: Verizon Communications’ acquisition of the 45% stake Vodafone held in Verizon Wireless, September 2013

Advising Target: UBS, Goldman Sachs. Advising Acquirer: Barclays, Guggenheim Partners, Bank of America Merrill Lynch, J.P. Morgan, Morgan Stanley.

The second-largest corporate acquisition in history produced the biggest single return ever recorded in such a takeover—$84 billion to Vodafone shareholders—when Verizon acquired the US assets of UK-based Vodafone. In another of the many moving parts of this cross-border bonanza, Vodafone acquired a 23.1% stake in Vodafone Italia from Verizon.

SECTOR WINNERS

CONSUMER: Bank of America Merrill Lynch

Bank of America Merrill Lynch earned more fee revenue than any other bank in consumer products and retail last year, and came in second in consumer staples, raking in a total of $751.9 million in fees, according to Thomson Reuters.

FINANCIAL INSTITUTIONS: Goldman Sachs

In a year when banks around the world were raising equity capital to shore up their balance sheets, Goldman raised $15.1 billion for financial institutions, more than any of its competitors, according to Dealogic.

HEALTHCARE: Jefferies

In a demonstration of the continued strength of a healthcare team hired in 2010, Jefferies was a joint bookrunner in the largest healthcare IPO of 2013, raising $2.6 billion for Zoetis—Pfizer’s animal health business spin-off—on January 31.

INDUSTRIALS/CHEMICALS: Goldman Sachs

In the largest equity deal in the industrials and chemicals sector last year, Goldman Sachs served as sole adviser to Applied Materials on its $9.3 billion acquisition of Tokyo Electron in September.

INFRASTRUCTURE: China Development Bank

Driving an infrastructure boom across the mainland of the world’s most populous nation, China Development Bank raised $11.1 billion in pubic bonds for its clients last year, more than any other investment bank in the world.

MEDIA/ENTERTAINMENT: J.P. Morgan

Despite its $4.5 billion regulatory settlement for mortgage-backed securities losses, J.P. Morgan still reigned supreme in capital raising for media and entertainment companies. It raised $6.5 billion in 35 bond deals, for an 11.3% market share last year.

METALS & MINING: BMO Capital Markets

Even as gold prices fell for the first time in 14 years in 2013, BMO Capital Markets of Montreal, Canada, advised its clients in the metals and mining industry on 17 deals worth a total of $6.4 billion in North America—a higher value than any other bank.

OIL & GAS: Goldman Sachs

Goldman Sachs advised its clients in the oil and gas industry on 25 M&A deals valued at a total of $35.1 billion and also raised $6.2 billion for them in 30 equity deals in 2013—more money than any other bank on either front, according to Dealogic.

POWER: Citi

Citi advised its power industry clients on 26 M&A deals worth a total of $37.5 billion while raising $13.63 billion for them in 91 bond deals—more money than any other bank, according to Dealogic.

REAL ESTATE: Bank of America Merrill Lynch

Bank of America Merrill Lynch lead in IB fees for real estate companies worldwide in 2013, raking in $5.27 billion in a 324% increase from 2012, according to Thomson Reuters.

TECHNOLOGY: J.P. Morgan

J.P. Morgan advised its clients on 38 acquisitions of tech companies worth a total of $64.2 billion in 2013—a greater value than any other bank, according to Dealogic.

TELECOMS: J.P. Morgan

In addition to advising Verizon Communications in the biggest acquisition of 2013, J.P. Morgan raised $6.4 billion in 21 equity deals and $23.1 billion in 77 debt deals for telecom companies, more funding than any other bank, according to Dealogic.

BEST LEGAL ADVISERS

GLOBAL: Simpson Thacher & Bartlett

Demonstrating its trademark versatility in private equity, real estate, antitrust and intellectual property law, Simpson Thacher & Bartlett of New York represented companies around the world on 158 mergers and acquisitions worth $362.1 billion in 2013, according to Dealogic.

