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A Sector In Transition [Global Finance](Global Finance Via Acquire Media NewsEdge) Global investment banks spent the past year adjusting to the new reality of highly regulated markets and below-historical rates of return. Last year was one of evolution for the worlds investment banks. Having survived a Darwinian struggle for share of dramatically diminished capital markets, they found salvation in the most precious commodity in their industry - loyal clients. "It was a transitional year when the crisis had ended but things had not fully recovered yet," says Tom Alonso, head of US banks research at Macquarie Securities in NewYork."Now, hopefully, we start to return to a more normalized market." As financial regulators from Washington to Basel to Tokyo imposed increasingly stringent rules to stave off another financial crisis, the banks that ended 2012 on top are those that made plans early and acted upon those long-term plans. According to securities analysts, those banks are now the best positioned to perform for their clients in a year that is widely expected to have some of the most dismal investment returns since the crisis. In debt capital markets, banks that had strong balance sheets had a huge advantage as interest rates fell so low that it was cheaper to borrow than to raise capital on the stock market. In mergers and acquisitions, those firms that were known for their skills in cobbling together deals under the most trying of circumstances were in their element. The banks that did excel in equity capital markets last year were those that showed entrepreneurial determination, proving it was possible to grow the equity side of their business despite clients' mad rush to issue bonds - and investors' insatiable thirst for yield. DEALS OF THE YEAR Best Equity Deal: US Treasury/American International Group (AIG) $20.7 billion follow-on offering, September 2012. Bookrunners: Citi, Deutsche Bank, Goldman Sachs, J. P. Morgan, Bank of America Merrill Lynch, Barclays, Morgan Stanley, RBC Capital Markets, UBS, Wells Fargo Securities, Credit Suisse Best Debt Deal: Italy's Ministero dell'Economia e delle Finanze euro18 billion four-year inflation-linked BTP Italia bonds, October 2012. Bookrunners/Lead Managers: Monte dei Paschi, UniCredit Best M&A Deal: Rosneftegaz's $54.5 billion acquisition of TNK-BP from AAR and BP, October 2012. Advising Target: Rothschild, Evercore Partners, UBS, Goldman Sachs, Morgan Stanley Advising Acquirer: Barclays, Citi, VTB Capital, Bank of America Merrill Lynch, Deutsche Bank GLOBAL WINNERS BEST INVESTMENT BANK J.R Morgan In a year of transition from survival to recovery, J.R Morgan grew market share across the board thanks to a loyal client base, a longterm strategy to embrace regulatory reform, a legendary corporate lending legacy, and the integration of equity underwriting talent from the acquisition of Bear Stearns in 2008. J.R Morgan raised more money in bonds than any other bank in the world- $465 billion for its clients in 2,164 deals, according to Dealogic. And it raked in $5.6 billion in investment banking fees last year- more than any other bank, according to Thomson Reuters. BEST IN EMERGING MARKETS Bank of America Merrill Lynch Bank of America Merrill Lynch was early to embrace reform in the wake of the financial crisis. Tapping Merrill's vast retail client base to place equity issues, it commands the global scale to thrive in emerging markets that accounted for 39% of all IPOs last year. Rising to first place in M&A advisory in emerging markets by deal value, the bank advised on 60 deals that were valued at $167.08 billion and represented a 26% market share. The bank underwrote 58 equity deals in emerging markets last year that raised $8.8 billion. BEST IN FRONTIER MARKETS Qatar National Bank Qatar National Bank has built a global franchise that focuses on frontier markets in the Middle East, South Asia, Southeast Asia and Africa. The bank rose to first place in frontier equity markets last year, raising $848.6 million in a single deal that claimed a 32% market share. QNB raised another $1 .05 billion in five bond deals with a 2.3% market share. And it advised clients on two M&A deals worth $2.66 billion, claiming a 4.8% market share. This year QNB is set to expand further following its acquisition of a 60% stake in EFG Hermes, an Egyptian investment bank. BEST EQUITY BANK Morgan Stanley Morgan Stanley underwrote more IPOs than any other investment bank last year, raising $10.5 billion in 60 deals worldwide. To its credit, the bank persuaded its clients to go public rather than borrow at current low interest rates. It earned $969 million in equity underwriting fees- more than any investment bank except J.R Morgan. In a testament to the loyalty of its clients, Morgan Stanley is still regarded as the go-to bank for