World’s Best Investment Banks 2024—Global Winners By Sector

The computer and electronics sector remained the largest in terms of IPO proceeds throughout 2023. The industry maintained its top rank from 2022 and 2021, according to Dealogic data.

In total, it raised $34.4 billion—$5.6 billion less than 2022 and a whopping $57.6 billion less than 2021.

The sector also produced the largest IPO of the year—Arm’s $5.2 billion public debut in September.

After technology, healthcare ($10.7 billion) and finance ($9.6 billion) came in second and third place, respectively, for most IPO proceeds. Thus, the market remained somewhat resilient.

Such is the case of currency fluctuations. A stronger-than-expected US economy pushed the dollar higher against the weakening euro and pound. The war in the Middle East also hurt the price of Europe’s imported energy. And companies and governments continued to scramble for alternatives to Russia’s and Ukraine’s lowering commodity exports.

In terms of M&A, 2023 saw deal volumes increase in aerospace and defense, as well as mining and metals, power and utilities, pharma, industrial manufacturing, automotive, and technology compared to 2022.

Dealmakers remain cautiously optimistic for an IPO recovery in 2024 as the macro landscape stabilizes, according to Pricewaterhouse Coopers.

IPO windows “are tight,” but fortune favors the ready, the firm said in a year-end analysis.

“As always, being prepared to take advantage of these tight windows will be key for prospective issuers,” the report stated.

Investment bankers would be wise planning for optionality (i.e., dual track processes that include M&A). Alternative funding mechanisms (hybrid and convertible instruments) are expected to continue to gain traction during 2024. —AN

Best for Financial Institutions | UBS

The failure of pivotal institutions including Credit Suisse and Silicon Valley Bank made 2023 a tumultuous year for the banking world. In the face of that challenging environment, UBS played a key role in stabilizing global investments and guiding them through the complex deals and strategies that tamed the crisis. 

The Swiss-based giant completed several transactions across different parts of the financial industry and several geographies. Among the biggest, it acted as sole financial advisor to ASR Nederland N.V. on its business combination in July with Aegon Nederland, arranging and managing the financing package to support the transaction. UBS served as financial advisor and lead joint arranger on the $9.4 billion majority-stake buyout of Worldpay by GTCR in July. And in June, it acted as its own advisor on its historic $3.2 billion takeover of Credit Suisse.  —TM

Industrial Chemicals | Bradesco BBI

In a challenging year for the global industrials and chemicals sector ithanks to subpar Chinese growth and lower deal volumes in the US, Bradesco BBI used its best-in-breed market positioning to keep the industry moving forward. The Brazilian giant took advantage of high commodity prices and a slew of fixed-income offerings in its home country to participate in several cornerstone offerings and acquisitions. On the industrial front, it issued several major private debt offerings, such as the issue of $140 million in financial notes for Mercedes Benz and a similar, $150 million offering by John Deere. Bradesco also acted as global coordinator for Brazilian aluminum company CBA for its $200 million follow-on offering. Two years earlier, the bank had been the global coordinator for CBA’s $400 million initial public offering on the Bolsa do Brasil. —TM

Infrastructure & Project Finance | Standard Chartered

Standard Chartered’s diversified approach to investment banking and wide geographic penetration continued to pay off big time in 2023. Amid a pivotal year for infrastructure finance, the UK-based powerhouse was able to participate simultaneously in high-end new technology deals and in infrastructure development for low-income countries. 

Among its headline deals was a $1.3 billion debt offering with the European Bank for Reconstruction and Development (EBRD) and ACWA Power for the building of Central Asia’s largest wind farm, in Uzbekistan. In December, Standard Chartered advised Saudi Aramco in its announced acquisition of a 40% stake in Gas and Oil Pakistan. Earlier, it coordinated a $1.46 billion Export Credit Agency-backed financing for Tanzania’s Standard Gauge Railway and secured a $313 million social loan for Ghana’s Eastern Corridor development, linking southern seaports to landlocked neighbors in the north. —TM

Metals & Mining | BMO Capital Group

Amidst a difficult environment for global mergers and acquisition activity, BMO Capital Group used its best-in-breed expertise and unique industry positioning to retain its rank as the top global advisor on metals and mining deals. Chalking up a total volume of 14 transactions valued at $28 billion, the Montreal -based bank bested runner-up Goldman Sachs for the tenth year in a row. 