NORTH AMERICA: Simpson Thacher & Bartlett

Simpson Thacher & Bartlett represented its clients in 121 M&A deals worth $332.5 billion—one of which was Microsoft, in its high profile, $1 billion acquisition of Barnes & Noble’s Nook e-reader business—in 2013.

WESTERN EUROPE: De Brauw Blackstone Westbroek

Leveraging its Best Friends network of prominent European law firms, De Brauw Blackstone Westbroek advised its clients on 53 mergers and acquisitions involving a total of $200.9 billion.

CENTRAL & EASTERN EUROPE: Freshfields Bruckhaus Deringer

Freshfields Brukhaus Deringer represented companies in 14 M&A deals worth $17.9 billion last year in CEE.

LATIN AMERICA: Souza Cescon Barrieu & Flesch Advogados

Souza Cescon Barrieu & Flesch Advogados represented clients in 32 deals valued at $2.3 billion last year—a higher value than any other law firm in the region, according to Dealogic.

ASIA-PACIFIC: Herbert Smith Freehills

Herbert Smith Freehills of London advised its clients in 122 M&A deals with a value of $54.5 billion.

MIDDLE EAST: Freshfields Bruckhaus Deringer

Freshfields Bruckhaus Deringer advised clients on nine acquisitions worth $15.1 billion for a 23.1% market share.

AFRICA: Freshfields Bruckhaus Deringer

Freshfields advised its clients on three M&A deals worth $10.8 billion for a 17.4% market share, according to Dealogic.

REGIONAL WINNERS
NORTH AMERICA

BEST INVESTMENT BANK: Bank of America Merrill Lynch

Reflecting its dominance of the region, Bank of America Merrill Lynch earned $4.4 billion in fees in North America in 2013.

BEST EQUITY BANK: Goldman Sachs

Goldman Sachs raised $21.5 billion in 88 equity deals in 2013, including the $2.1 billion IPO of social media giant Twitter in November, which was a higher value than any other investment bank, according to Dealogic.

BEST DEBT BANK: Bank of America Merrill Lynch

Taking a handsome 8.8% share of North America’s bond market, Bank of America Merrill Lynch raised $213.5 billion in 1,155 bond deals for its clients last year, including the $49 billion Verizon Communications deal, for which the bank was a bookrunner last September.

BEST M&A BANK: Goldman Sachs

Goldman Sachs advised clients on 213 M&A deals last year, more transactions than any other bank worked on in North America, for a total deal value of $522 billion.

WESTERN EUROPE

BEST INVESTMENT BANK: Deutsche Bank

Deutsche Bank continues to reassure its clients with the strength of its balance sheet and an unwavering long-term strategy for Western Europe, where it raked in $1.1 billion in investment banking fees, more than any other bank, last year.

BEST EQUITY BANK: Deutsche Bank

Deutsche Bank fought its way to the top of Western Europe’s equity league tables, raising $21.8 billion in 78 deals last year—more than double the equity capital it raised in the region in 2012—for a 10.8% share, according to Dealogic.

BEST DEBT BANK: Deutsche Bank

Playing as confidently as ever to the strength of its balance sheet, Deutsche Bank retained its number-one position in Western Europe’s bond market, where it raised $126.3 billion in 534 bond deals for a 7.2% market share last year.

BEST M&A BANK: Barclays

Demonstrating multifaceted capital markets expertise on both sides of the Atlantic, Barclays was lead adviser to Verizon Communications in its $130 billion acquisition of Vodafone’s US mobile phone business. In addition, it advised clients on 212 mergers and acquisitions that were valued at $475.9 billion in Western Europe last year.

NORDIC REGION

BEST INVESTMENT BANK: Nordea Markets

Nordea Markets was involved in several of the region’s largest and most complex deals of 2013, when it earned $95 million investment banking revenue, more than any other bank in the region.

