Best Investment Banks 2013: Sector Winners


By Michael Shari

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




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.



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.


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.



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.


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.


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.


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.


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.


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.


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.


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.


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.

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