Reuters/Denis Balibouse GLOBAL INVESTMENT BANKING REVIEW

Transcription

1 Reuters/Denis Balibouse FIRST QUARTER 2012

2 Global IB Fees Down 14%; Americas Accounts for 56% JP Morgan Retains Top Spot Fees from DCM up 4%; M&A Fees Down 26% Global Investment Banking Fees Total US$17.6 billion, down 14% from first quarter 2011 JP Morgan Retains Top Global Investment Banking Fees Ranking, Citi picks up Wallet Share Financials, Resources and Industrials Account for 64% of Global Investment Banking Fee Pool Debt Capital Markets Fees Account for One-Third of Global Fees; M&A Fees Fall 26% Global Investment Banking Fee Leaders Highlight Differences across Major Asset Classes Fees for global Investment Banking services, from M&A advisory to capital markets underwriting, totaled US$17.6 billion during the first quarter of 2012, a 14% decrease over last year at this time. First quarter investment banking fees in the Americas totaled US$9.9 billion, an 8% decrease from the first quarter of 2011 and accounted for 56% of global investment banking fees. Fees from EMEA companies fell 22% during the first quarter, while fees in Asia Pacific decreased 24% and fees in Japan fell 12% compared to first quarter JP Morgan topped the global investment banking league table for the first quarter of 2012 with US$1.4 billion in fees, or 7.8% of overall "walletshare". Bank of America Merrill Lynch booked US$1.2 billion in investment banking fees during the first quarter, a decrease of 22% over last year and a loss of 0.7 wallet share points. Fees for Citi increased 8.5% compared to the first quarter of 2011, resulting in a gain of 1.1 percentage points, as the firm moved five spots to third place during first quarter Investment banking activity in the financials, energy & power, industrials and materials sectors accounted for 64% of the global fee pool during the first quarter of JP Morgan topped the fee rankings in six sectors during the first quarter, while Bank of America Merrill Lynch registered double-digit wallet share in four sectors, including 15.9% of first quarter investment banking fees in the consumer products sector. Deutsche Bank, bolstered by sovereign debt underwriting, registered a 9.5% share of government and agency underwriting activity, which increased 6.7% over first quarter M&A advisory fees totaled US$3.9 billion during first quarter 2012, an decrease of 26% over the same period last year, and accounted for 22% of the global fee pool. Fees from debt capital markets underwriting totaled US$5.8 billion, an increase of 4% compared to last year's tally while loan fees improved 3% to US$3.8 billion. Equity capital markets underwriting fees totaled US$4.0 billion during first quarter 2012, registering a 32.6% decrease over the same time last year. Morgan Stanley controlled 7.9% of fees from worldwide completed M&A transactions, a decline of.3 percentage points compared to first quarter 2011, while Credit Suisse moved three spots to rank third for worldwide M&A fees during the first quarter, an increase of 1.2 percentage points. JP Morgan retained the top spot for global debt and equity capital markets fees with 8.0% and 7.2% share, respectively. Bank of America Merrill Lynch moved up one spot to take the top ranking for fees from syndicated lending, with 9.2% market share during first quarter MEDIA CONTACT: CRITERIA SUMMARY: Americas Europe Asia-Pacific Japan Lauren Herman Clare Arber Thomas Lau Yukiko Matsushima lauren.herman@thomsonreuters.com clare.arber@thomsonreuters.com thomas.lau@thomsonreuters.com yukiko.matsushima@thomsonreuters.com Thomson Reuters Deals Intelligence, a part of Thomson Reuters' Investment Banking division, brings up to the minute market intelligence to our clients and the financial media through a variety of research reports including Daily Deals Insight, weekly Investment Banking Scorecard, monthly Deals Snapshots and our industry-leading quarterly reviews highlighting trends in M&A and Capital Markets. All data is as of 9:00am EST on April 2, 2012 and sourced via Deals Business Intelligence Volumes based on Thomson Reuters' industry-leading Deals content (M&A, Equity, Bonds and Loans) and Freeman Consulting's algorithm for imputing investment banking fees Date periods referred to within based on the effective date for M&A, the issue date for Equity and Bonds and the closing date for Loans Geographies and sectors are based on the nation of headquarters and macro industry of the deal participant's parent Source: Thomson Reuters Deals Business Intelligence