BEST EQUITY BANK: Morgan Stanley

Taking market share away from Goldman Sachs, Morgan Stanley raised $3.3 billion in eight Nordic deals, more money than any other investment bank, for a 14.7% market share in 2013, according to Dealogic.

BEST DEBT BANK: Nordea Markets

Reflecting its unparalleled access to the debt capital markets of the four Nordic nations, Nordea Markets raised $18.7 billion in 221 bond deals in 2013—more deals than any other bank—in addition to numerous refinancings and restructurings.

BEST M&A BANK: Goldman Sachs

Following a streamlining of its Northern European investment banking business that dramatically enhanced its fundraising ability in 2012, Goldman Sachs defended its number-one position in M&A by advising clients on 13 deals worth a total of $20.6 billion.

CENTRAL & EASTERN EUROPE

BEST INVESTMENT BANK: PKO Bank Polski

In an ambitious cross-border M&A deal that attracted investors to a region tarred by the broad brush of emerging markets jitters, PKO Bank Polski acquired Nordea Bank Polska for $937 million in June last year.

BEST EQUITY BANK: Citi

Citi raised $3.1 billion in equity capital for its clients in the region, more than any other bank, in 12 deals that were large enough to make up a 13.9% market share, including a follow-on deal for Russian bank VTB Group.

BEST DEBT BANK: VTB Capital

VTB Capital raised $17.7 billion in 121 public bond deals, more money than any other bank in the region, the largest of which deals was a $7 billion Russian sovereign bond for which this Russian investment bank was a lead arranger.

BEST M&A BANK: VTB Capital

VTB Capital advised its clients on 24 M&A deals with a total value of $28.4 billion, more than any other bank in the region, taking enough market share away from Deutsche Bank to accumulate a 17% share.

LATIN AMERICA

BEST INVESTMENT BANK: Itaú BBA

Latin America’s most challenging deals originated in Brazil, where Itaú BBA presided over landmark deals, such as the $5.6 billion merger of Kroton and Anhanguera to create the world’s largest post-secondary education company in April 2013.

BEST EQUITY BANK: Itaú BBA

Itaú BBA of Brazil was a bookrunner in Latin America’s 10 largest public equity deals in 2013, ranging in value from the $5.7 billion IPO of BB Seguridade to the $598 million IPO of IEnova.

BEST DEBT BANK: Citi

Citi raised $17.7 billion in 114 public bond deals in Latin America last year, more than any other investment bank, including an $800 million sovereign bond for Brazil that was more than three times oversubscribed.

BEST M&A BANK: BTG Pactual

Brazilian bank BTG Pactual advised companies on 52 deals valued at $31.9 billion, more than any other bank in Latin America, following its own acquisition of a 37.6% stake in Banco PanAmericano in 2011 and an agreement signed in 2012 to take over leading Chilean brokerage Celfin Capital.

ASIA-PACIFIC

BEST INVESTMENT BANK: Nomura

Nomura raked in $726.3 million in revenue from investment banking across the region, more than any other bank, despite being penalized by Japanese regulators for its involvement in an insider trading scandal in 2012.

BEST EQUITY BANK: Goldman Sachs

Taking market share from UBS last year, Goldman Sachs raised $24.8 billion in 96 equity deals, more money than any other bank in the region, including a $7.8 billion follow-on deal for Japan Tobacco in March 2013.

BEST DEBT BANK: Mizuho

The incumbent number one in Japan’s public bond market, Mizuho raised $70.6 billion in 469 bond issues, including 20 deals in the telecom sector that raised $9.7 billion, for a 22.6% market share.

BEST M&A BANK: Morgan Stanley

Morgan Stanley advised its clients on 108 deals worth $92.1 billion, more money than any other investment bank in the region, taking market share from Goldman, J.P. Morgan and Citi.