tech companies even though its $16 billion Facebook IPO fell nearly 30% last year. BEST DEBT BANK Bank of America Merrill Lynch In a year when low rates made lending easy, Bank of America Merrill Lynch still accepted the challenge of leading several of the world's most complicated bond deals. But BofA Merrill also played it safe, focusing on high-grade corporations in European countries outside of the troubled eurozone, such as the UK and Finland. The legacy BofA lending business is seen to have led the bank's charge into the debt markets. Last year, BofA Merrill underwrote $1 13.08 billion in 566 U.S. investment-grade corporate bond issuances- a larger number of deals than any bank, even JPMorgan, according to Deaiogic. BEST M&A BANK Goldman Sachs Goldman Sachs' M&A advisory team is renowned for its unmatched talent for assembling sophisticated, cross-border M&A deals. Clients value the bank's ability to negotiate in countries previously thought to have been closed to foreign investors. As a result, Goldman ranked in first place in the global M&A market last year, advising clients on 418 deals that were valued $645 billion and represented a 23.6% market share. In the most complex deal of 201 2, Goldman and four other banks advised AAR Consortium of Russia and BP of the UK on their $54.5 billion sale of TNK-BP to Rosneftegaz in October. BEST UP-AND-COMER BMP Capital Markets Virtually unknown outside of its native Canada until a couple of years ago, BMO Capital Markets today is a leading investment bank with 2,300 employees in 29 offices. It's also a force to be reckoned with in metals and mining, where it puts its balance sheet at risk to make sure deals get done. Last year BMO tempted mining companies back into the equity market even though mining stocks now trade below metals prices. Last October, BMO led a syndicate of banks that raised $341 .2 million in a "bought deal" in which they acquired equity in gold mining company Torex Gold and sold it to investors. MOST CREATIVE Daiwa Securities Daiwa Securities is credited for a highly creative IPO that stimulated a modest rise in Japan's stock market late last year after more than two decades of stagnation. In September, Daiwa Securities was sole global coordinator for the re-listing of Japan Airlines, which raised $8.5 billion in an IPO- the world's second largest after Facebook. JAL had been bankrupt and delisted before Daiwa dusted it off and brought it back to the Tokyo Stock Exchange. Demonstrating Daiwa's global reach, the world's fourth -largest equity offering of the year was six times oversubscribed by international investors. DEALS OF THE YEAR BEST EQUITY DEAL US Treasury/American International Group $20.7 billion follow-on offering, September 2012 Bookrunners: Citi, Deutsche Bank, Goldman Sachs, J. P. Morgan, Bank of America Meni Lynch, Barclays, Morgan Stanley RBC Capitel Markets, UBS, Wete Fargo Securities, Credit Suisse. The sale last September of US Treasury stock from its 2008 bailout of AIG marked the biggest follow-on equity deal in American history, according to Thomson Reuters. Until then, the record was held by the Treasury's sale of $19.3 billion in Bank of America stock in 2009. BEST DEBT DEAL Italy's Ministero dell'Economia e delle Finanze's euro18 billion four-year inflationlinked BTP Italia bonds, October 2012 Bookrunners/Lead Managers: Monte dei Paschi, UniCredit. In one of the Mediterranean nations often blamed for Europe's debt crisis, Italy's Ministry of Economy and Finance raised euro1 8 billion ($23.62 billion) in bonds in a single deal last October. Because most of the bonds were bought in small portions by retail investors, the deal was greeted as a sign of confidence in Italy's credit-worthiness. BEST M&A DEAL Rosneftegaz's $54.5 billion acquisition of TNK-BP from AAR and BR October 2012 Advising Target Rothschild, Evercore Partners, UBS, Goldman Sachs, Morgan Stanley. Advising Acquirer Barclays, Citi, VTB Capital, Bank of America Menili Lynch, Deutsche Bank. In the biggest petroleum deal since the merger of Exxon and Mobil Oil in 1 998, Barclays served as lead adviser to Rosneftegaz on the $54.5 billion acquisition of TNK-BP. The intricate transaction was designed to give the British oil company a 1 9.8% stake in Rosneftand help Moscow open a strategic industry to foreign investors. SECTOR WINNERS CONSUMER Citi True to its brand as lender of choice for consumer-oriented companies, Citi raised $5.4 billion for them in 18 bond deals last year- a 1 2,5% 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 $1 1 .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 1 7 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 201 2. 