3 Global Investment Banking Fee Trend (US$b) 19.7% CAGR % CAGR Ann $76.6 Global Investment Banking Fees by Region: First Quarter 2012 (US$m) Global $ 17,556.3 fees -14.4% $44.6 $53.6 $67.4 $48.4 $57.7 $60.4 $54.7 $53.6 Americas $ 9,915.0 fees -8.1% EMEA Japan $ 4,436.1 fees $ 1,024.6 fees -21.9% Asia-Pacific -11.6% $ 2,180.5 fees -24.2% $14.8 $15.1 $19.9 $25.3 $17.2 $11.9 $17.6 $20.5 $17.6 Q '12Ann YOY % Δ 15.7% 27.0% 16.8% -35.6% 6.1% 12.0% -3.5% -5.4% Global Investment Banking Fees by Product (US$b) Global Quarterly Investment Banking Fees by Region (US$b) $15.2 $20.1 $26.6 $34.9 $24.7 $8.5 $11.3 $13.2 $15.0 $10.2 $15.8 $8.4 $21.6 $23.3 $11.5 $16.6 $3.9 $3.8 $35 $30 $25 $20 Q1 '12 vs. Q4 '11: Global (+8.8%) Japan (+36.9%) Asia-Pacific (-16.1%) EMEA (+10.1%) Americas (+13.3%) $17.9 $18.6 $23.2 $28.9 $17.2 $27.1 $24.6 $18.3 $4.0 $15 $10 $17.8 $18.7 $24.2 $23.1 $13.4 $18.4 $20.3 $17.0 $5.8 $ '12YTD Bonds Equity Loans M&A $ ' Source: Thomson Reuters Deals Business Intelligence

4 Global Investment Banking Fees by Nation: First Quarter 2012 Fees (US$) / Year-over-Year Change (%) Americas Europe, Middle East & Africa Asia-Pacific & Japan Region Fees ($m) YOY Region Fees ($m) YOY Region Fees ($m) YOY Region Fees ($m) YOY North America $ 9, % France & Benelux $ 1, % Iberia % North Asia $ 1, % South America % UK & Ireland % CIS % Japan 1, % Caribbean % Germania % Middle East % Australasia % Central America % Southern Europe % CEE % Southeast Asia % Americas $ 9, % Nordic % Africa % South Asia % EMEA 4, % AsPac & Japan $ 3, % Canada $1.28b / 10.3% United States $8.16b / -8.9% Mexico $71m / -37.4% Finland: $74m / 22.9% Sweden: $195m / -22.9% Norway: $98m / -38.3% Denmark: $59m / -7.3% Neth: $273m / -28.1% UK: $775m / -26.2% Germany: $619m / 4.3% Lux: $192m / -38.3% France: $561m / -18.1% Spain: $293m / -40.4% Switzerland: $208m / 48.3% Italy: $362m / 14.6% India $199m / -1.1% Russia $114m / -51.3% China $782m / -34.8% S. Korea: $150m / -13.2% Japan: $1.02b / -11.6% Hong Kong: $207m / -36.6% Singapore: $59m / -44.8% Malaysia: $79m / 29.3% Global IB Fees First Quarter 2012 $17.6b -14.4% YOY % Brazil $192m / -28.6% South Africa $48m / -64.8% Australia $487m / -6.9% -50% -20% -10% -5% 0% +5% +10% +20% +50% Source: Thomson Reuters Deals Business Intelligence

5 Global Investment Banking: Top Banks - First Quarter 2012 (US$m) Rank Fees Share 2012 YOY Bank Name 2012 YOY 2011 YOY 1 - = JP Morgan $ 1, % 7.8% = Bank of America Merrill Lynch 1, % 6.7% Citi % 5.2% = Morgan Stanley % 5.1% Goldman Sachs & Co % 4.9% = Deutsche Bank AG % 4.7% = Credit Suisse % 4.5% Barclays % 41% 4.1% = UBS % 3.2% Wells Fargo & Co % 2.8% RBC Capital Markets % 2.8% HSBC Holdings PLC % 2.1% RBS % 2.1% BNP Paribas SA % 1.6% Mizuho Financial Group % 1.6% Nomura % 1.4% Sumitomo Mitsui Finl Grp Inc % 1.4% BMO Capital Markets % 1.3% Mitsubishi UFJ Financial Group % 1.2% Jefferies & Co Inc % 1.1% TD Securities Inc % 1.1% = Lazard % 0.9% Societe Generale % 0.9% Scotiabank-Bank of Nova Scotia % 0.9% Credit Agricole CIB % 0.8% -0.1 Global Total $ 17, % Product Mix - First Quarter 2012 Bonds Equity Loans M&A Source: Thomson Reuters Deals Business Intelligence

