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 |
SECTOR WINNERS
CONSUMER
Citi
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.
FINANCIAL INSTITUTIONS
Citi
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.
HEALTHCARE
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.
INDUSTRIALS/CHEMICALS
Jefferies
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.
INFRASTRUCTURE
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.
MEDIA/ENTERTAINMENT
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.
METALS & MINING
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.
OIL & GAS
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.
POWER
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.
REAL ESTATE
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.
TECHNOLOGY
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.
TELECOMS
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.
Sources