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 1 1 equity deals for a 1 3.5% 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 BMP 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 1 5 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 tt\e sector than any bank except J.R 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.R Morgan J.R Morgan raised $2.5 billion in 1 4 equity deals for telecom companies last year- more than five times what it raised in just four deals in 201 1 . Now J.R Morgan is reportedly advising Qatar Telecom on negotiations to acquire a 53% stake in Maroc Telecom of Morocco from Vivendi of France. BEST LEGAL ADVISERS GLOBAL Skadden Arps Slate Meagher & Flom Skadden Arps Slate Meagher & Flom rose to first place as a legal adviser on M&A deals that had a greater combined value - $379.5 billion - than any other law firm in the world last year. It worked on 252 deals representing 13% of the global M&A market. NORTH AMERICA Cleary Gottlieb Steen & Hamilton Cleary Gottlieb Steen & Hamilton advised a small army of investment banks on four separate equity follow-on issues by AIG that raised a total of $38.2 billion dollars last year. LATIN AMERICA Skadden Arps Slate Meagher &Flom Skadden Arps Slate Meagher & Flom defended its top position in Latin America's M&A market last year as a legal adviser in 1 5 deals valued at $36.4 billion, representing a 21% market share. WESTERN EUROPE Freshfields Freshfields is number one in Western Europe's M&A market, advising on 1 45 deals valued at $1 68.6 billion last year. It advised Porsche on the sale of 50.1 % of its equity to Volkswagen of Germany. CEE Cleary Gottlieb Steen & Hamilton Cleary Gottlieb Steen & Hamilton advised TNK-BP on its groundbreaking sale of a 50% equity stake to Rosneftegaz last October. It also advised on seven large M&A deals valued at $64.2 billion and made up a 35.8% market share last year. ASIA-PACIFIC Nagashima Ohno & Tsunematsu Nagashima Ohno & Tsunematsu of Japan advised clients on 1 26 M&A deals in Asia valued at $52 billion with a 6.2% market share. It cleared legal hurdles for the IPO of formerly bankrupt Japan Airlines last September. MIDDLE EAST Freshfields Freshfields retained its number-one position in the Middle East M&A market, advising clients on 12 deals valued at $5.9 billion with an 11% market share last year. AFRICA Clifford Chance Clifford Chance advised clients on 10 M&A deals valued at $4.1 billion in Africa last year, ranking second on the continent. In a $2.6 billion deal in North Africa in December, the firm advised Qatar National Bank on its acquisition of National Société Générale Bank of Egypt. REGIONAL WINNERS NORTH AMERICA BEST INVESTMENT BANK J. P. Morgan With 3,000 corporate clients on both sides of the US-Canadian border, J.P. Morgan grew its share of the North American bond market by more than half a percentage point, to 10.7%, last year. It raised $284.8 billion in 1 ,362 deals last year, according to Dealogic. BEST EQUITY BANK Morgan Stanley Known for its top-notch equity research and salesmanship, Morgan Stanley raised $25.9 billion in 1 61 equity deals in North America last year, up one-quarter from $20.5 billion from 1 47 deals in 201 1 . BEST DEBT BANK J.P. Morgan J.P. Morgan reigns supreme over North America's debt capital markets. The bank underwrote a $14.7 billion bond for U.S. pharmaceutical company AbbVie and a $9.8 billion bond for auto parts maker United Technologies. BEST M&A BANK Goldman Sachs Backed by one of the largest M&A teams on Wall Street, Goldman Sachs remained in first place among its North American peers last year. Goldman advised clients on 221 deals that were valued at $357.9 billion and represented a 25.7% market share. LATIN AMERICA BEST INVESTMENT BANK Itaú BBA Itaú BBA can now clearly be called a multinational bank. By Itaú's count, it underwrote 1 7% of LatAm public equity deals last year, and worked on M8A deals valued at $18.3 billion. BEST EQUITY BANK Santander Banco Santander of Spain has reassured investors that having more than half of its business in Latin America offsets its exposure to the troubled eurozone. Last September, it raised $4.1 billion by taking its Mexican subsidiary, Santander Mexico, public in the world's third-largest IPO. BEST DEBT BANK Itaú BBA Brazil-based Itaú BBA underwrote more bond deals than any other Latin American bank- 123 deals with a 20% market sharelast year. Itaú's largest deal was a $7 billion bond issued in four tranches at different prices for Brazilian oil company Petrobras International Finance. BEST M&A BANK BTG Pactual BTG Pactual, a Brazilian investment bank, advised its clients on 83 mergers and acquisitions valued at $27.3 billion with a 15.7% share of Latin America's M&A market lat year. In May last year, BTG Pactual advised biofuel producer Cosan SA Industria e Comercio on the $1 .8 billion acquisition of natural gas utility Comgás. WESTERN EUROPE BEST INVESTMENT BANK Deutsche Bank With a solid balance sheet and a mid-term strategy that has reassured clients that Deutsche