6 Global Investment Banking: Top Corporate Fee Payers (US$m) IB Fees (All Products) IB Fees By Product ( *) Top 3 Banks & Share ( *) Company Name Avg Ann'l * Bonds Equity Loans M&A Top 3 Bank #1 Bank #2 Bank #3 GE $ 255 $ 269 $ 256 $ % JPM (18.5%) CITI (14.8%) MS (11.4%) AIG % MS (15.9%) CITI (15.7%) BOAML (11.9%) PPL Corp % BOAML (28.0%) CS (28.0%) WF (9.7%) American Intl Assurance Group % CS (5.8%) BOAML (5.8%) JPM (5.8%) Porsche Automobil Holding SE % CS (9.0%) MS (8.9%) HSBC (8.3%) Dai-ichi Life Insurance Co Ltd % NOM (37.4%) MIZU (29.8%) BOAML (10.9%) BHP Billiton Ltd % BARC (13.8%) UBS (9.0%) SBNS (7.0%) General Motors Co % JPM (14.1%) MS (13.7%) DB (9.0%) Ford Motor Co % DB (15.7%) JPM (8.9%) CITI (8.8%) Petrobras % BARC (8.8%) ROTH (8.8%) BBRASIL (7.3%) Kinder Morgan Inc % BARC (14.7%) GS (10.3%) BOAML (8.8%) Chesapeake Energy Corp % JEFF (29.3%) WF (9.8%) MS (9.1%) TEPCO % NOM (49.0%) SMFG (14.6%) DAIWA (13.7%) MetLife Inc % CS (16.2%) DB (14.6%) BOAML (12.3%) HCP Inc % UBS (17.6%) BOAML (16.0%) CITI (15.5%) Health Care REIT Inc % UBS (22.8%) BOAML (16.7%) JPM (13.5%) Enel SpA % INTESA SP (10.2%) UCG (8.5%) JPM (7.6%) General Growth Properties Inc % UBS (22.9%) Miller Buckfire (16.9%) WF (9.6%) INPEX Corp % NOM (37.6%) GS (20.9%) MIZU (15.3%) Beverage Packaging Hold (SIG) % CS (71.5%) HSBC (23.5%) ANZ (5.0%) Hewlett Packard Co % BARC (22.5%) MS (16.7%) JPM (11.9%) Linn Energy LLC % RBC (20.2%) CITI (12.1%) BNP (11.4%) Axa SA % DB (16.9%) CS (15.7%) MAQGR (11.6%) The Mosaic Co % JPM (35.7%) CS (30.3%) UBS (15.2%) HCA Holdings Inc % BOAML (19.7%) JPM (15.3%) CITI (15.3%) Top 25 Fee Payers 3,237 4,252 2, % CS (8.9%) BOAML (8.4%) JPM (8.2%) All Others 50,812 50,195 52,248 11, % JPM (7.9%) BOAML (6.9%) MS (5.6%) Global Total $ 54,049 $ 54,446 $ 54,633 $ 12, % JPM (7.6%) BOAML (6.6%) MS (5.4%) Notes: - Excludes Governments & Agencies, Government Sponsored Enterprises, Financial Sponsors, Banks, Brokerages, Credit Institutions & Other Financials volumes through March Source: Thomson Reuters Deals Business Intelligence