MIDDLE EAST

BEST INVESTMENT BANK: GIB Capital

Manama-based GIB Capital remained active across the Middle East in 2013 despite political strife in Syria and Egypt, leading a string of deals including a $1.5 billion sovereign bond issued by the government of Bahrain last October and a $53 million rights issue for Middle East Specialized Cables in Riyadh in September.

BEST EQUITY BANK: Rabee Securities

Rabee Securities, a Baghdad-based brokerage, helped Qatar Telecom buy $1.3 billion worth of stock in its Kurdistan mobile-phone company, Asiacell Telecommunications, from existing shareholders in a listing on the Iraq Stock Exchange in February 2013.

BEST DEBT BANK: HSBC

The incumbent number one in public debt in the region, HSBC raised $8 billion in 29 bond deals for a 17.2% market share in 2013, leading a $4.1 billion bond for the General Authority of Civil Aviation of Saudi Arabia last September.

BEST M&A BANK: Bank of America Merrill Lynch

Bank of America Merrill Lynch advised its clients on seven mergers and acquisitions worth a total of $13.6 billion in 2013, including Maroc Telecom on its $10.7 billion sale to Emirates Telecommunications of Abu Dhabi last July.

AFRICA

BEST INVESTMENT BANK: Standard Bank

In the largest rand-denominated syndicated loan ever executed in South Africa, Standard Bank of Johannesburg led a $2.6 billion loan for Mauritius-based Aspen Pharmacare Holdings to acquire generic drug manufacturing and other operations in Kenya and Tanzania.

BEST EQUITY BANK: Java Capital

Java Capital of South Africa raised $503 million in 12 public equity deals last year, more such deals than any other bank of any origin underwrote on the continent’s stock exchanges, carving out a 15.5% market share in Africa.

BEST DEBT BANK: Rand Merchant Bank

This South African bank raised $2.2 billion for its clients in 50 public bond deals, more deals than any bank of any origin, on the continent in 2013.

BEST M&A BANK: Bank of America Merrill Lynch

Bank of America Merrill Lynch advised clients on six M&A deals worth a total of $16.7 billion, a greater value than any other bank in Africa, including the $10.7 billion sale of Maroc Telecom of Rabat, Morocco, last July.

COUNTRY WINNERS
NORTH AMERICA

CANADA: RBC Capital Markets

Having advised Shoppers Drug Mart on its $13.2 billion sale to Loblaws last July, Royal Bank of Canada raked in $476 million in investment banking fees in 2013, more than any other bank in Canada.

US: Bank of America Merrill Lynch

Bank of America Merrill Lynch raised a total of $2.6 billion in investment banking fees in the US last year, when it benefited from a boom in junk bond underwriting as corporate issuers rushed to take advantage of low rates ahead of the Federal Reserve’s plans to withdraw stimulus measures.

EUROPE

AUSTRIA: Raiffeisen Bank International

Raiffeisen Bank International raised $3.8 billion in 24 bond deals last year, a greater value than any other bank in Austria, and it served as lead manager of a $5.9 billion Austrian sovereign bond.

BELGIUM: BNP Paribas

BNP Paribas advised its clients on 16 M&A deals worth $11.3 billion last year, a higher value than any other bank in Belgium, for a 45.9% market share, according to Dealogic.

FRANCE: BNP Paribas

BNP Paribas advised its clients on 63 M&A deals worth $61.2 billion and raised $37.8 billion in 158 public bond deals—a higher overall value on both fronts than any other investment bank in France last year.

GERMANY: Deutsche Bank

Reflecting the recovery of Germany’s economy, Deutsche Bank raised $8.1 billion in 18 equity deals and $43.8 billion in 209 debt deals—more money on either front than any other bank in Germany raised last year.

ITALY: UniCredit

Despite the continued travails of Italy’s economy, UniCredit raised $2.5 billion in 12 equity deals and another $26.4 billion in 80 bond issues, more money than was raised by any other bank in Italy.