One of BMO’s most important transactions in of the year was Newmont’s $19.2 billion acquisition of Newcrest Mining, the largest M&A deal ever recorded in the precious metals sector. It also advised Teck Resources’ independent Special Committee during the sale of its steelmaking coal business to a consortium of buyers for $8.9 billion, the majority stake going to Glencore and a minority stake to Nippon Steel Corporation, an existing offtake partner. —TM

Power & Energy | Bradesco BBI

While global warming and the war in Ukraine climate challenges precipitated global energy supply chain disruptions last year, Brazil’s thriving renewable energy matrix helped the region’s activity remain more resilient than average. That pushed renewable energy dealmaking in the country to a hefty $1.9 billion, helping Latin America’s energy industry post a very positive year. Against this backdrop, our best bank in the power & energy sector, Bradesco BBI, helped its clients position themselves to take advantage of the industry’s changing trends. 

Among Bradesco’s headline deals was a $800 million preferred note issuance for agribusiness, fuel, and natural gas giant Cosan. This offering was followed by another $110 fixed-income issue for Cosan in June. Another high-profile deal for Bradesco was its $250 million acquisition finance funding for oil distributor Atem. —TM  

Sports Finance | Goldman Sachs

Goldman Sachs leveraged its best-in-breed global business penetration to manage a series of headline sports finance deals in a year when team acquisitions and M&A transformed the landscape of global sports, especially in the US—. Along the way, the firm launched it’s a dedicated sports franchise unit that combined its sports M&A and sports financing operations. 

Goldman ended the year with more than $25 billion in sports-related deals under its belt, representing a44% share of the total market by deal value, according to Bloomberg. Among its attention-getting deals was the $4 billion sale of the Phoenix Suns to billionaire Mat Ishbia, for which it was key advisor. Goldman was also a leading participant in the highly anticipated $21.4 billion merger between Ultimate Fighting Championship and World Wrestling Entertainment in September to form TKO Group.  —TM

Technology, Media, Telecom; Healthcare | Morgan Stanley

Both of these sectors are transforming rapidly, with M&A activity a driving force for organizational growth. While dealmaking was muted overall last year, Morgan Stanley participated in several of the most sizable transactions. In technology, it advised cybersecurity firm Splunk on its $28 billion sale to Cisco, and software developer Qualtrics on its $12.5 billion sale to Silver Lake Partners and the Canada Pension Plan Investment Board.  Media advisory deals included NBC/Comcast on the $8.6 billion sale of its one-third stake in Hulu to Disney and Lionsgate on its $2.6 billion sale to Screaming Eagle Acquisition Corporation. In telecom, Morgan advised KKR on its $20 billion acquisition of Telecom Italia’s land-line business, and Searchlight Capital Partners on its $3 billion acquisition with British Colombia Investment Management Corporation of fiber provider Consolidated Communications. Additionally, the firm advised Bain Capital on its $3 billion buy of Asia Pacific data center provider, Chindata.

Morgan Stanley posted solid healthcare M&A activity in 2023, performance it expects to continue as companies look to expand into new markets and rapidly adopt new advanced medical treatments. Illustrating the dynamic is NextGen Healthcare, a leading provider of cloud-based healthcare technology solutions, which Morgan advised on its sale to Thoma Bravo for $1.8 billion. In biopharma, Morgan advised Abbvie on its $10 billion acquisition of ImmunoGen. —DS

Global Winners By Sector
Best for Financial Institutions UBS
Best for Industrials/Chemicals Bradesco BBI
Best for Infrastructure & Project Finance Standard Chartered
Best for Metals & Mining BMO
Best for Power & Energy Bradesco BBI
Best for Sports Finance Goldman Sachs
Best for Technology, Media, Telecom; Health Care Morgan Stanley

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