7 Global Investment Banking: Top Banks by Product/Region/Sector - First Quarter 2012 (US$m) By Sector By Product By Region IB Fees (US$m) Top 5 Banks by Fees & Share - First Quarter * 2011* YOY Δ Top 5 Bank #1 Bank #2 Bank #3 Bank #4 Bank #5 Global IB $ 17,556.3 $ 20, % 29.8% JPM (7.8%) BOAML (6.7%) CITI (5.2%) MS (5.1%) GS (4.9%) Americas $ 9,915.0 $ 10, % 37.6% JPM (9.8%) BOAML (9.4%) CITI (6.7%) MS (6.0%) CS (5.8%) Europe 4, , % 25.5% DB (6.9%) JPM (6.4%) HSBC (4.4%) BNP (4.0%) UBS (3.9%) Asia-Pacific 2, , % 21.2% UBS (5.3%) JPM (4.6%) GS (4.3%) HSBC (3.7%) DB (3.3%) Japan 1, , % 68.7% MIZU (19.3%) SMFG (19.3%) NOM (13.2%) MS (8.6%) MUFJ (8.2%) MEA % 33.6% BOAML (7.2%) DB (6.9%) MS (6.9%) HSBC (6.4%) CITI (6.1%) Bonds $ 5,849.8 $ 5, % 34.9% JPM (9.0%) BOAML (7.4%) CITI (6.8%) DB (6.2%) BARC (5.5%) Equity 4, , % 28.3% JPM (7.2%) GS (6.0%) MS (5.4%) BOAML (5.2%) CITI (4.6%) Follow-On 2, , % 29.3% JPM (7.6%) GS (6.5%) MS (5.4%) BOAML (5.0%) CITI (4.8%) IPO , % 26.6% GUOSEN (6.5%) JPM (6.0%) MS (5.4%) BOAML (4.4%) DB (4.3%) Convertible % 40.1% GS (8.7%) BOAML (8.6%) DB (8.5%) BARC (7.2%) JPM (7.1%) M&A 3, , % 31.0% MS (7.9%) GS (7.2%) CS (5.5%) JPM (5.4%) BOAML (5.0%) Loans 3, , % 33.6% BOAML (9.2%) JPM (8.9%) CITI (6.1%) WF (5.1%) DB (4.2%) Financials $ 5,100.2 $ 6, % 30.8% JPM (7.9%) BOAML (6.3%) CS (5.7%) GS (5.6%) DB (5.4%) Energy & Power 2, , % 31.9% CS (7.6%) JPM (7.4%) BOAML (5.8%) CITI (5.6%) BARC (5.4%) Industrials 1, , % 24.7% DB (6.3%) JPM (5.8%) SMFG (4.4%) BOAML (4.2%) CITI (4.1%) Materials 1, , % 29.4% JPM (8.5%) CITI (6.1%) BOAML (6.0%) GS (4.5%) BMO (4.2%) High Tech 1, , % 41.4% MS (10.8%) JPM (9.5%) GS (7.5%) CITI (6.8%) BOAML (6.7%) Real Estate , % 32.6% BOAML (10.3%) JPM (6.8%) WF (6.1%) UBS (4.7%) CITI (4.7%) Govt & Agencies % 31.4% DB (9.5%) HSBC (7.4%) JPM (6.0%) BARC (4.4%) CITI (4.1%) Healthcare , % 41.8% BOAML (11.0%) MS (9.2%) JPM (8.3%) GS (8.3%) CITI (4.9%) Media & Ent % 41.3% BOAML (10.7%) JPM (8.8%) CITI (8.2%) DB (7.9%) MS (5.7%) Consumer Products % 43.1% BOAML (15.9%) WF (8.8%) JPM (7.3%) MS (7.0%) BARC (4.1%) Telecom % 32.5% JPM (8.6%) BOAML (6.8%) CITI (6.3%) CS (5.5%) BARC (5.3%) Consumer Staples % 31.8% JPM (10.5%) MS (6.1%) GS (5.6%) BOAML (4.9%) BARC (4.7%) Retail % 38.8% JPM (11.3%) BOAML (8.7%) GS (8.5%) LAZ (5.3%) CITI (5.0%) *IB Fees based on the period from January 01 through March Source: Thomson Reuters Deals Business Intelligence