NETHERLANDS: Goldman Sachs

Goldman Sachs advised its clients on 13 M&A deals worth $43.8 billion, including DE Master Blenders 1753 NV on the sale of an 85% equity stake to a consortium of investors.

POLAND: PKO Bank Polski

Warsaw-based PKO Bank Polski raised $396 million for its clients in four equity deals last year, significantly growing its business with its $937 million purchase of Nordea Bank Polska from Nordea last June.

PORTUGAL: CaixaBI

CaixaBI raised $2 billion in 12 bond deals in 2013, and, in Portugal’s first IPO in five years, the Lisbon-based bank was a global bookrunner for the IPO of Portugal’s postal service, CTT-Correios de Portugal, last December.

RUSSIA: VTB Capital

Despite the rumbling that started in Russia’s capital markets last year, VTB Capital showed resilience by raising more money for its clients in stock and bond deals and advising them on more M&A transactions than any other bank in the country in 2013.

SPAIN: BBVA

BBVA raised $19.6 billion in 104 debt deals last year, more than any other bank in Spain, and was a bookrunner in several multi-billion-euro Spanish sovereign bond issues.

SWEDEN: Svenska Handelsbanken

Svenska Handelsbanken dominated Sweden’s M&A market last year, advising clients on seven deals worth a total of $5.7 billion, for a 19.4% market share.

TURKEY: Akbank

The bank broke new ground by issuing the first-ever lira-denominated eurobond, valued at $1 billion, in February 2013.

UKRAINE: UniCredit Bank

A leading equity player in this turbulent country, UniCredit raised $18 million for clients in one of three equity deals recorded by Dealogic in 2013.

UNITED KINGDOM: HSBC

HSBC raised $30.9 billion for its clients in 175 bond issues last year in the UK, including several large British sovereign bonds.

LATIN AMERICA

ARGENTINA: Banco de Galicia y Buenos Aires

Banco de Galicia y Buenos Aires raised $614 million in 27 bond deals for a 13.2% market share in 2013, according to Dealogic.

BRAZIL: Itaú BBA

Itaú BBA raised $3.2 billion in 20 equity deals and $6.9 billion in 54 bond deals for its clients last year, according to Dealogic.

CHILE: Banco de Chile

Banco de Chile led the local stock market with 10 equity deals valued at $1.1 billion, and it dominated the local corporate bond market with 10 debt deals that were also valued at $1.1 billion.

COLOMBIA: Grupo Aval

Grupo Aval, based in Bogotá, raised $669 million in a single equity deal last year, more than any other bank in Colombia, making it the country’s second-highest overall earner of investment banking fees, according to Dealogic.

MEXICO: Santander Mexico

Controlled by Santander of Spain, Santander Mexico nearly doubled its investment banking revenue from bonds, equity and M&A, to $44 million in 2013, from $28 million in 2012, according to Dealogic.

ASIA-PACIFIC

AUSTRALIA: Macquarie

Macquarie lead-managed more IPOs than any other investment bank in Australia in 2013—an even dozen deals, as of December 4—raising $3.4 billion for its clients on the local equity market.

CHINA: China Development Bank

China Development Bank raised an outstanding $30.9 billion for its clients on China’s bond market in 2013, more than any other investment bank in this rapidly developing nation.

HONG KONG: HSBC

HSBC is number one in M&A, equity and debt in Hong Kong, having advised its clients on 13 M&A deals worth $13.9 billion and raised $1.1 billion in eight equity deals and $4.6 billion in 43 bond deals last year.

INDIA: Citi

Citi advised its clients on six M&A deals worth $8 billion and raised $1.3 billion in 11 equity deals in India last year, surpassing its competitors on both fronts, according to Dealogic.

INDONESIA: Mandiri Sekuritas

Mandiri Sekuritas, based in Jakarta, raised $290 million in seven public equity deals in 2013, and it raised $178.5 million in a single bond for Indonesian toll road developer Jasa Marga last September.