Bank will not exit investment banking, the German lender has secured the loyalty of clients despite its deep exposure to the eurozone. Last year it earned $1 .1 billion in investment banking fees in Europe, more than any other bank. BEST EQUITY BANK UBS Slammed in the mortgage crisis of 2007, UBS was forced to restructure as part of a Swiss government bailout under draconian new capital requirements. The bank could hardly have been better prepared to focus on Europe's equity markets, where it raised $7.9 billion in 44 equity deals last year. BEST DEBT BANK Deutsche Bank The confidence of Deutsche Bank's clients in its balance sheet secured first place for Deutsche in Western Europe's bond market, where it raised $1 19.9 billion for them in 536 debt deals last year. In its largest bond deal of 2012, the bank led a $7.7 billion issue for the British government last April. BEST M&A BANK Lazard Lazard, long known for its strength in mergers and acquisitions, advised clients on 135 deals last year that had a value of $131.83 billion and made up a 14.9% market share. In its biggest deal, Lazard advised Xstrata on its proposed sale to Glencore International in a deal valued at $77 billion. The deal is still awaiting regulatory approval. NORDIC BEST INVESTMENT BANK Danske Bank Last year Danske Bank maintained client confidence with a strategic plan to meet new, stringent European Union capital requirements by the end of 2013. It made more money for its clients on the stock market than any other Nordic institution, raising $773 million in three equity deals that had a 5.4% regional market share. BEST EQUITY BANK Goldman Sachs Last September, Goldman Sachs streamlined its Northern European investment banking business in a manner that helped raise more money in Nordic equity deals than any other investment bank last year. It raised $4.1 billion in six deals with a 28.8% market share. BEST DEBT BANK Nordea Markets Copenhagen-based Nordea Markets underwrote more public debt than any other investment bank in the Nordic region last year, raising $20 billion in 229 bond deals, according to Dealogic. In one major transaciton, it refinanced $1 .6 billion in three-year loans for Swedish mobile phone company Hi3G Access. BEST M&A BANK Deutsche Bank Deutsche Bank has focused on building up its Scandinavian M&A business for a couple of years. In the region's biggest M&A deal last year, Deutsche advised Actavis Group of Iceland on its acquisition by global pharmaceutical company Watson Pharmaceuticals from Novator Eignarhaldsfélag for $5.3 billion last April. CENTRAL & EASTERN EUROPE BEST INVESTMENT BANK VTB Capital Arguably Russia's most aggressive investment bank, VTB Capital more than quadrupled the value of its M&A deals in Russia and its neighbors from $1 4.9 billion in 201 1 to $70.7 billion last year. VTB issued the first Russian eurobond that it claims would qualify as Tier 1 capital under Basel II rules. BEST EQUITY BANK Citi Citi raised more money for its clients in the region's equity markets than any other bank last year. In just five deals that made up a 21.6% market share, Citi raised $3.9 billion in equity. In the biggest of these, Citi was a bookrunner in the $1.8 billion initial public offering of Russian telecom company MegaFon. BEST DEBT BANK Gazprombank Founded in 1 990 by Russian gas exporter Gazprom, Gazprombank invests In a range of industries from nuclear power to real estate in Eastern Europe. Last year Gazprombank was a bookrunner in 51 deals that raised $8.3 billion. BEST M&A BANK Deutsche Bank Deutsche Bank ranked in first place in MSA the region with a 43% market share last year. Deutsche advised its clients on 19 transactions with a total value of $77.8 billion. Last June, Deutsche advised Sberbank of Russia on its $3.8 billion acquisition of a 99% stake in DenizBank of Turkey. ASIA-PACIFIC BEST INVESTMENT BANK Nomura Proving that it has fully assimilated Lehman Brothers' Asian and European operations, which it acquired in 2008, Nomura underwrote 345 bond issues last year, up from just 317 in 201 1 . Relying on a huge retail client base to place new issues, Nomura underwrote 53 equity deals last year, three more than in 201 1 . BEST EQUITY BANK CITIC Securities CITIC Securities underwrote 29 equity deals that raised $6.1 billion for its clients -about 50% more than in 2011 -and claimed a 5.9% market share in Asia. The largest of these equity deals raised $3.7 billion in a follow-on issue for Bank of Communications in April. BEST DEBT BANK Mizuho Mizuho retained first place in the region's bond markets last year by raising $89.8 billion in 451 bond issues mainly for investment-grade corporations. The Japanese investment bank served as bookrunner of a $675 million bond issued by Sony and $1 .03 billion in three separate bonds issued by Marubeni Corp. BEST M&A BANK Citi In a sign that Citi has finally