8 Global Investment Banking: Top Banks by Product (US$m) Global M&A: Top Banks - First Quarter 2012 (US$m) Global Equity: Top Banks - First Quarter 2012 (US$m) Rank Fees Share Client Mix by Region Rank Fees Share Client Mix by Region 2012 Bank Name Americas EMEA Asia-Pacific Japan 2012 Bank Name Americas EMEA Asia-Pacific Japan 1 - = Morgan Stanley $ % 7.9% = JP Morgan $ % 7.2% Goldman Sachs & Co % 7.2% Goldman Sachs & Co % 6.0% Credit Suisse 212-5% 5.5% Morgan Stanley % 5.4% JP Morgan % 5.4% Bank of America Merrill Lynch % 5.2% Bank of America Merrill Lynch % 5.0% Citi % 4.6% UBS % 4.0% Deutsche Bank AG % 4.3% Lazard % 3.9% UBS % 4.2% = Barclays % 3.4% Credit Suisse % 3.7% Deutsche Bank AG % 3.3% RBC Capital Markets % 3.1% Rothschild % 2.8% Barclays % 2.6% Citi % 2.7% Nomura 92-46% 2.3% RBC Capital Markets % 2.6% Sumitomo Mitsui Finl Grp Inc % 1.7% Evercore Partners 81 40% 2.1% = Wells Fargo & Co 67-41% 1.7% BMO Capital Markets % 2.0% Guosen Securities Co Ltd 63-31% 1.6% Jefferies & Co Inc 76-40% 2.0% Jefferies & Co Inc 59 8% 1.5% Houlihan Lokey 70 19% 1.8% BMO Capital Markets 57 19% 1.4% Moelis & Co % 1.7% Macquarie Group 48-7% 1.2% Nomura 62-40% 1.6% HSBC Holdings PLC 48 69% 1.2% n/a Qatalyst Partners % Raymond James Financial Inc 45-8% 1.1% TD Securities Inc % 1.2% CITIC 42 65% 1.0% 0.6 M&A Total $ 3,881-26% Equity Total $ 4,032-33% Global Bonds: Top Banks - First Quarter 2012 (US$m) Global Loans: Top Banks - First Quarter 2012 (US$m) Rank Fees Share Client Mix by Region Rank Fees Share Client Mix by Region 2012 Bank Name Americas EMEA Asia-Pacific Japan 2012 Bank Name Americas EMEA Asia-Pacific Japan 1 - = JP Morgan $ 529 8% 9.0% Bank of America Merrill Lynch $ 350 1% 9.2% = Bank of America Merrill Lynch 430-6% 7.4% JP Morgan % 8.9% Citi % 6.8% Citi % 6.1% = Deutsche Bank AG % 6.2% Wells Fargo & Co % 5.1% Barclays % 5.5% Deutsche Bank AG % 4.2% Morgan Stanley 304 7% 5.2% Mitsubishi UFJ Financial Group % 4.2% Credit Suisse % 4.9% Mizuho Financial Group % 4.1% Goldman Sachs & Co % 4.7% Barclays 154-9% 4.1% HSBC Holdings PLC % 3.9% Credit Suisse % 3.7% Wells Fargo & Co % 3.5% RBS % 3.2% = UBS 190 9% 3.2% Sumitomo Mitsui Finl Grp Inc 118-7% 3.1% RBS % 3.1% RBC Capital Markets % 2.8% BNP Paribas SA 164-9% 2.8% = Morgan Stanley 76-12% 2.0% = RBC Capital Markets % 2.7% SunTrust Banks % 1.9% Credit Agricole CIB 83 21% 1.4% BNP Paribas SA 68-36% 1.8% Mizuho Financial Group 75 67% 1.3% Goldman Sachs & Co 67-27% 1.8% Nomura 73 36% 1.3% HSBC Holdings PLC 61-17% 1.6% Societe Generale 72 30% 1.2% UBS 57 49% 1.5% = Scotiabank-Bank of Nova Scotia 64 27% 1.1% KeyBanc Capital Markets Inc % 1.4% TD Securities Inc 56-21% 1.0% BMO Capital Markets % 1.3% 0.8 Bonds Total $ 5,850 4% Loans Total $ 3,793 3% Source: Thomson Reuters Deals Business Intelligence

