Investment Banking services -- M&A advisory, ECM and DCM underwriting and Syndicated Lending -- generated $79.9 billion in fees during full year 2013, a 3% increase compared to full year 2012 and the strongest annual period for fees since the financial crisis.
Other highlights include:
- Global CAPITAL RAISING by corporations and municipalities totaled $10.9 trillion during full year 2013, a 9% increase compared to full year 2012 and the strongest annual period for capital markets issuance, municipal bonds and syndicated loans since prior to the financial crisis
- INVESTMENT GRADE CORPORATE DEBT issuers in the United States raised over $1 trillion for the second consecutive year in 2013, the best annual period on record. A record-breaking $49 billion offering from Verizon Communications pushed proceeds over $1 trillion as number of issues fell 12% over 2012
- Worldwide MERGER activity totaled $2.4 trillion during full year 2013, a 6% decline compared to full year 2012. As a percentage of global gross domestic product (GDP), the value of announced mergers accounts for 3.3%, the smallest percentage of global GDP since 1995 when deal making accounted for 3.1%
- Since 1993, the correlation between quarterly announced worldwide MERGER & ACQUISITION activity and the S&P 500 Index stands at .80. Prior to the financial crisis in 2008, the correlation between global deal making and the S&P 500 was .87 and since 2008 stands at just .39
- Global INITIAL PUBLIC OFFERINGS totaled $165 billion during full year 2013, a 40% increase compared to 2012. Dollars raised by listings in the United States, which have accounted for 36% of global proceeds over the last two years, registered the strongest year since 2000
- EUROPEAN M&A activity reached $552 billion during full year 2013, a 30% decline compared to a year ago and the slowest year for deal making in the region in a decade. European targets accounted for just 23% of worldwide announced M&A during 2013, the lowest percentage since 1988
- The collective share of global Investment Banking fees among the TOP FIVE BANKS -- JP Morgan, Bank of America Merrill Lynch, Goldman Sachs, Morgan Stanley and Citi -- hit 32% during full year 2013, the highest percentage for these firms since 2009
- Worldwide M&A advisory fees reached $19.1 billion during full year 2013, a 12% decline compared to 2012. BOUTIQUE AND INDEPENDENT advisory firms took in 30% of completed M&A fees during 2013, the highest percentage for the combined group since fee records began in 2000
- With market-leading positions in global initial public offerings, follow-on offerings and convertible bonds, Goldman Sachs captured 11.4% of overall global EQUITY CAPITAL MARKETS activity during full year 2013 for the firm’s third consecutive first-place finish and strongest share of the market in a decade
- Global Investment Banking fees totaled $79.8 billion in 2013, up 3% compared to 2012. Within the top 10 firms, just UBS, Credit Suisse and Barclays saw declining market share this year. Since 2000, the top SWISS BANKS have seen a marked decline in share across M&A and Capital Markets activity
THE YEAR IN INVESTMENT BANKING: 2013
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