JAPAN: Nomura

Recovering from an insider trading scandal in 2012, Nomura raised $13.4 billion in 94 deals.for clients in Japan’s equity market last year.

KAZAKHSTAN: Halyk Finance

Halyk Finance led Kazakhstan’s debt market last year, raising a total of $1.8 billion in three eurobond issues, three Kazakh corporate bonds and a 10-year eurobond for Development Bank of Kazakhstan.

MALAYSIA: CIMB

CIMB is number one in M&A, equity and debt in Malaysia, having taking market share away from Goldman Sachs and domestic giant Maybank.

MONGOLIA: Daiwa Capital Markets

Daiwa Capital Markets raised $145 million in one of the only two bond deals reported in Mongolia last year, and it led the local bond market.

NEW ZEALAND: Macquarie

Macquarie was a leader in New Zealand’s equity market as joint lead arranger of the $1.4 billion IPO of government-owned Might River Power, the country’s first privatization in 14 years.

PHILIPPINES: BDO Capital & Investment

BDO Capital & Investment led four banks in advising SM Prime Land Holdings of Manila on a $6.1 billion merger that created one of Southeast Asia’s largest single landowners last October.

SINGAPORE: DBS

In a difficult year for emerging markets securities, DBS raised $4.2 billion in 48 bonds, a higher value than any other bank in Singapore, and raised another $1.3 billion in 14 equity deals last year.

SOUTH KOREA: KB Financial Group

KB Financial raised $13.1 billion in 182 bond deals for its clients in Korea, a higher value than any other bank in the country last year.

TAIWAN: China Development Financial

China Development Financial Holding raised $2 billion in 58 equity deals and $2.7 billion in 50 bond deals, more capital than was raised by any other bank in Taiwan last year.

THAILAND: Siam Commercial Bank

A joint bookrunner in the $1.7 billion IPO of the True Telecommunications Growth Infrastructure Fund on December 20, Siam Commercial Bank raised $802 million on Thailand’s equity market last year.

MIDDLE EAST

BAHRAIN: GIB Capital

Manama-based GIB Capital was lead bookrunner of a $1.5 billion sovereign bond issued by the government of Bahrain last October in the country’s largest debt deal of 2013.

EGYPT: CI Capital

CI Capital of Cairo advised OCI last summer on its $7.3 billion acquisition of its former parent company, Orascom Construction Industries, in a deal that accounted for nearly half of all M&A activity in the Middle East in 2013.

IRAQ: Rabee Securities

Run by a US-educated Kurdish financier, Baghdad-based Rabee Securities ran the only significant deal on the Iraq Stock Exchange last year when it listed Asiacell Telecommunications to allow majority shareholder Qatar Telecom to acquire minority interests for$1.3 billion.

ISRAEL: Barclays

Barclays advised its clients on three M&A deals with a total value of $2.5 billion, a higher value than any other bank in Israel, and led the country’s debt market by raising $1.4 billion in three bond deals.

JORDAN: Arab Jordan Investment Bank

In a bold move, Arab Jordan Investment Bank acquired the local business of HSBC Bank Middle East in Jordan, which raised $417 million in bonds for its clients in 2013, in January this year.

KUWAIT: Markaz

Kuwait City–based Markaz advised its clients on eight mandates valued at $532 million, including a public equity listing, a cross-border merger and a debt restructuring—all concentrated in the construction, real estate and oil and gas industries.

LEBANON: Fransabank

Beirut-based bank Fransabank achieved distinction in April 2013 when the government of Lebanon hired it to arrange a $1.2 billion dollar-denominated eurobond together with Natixis and Standard Chartered.

OMAN: HSBC

HSBC is number one in M&A, equity and debt league tables in Oman, advising a client on a single merger worth $2.4 billion, raising $138 million in a single equity deal and raising $199 million in two bond deals last year.

QATAR: Qatar National Bank

Qatar National Bank raised $1.2 billion for its clients in six bond deals, more than any other bank in Qatar, claiming a 17.7% market share last year, according to Dealogic.