9 Global Investment Banking: Top Banks by Region (US$m) Americas Investment Banking: Top Banks - First Quarter 2012 (US$m) EMEA Investment Banking: Top Banks - First Quarter 2012 (US$m) Rank Fees Share Product Mix Rank Fees Share Product Mix 2012 Bank Name Bonds Equity Loans M&A 2012 Bank Name Bonds Equity Loans M&A 1 - = JP Morgan $ % 9.8% = Deutsche Bank AG $ % 6.9% = Bank of America Merrill Lynch % 9.4% = JP Morgan % 6.3% Citi % 6.7% HSBC Holdings PLC % 4.5% Morgan Stanley % 6.0% BNP Paribas SA % 4.0% Credit Suisse 573-7% 5.8% UBS 174-3% 3.9% Goldman Sachs & Co % 5.7% Citi % 3.8% Barclays % 5.1% = Bank of America Merrill Lynch % 3.8% Wells Fargo & Co % 4.8% Goldman Sachs & Co % 3.8% Deutsche Bank AG % 4.3% Credit Suisse % 3.7% RBC Capital Markets % 4.0% Morgan Stanley % 3.7% UBS % 2.7% Barclays % 3.6% BMO Capital Markets % 2.2% RBS 142-9% 3.2% = RBS % 1.9% Societe Generale % 2.8% Jefferies & Co Inc % 1.8% = Credit Agricole CIB % 2.2% TD Securities Inc % 1.5% = UniCredit 94-19% 2.1% Scotiabank-Bank of Nova Scotia 130-1% 1.3% = Rothschild 92-7% 2.1% CIBC World Markets Inc % 1.0% RBC Capital Markets 76 25% 1.7% SunTrust Banks 95 31% 1.0% Nomura 72 2% 1.6% Lazard 94 86% 0.9% Lloyds Bank 62 77% 1.4% BNP Paribas SA 88-13% 0.9% Commerzbank AG 60 5% 1.4% 0.3 Americas Total $ 9,915-8% EMEA Total $ 4,436-22% Asia-Pacific Investment Banking: Top Banks - First Quarter 2012 (US$m) Japan Investment Banking: Top Banks - First Quarter 2012 (US$m) Rank Fees Share Product Mix Rank Fees Share Product Mix 2012 Bank Name Bonds Equity Loans M&A 2012 Bank Name Bonds Equity Loans M&A 1 - = UBS $ % 5.3% Mizuho Financial Group $ 198 5% 19.3% JP Morgan % 4.6% Sumitomo Mitsui Finl Grp Inc % 19.3% Goldman Sachs & Co 95-21% 4.3% Nomura % 13.2% HSBC Holdings PLC 80 74% 3.7% Morgan Stanley 88-14% 8.6% Deutsche Bank AG 73-22% 3.3% Mitsubishi UFJ Financial Group 84 12% 8.2% Citi 69 14% 3.2% Daiwa Securities Group Inc 50-53% 4.9% Bank of America Merrill Lynch 64 1% 3.0% Goldman Sachs & Co 37 9% 3.6% Guosen Securities Co Ltd 64-31% 2.9% Deutsche Bank AG % 2.0% Macquarie Group 60-22% 2.8% Bank of America Merrill Lynch 20-81% 2.0% Morgan Stanley 56-20% 2.6% JP Morgan 19 39% 1.9% Standard Chartered PLC 55 40% 2.5% Barclays % 1.8% CITIC 50 65% 2.3% Citi 15-15% 1.4% Credit Suisse 49-42% 2.2% = Sumitomo Mitsui Trust Holdings 12 5% 1.2% China International Capital Co % 1.8% Development Bank of Japan Inc % 1.0% Haitong Securities Co Ltd 32-13% 1.4% UBS 9-25% 0.9% Bank of China Ltd 31-11% 1.4% GCA Savvian Group Corp 7 46% 0.7% Barclays 30-48% 1.4% Tokai Tokyo Financial Holdings 6 232% 0.5% Everbright Securities Co Ltd 30 30% 1.4% n/a Greenhill & Co, LLC 5-0.5% ANZ Banking Group 28 4% 1.3% RBS 5 152% 0.5% Axis Bank Ltd 28-12% 1.3% TD Securities Inc 4 116% 0.4% 0.2 Asia-Pacific Total $ 2,181-24% Japan Total $ 1,025-12% Source: Thomson Reuters Deals Business Intelligence

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