completed its internal restructuring, it claimed first place in the region's M&A market last year. It advised clients on 81 deals valued at $138.5 billion. That was a 16.6% market share- double Citi's market share in 2012. MIDDLE EAST BEST INVESTMENT BANK Samba Capital Based in Riyadh, Saudi Arabia, Samba Capital was active in a region shell-shocked by political strife. Samba advised its clients on two M&A deals valued at $728 million with a 1 9% market share. It also raised $509 million in two Saudi equity deals that made up a 10.5% regional market share. BEST EQUITY BANK Banque Saudi Fransi Banque Saudi Fransi is 31 % owned by Credit Agricole Corporate and Investment Bank of France and is rated "A" by Standard & Poor's. That background of relative stability helped BSF raise $1 billion for its clients in the Middle East's equity capital markets last year- more than any other investment bank. BEST DEBT BANK HSBC Thanks to a British colonial legacy that gives HSBC an air of stability-and a reputation for not opportunistically raising fees in times of political or financial crisis- HSBC raised more money for its clients in bonds in the region than any other bank last year. In total HSBC raised $11.6 billion in 101 bond deals, garnering a 13.6% market share. BEST M&A BANK Goldman Sachs Goldman had more M&A deals in the Middle East than any other bank last year- 1 2 deals that were valued at $9.6 billion and represented a 1 7.7% market share, according to Dealogic. In the largest one, Goldman advised Mubadala Development Company of the United Arab Emirates on its $2 billion acquisition of a 5.6% stake in EBX Group of Brazil. AFRICA BEST INVESTMENT BANK Standard Chartered Playing to its British colonial legacy, Standard Chartered braved Africa's legal vagaries in raising $494 million in five equity deals in addition to $779 million in six bond issues in Africa last year. Its African bond business is growing thanks to an ambitious local-currency debt partnership with International Finance. BEST EQUITY BANK Rand Merchant Bank RMB of South Africa, raised $603.3 million in seven equity deals in Africa last year. That was a 13.5% market share, second only to Morgan Stanley in the region, according to Dealogic. It acquired a 75% stake in Merchant Bank Ghana for $1 7.3 million last August. BEST DEBT BANK Rand Merchant Bank RMB raised $1 .41 billion in 74 deals in Africa's debt capital markets last year, claiming an 8.5% market share, according to Dealogic. The investment bank ranked in third place after Barclays and Citi. BEST M&A BANK Société Générale Société Générale advised its clients on bigger M&A deals in Africa than any other bank last year, closing two deals valued at $5.7 billion and garnering an 1 1 .9% market share. In the larger of the two deals, SG advised France Telecom on its $3.3 billion acquisition of Orascom Telecom Media and Technology in Egypt last April. COUNTRY WINNERS NORTH AMERICA CANADA 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 1 22 bond deals. And it's the second-largest player in M&A, advising clients on 39 deals valued at $43.4 billion last year. US J.P. Morgan In a year when investors around the world sought shelter in high-grade US corporate debt, the go-to bank was J.R 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. LATIN AMERICA ARGENTINA 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 shareholders. 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. BRAZIL Itaú BBA 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 1 5.5% market share. In M&A, Itaú did 55 deals that were valued at $27.2 billion. CHILE Banco de Chile Banco de Chile's two investment banking divisions raised $787 million in seven local corporate bond issues last year, garnering 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. COLOMBIA Bancolombia 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. MEXICO 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.R 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. EUROPE AUSTRIA Erste Group Erste Group soaked up market share in equity and debt last year. In equity Erste rose to second place by raising $1 51 .