SAUDI ARABIA: Samba

Samba advised Savola Group on its acquisition of a 10% equity stake in Savola Foods and an 18.6% stake in Azizia Panda United in exchange for issuance of new shares to Al-Muhaidib Group last year.

UAE: National Bank of Abu Dhabi

NBAD raised $757 million in two equity deals, more than was raised by any other bank in the United Arab Emirates, and led the country’s public bond market by raising $1.5 billion in 12 bond deals.

AFRICA

ANGOLA: Standard Chartered

Standard Chartered advised a client on a merger that was worth $1.5 billion, claiming a 35.4% market share in Angola’s M&A market.

GHANA: IC Securities

IC Securities of Accra was the sole adviser to South African life insurance company Old Mutual on its $457 million acquisition of Provident Life Assurance of Ghana, which received regulatory approval last September.

KENYA: EFG-Hermes

This Cairo-based investment bank advised a client on a merger that was valued at $148 million, claiming a 37.5% share of Kenya’s M&A market last year.

MOROCCO: BNP Paribas

In North Africa’s largest M&A deal of 2013, BNP Paribas advised Emirates Telecommunications Corporation of the UAE on its $6.1 billion acquisition of Maroc Telecom of Rabat.

MOZAMBIQUE: Bank of America Merrill Lynch

Bank of America Merrill Lynch advised clients on two M&A deals worth a total of $5.1 billion in Mozambique, a country where little local investment bank activity was recorded in 2013.

NIGERIA: FBN Capital

FBN Capital of Lagos was involved as either a mandated lead arranger or financial adviser in a long list of debt deals valued at about $3 billion in 2013, maintaining its lead role in Nigeria’s fast-growing market for project finance and structured finance.

SOUTH AFRICA: Rand Merchant Bank

Rand Merchant Bank, the investment-banking arm of FirstRand of Johannesburg, raised $2.2 billion for its clients in 50 public bond deals, more deals than any other bank in South Africa last year.

BAGHDAD BROKER MAKES HIS MARK

Shwan Ibrahim Taha was one of many foreign-educated Iraqi professionals who turned up in Baghdad after the fall of Saddam Hussein to help rebuild their homeland from the rubble.

"I came back to my country to see what I could do, but the only thing I could do was finance," says Taha, a Baghdad-born Kurd who graduated from George Washington University with an MBA.

Nothing if not modest, Taha, 46, bears the finest of financial pedigrees. From 1997 to 2006, he worked for frontier market guru Mark Mobius, managing funds for Franklin Templeton Investments in the Middle East and North Africa. Then, for about a year, he worked for a hedge fund that invested for George Soros.

Then he decided the time was right to take a step that no foreign financial institution had the courage to take—buy an inactive Iraqi brokerage license and start selling Iraqi stocks to foreign investors who saw long-term potential in a war-torn country that was rebuilding itself.

Today the clients of Rabee Securities of Baghdad, of which Taha is chairman, own about half of the 83 stocks listed on the Iraq Stock Exchange, which has a market cap of about $10 billion. Taha lists hedge funds and other specialist investors in the US, Chile, Norway, Europe, and Japan among the clients of Rabee, which is capitalized at just $1 million.

"Apart from Shwan, there really is no one in Iraq who understands foreign investors and is equipped to deal with them," says David Grayson, CEO of Auerbach Grayson, a New York brokerage that invests in Iraq with Rabee.

Shwan's biggest coup thus far was the listing of Asiacell Telecommunications, a Kurdistan mobile-phone company, in February last year. Without actually raising new capital, the deal allowed Qatar Telecom QSC, Asiacell's majority shareholder, to buy $1.3 billion in equity from existing shareholders. According to Dealogic, it was the biggest public equity deal in the Middle East last year.

Does Shwan have another Asiacell up his sleeve? "We are just starting," he says. And he has plenty of room to grow with the country of his birth.