By Michael Shari
|BMO Capital Markets
|Banco de Galicia y Buenos Aires
|Banco de Chile
|Espírito Santo Investment Bank
|China International Capital Corp
|BDO Capital & Investment
|Grand Cathay Securities
|Siam Commercial Bank
|Gulf International Bank
|Qatar National Bank
|Standard Bank Angola
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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 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).
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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’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.
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.
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.
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 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.
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.
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.
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.
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.
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.