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. BELGIUM Barclays In the process of building up its M&A business in Belgium last year, Barclays advised its clients on bigger deals than any other investment bank in the country. Its eight deals were valued at $43.4 billion, representing a whopping 69% market share in 201 2. FRANCE BNP Paribas 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 1 0 domestic equity deals. GERMANY Deutsche Bank 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. ITALY Mediobanca 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. NETHERLANDS Rabobank 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. POLAND J. P. Morgan 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. PORTUGAL Espirito Santo Investment Bank Espirito 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 1 9.9% market share, according to Dealogic. In M&A the bank advised clients on 15 deals valued at $12.6 billion. RUSSIA VTB Capital 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 1 8% 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. SPAIN BBVA 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 bookrunner in Fondo de Pago a Proveedores, a euro30 billion ($40.4 billion) fund for Spanish municipalities that involves 20 banks. SWEDEN SEB 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. SWITZERLAND Credit Suisse 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 1 8.3% market share, and second in M&A, with a 51 % market share. TURKEY Finanslnvest Last November, Finanslnvest ran Turkey's largest equity deal everthe 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. UNITED KINGDOM Barclays 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. ASIA-PACIFIC AUSTRALIA Macquarie Macquarie ranked in first place in Australia's M&A market last year, advising clients on 37 deals worth $1 7. 1 billion and claiming a 1 5.9% share, according to Dealogic. Macquarie advised Telstra on the $7.8 billion sale of its wholesale customer base and fixed-line concession to NBN. CHINA China International Capital Corp China International Capital Corp ran the largest IPO in Hong Kongand the fourth-largest IPO globally- last year. The innovativety structured 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). HONG KONG HSBC Last year HSBC raised more money in dim sum bonds (issued in Hong Kong in Chinese renminbi for multinationals that need the inconvertible currency) than any other bank- Rmb41 .3 billion ($6.6 billionand claimed a 27% market share, according to Thomson Reuters. INDIA Citi 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 billion, commanding a formidable 34.3% market share. It also raised $2.3 billion in 20 bond issues last year. INDONESIA Mandiri Sekuritas 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 $41 1 million for its clients in 14 bond issues last year, including a $310.3 million bond for télécoms company Indosat. JAPAN Nomura 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, KAZAKHSTAN Kazkommerts Securities In an economy that was growing at a furious rate of 1 05% a year at last count, Kazkommerts Securities is the only Kazakh investment bank that is active in the domestic public equity market. Kazkommertz raised $93 million in a single equity deal that had a 1 2% market share last year. MALAYSIA CIMB 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 bookrunner of the world's fifth-largest IPO, raising $3.3 billion for Felda Global Ventures, a Malaysian agribusiness corporation, last June. MONGOLIA Optima Capital 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 1 8% share of the market. PHILIPPINES 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. SINGAPORE DBS 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. SOUTH KOREA Daewoo Securities Daewoo Securities ranked fourth in South Korea's stock market 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. TAIWAN Grand Cathay Securities Grand Cathay Securities was a bookrunner of $1 .76 billion in bonds in Taiwan last year- $400 million more than in 201 1 -with a 9.5% market share. In equity, Cathay raised $766 million in 28 deals that made up a 9.9% market share. THAILAND Siam Commercial Bank Siam Commercial Bank raised $1 75 million for its clients in Thailand's bond market in 2012- more than twice the amount it raised in 201 1 -in 26 deals that represented a 9.1 % market share. The bank also grew market share in equity, raising $1 75 million in four deals that made up a 3,4% share. MIDDLE EAST BAHRAIN 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 billion 10-year sovereign bond for the Kingdom of Bahrain that was 400% oversubscribed, and it placed $5.39 billion in bonds in 201 2. EGYPT HSBC 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 Jefferies 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 $1 01 million in three deals. KUWAIT NBK Capital 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. LEBANON BankMed 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. OMAN BankMuscat Since taking over AI 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 $1 19 million. QATAR 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. SAUDI ARABIA Samba Capital 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. UAE Samba Capital 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. AFRICA ANGOLA 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. NIGERIA FBN Capital 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. SOUTH AFRICA Standard Bank Standard Bank raised $1 90 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. (c) 2013 Global Finance Media Inc. |