With a total deal volume of $255.9 billion, 2007 was a record year for equity capital markets in Asia ex-Japan, up 65% from 2006 even though the year lacked a record-breaking transaction like Industrial and Commercial Bank of China's $21.9 billion IPO to boost the numbers. The 2007 volume also significantly exceeded the $166.2 billion worth of transactions in 2009, which thanks to a strong recovery in the final quarter ended up being the second busiest year on record. Excluding A-shares, the ECM volume in 2007 reached $177.8 billion, compared with $131.8 billion last year.Helping to drive the volume in 2007 was the fact that a rallying secondary market pushed up valuations and resulted in significant size increases for individual deals between mandate and launch. Hong Kong saw 10 IPOs greater than $1 billion and in India there were at least eight IPOs or follow-ons above $400 million - a definite step-up for that country. Notable deals included Alibaba.com's $1.7 billion IPO; China Citic Bank's $5.9 billion dual listing; China Railway Group's $5.85 billion near simultaneous A- and H-share listing; ICICI's $4.9 billion combined domestic and ADR follow-on; and an $875 million convertible bond for Tata Steel.Top 10 investment banks by fees:
Rank
Bank
Net revenue ($ million)
1
UBS
512
2
Morgan Stanley
396
3
J.P. Morgan
347
4
Citi
339
5
Goldman Sachs
319
6
Bank of America Merrill Lynch
318
7
Deutsche Bank
246
8
Credit Suisse
245
9
HSBC
169
10
Bank of China
154
Top 10 investment banks by deal types:
Equity capital markets
Debt capital markets
M&A advisory
Goldman Sachs ($17.3 billion)
Deutsche Bank ($5.9 billion)
J.P. Morgan ($61.2 billion)
UBS ($17.3 billion)
Citi ($5.1 billion)
Goldman Sachs ($51 billion)
Morgan Stanley ($16.8 billion)
UBS ($4.2 billion)
UBS ($48.8 billion)
J.P. Morgan ($14.4 billion)
Bank of America Merrill Lynch ($3.9 billion)
Citi ($39.5 billion)
Citi ($13.4 billion)
J.P. Morgan ($3.9 billion)
CIMB Group ($38.2 billion)
Bank of America Merrill Lynch ($11.5 billion)
HSBC ($2.8 billion)
Morgan Stanley ($37.6 billion)
Credit Suisse ($9.9 billion)
Barclays Capital ($2.3 billion)
Credit Suisse ($36.5 billion)
Deutsche Bank ($7.3 billion)
Morgan Stanley ($1.99 billion)
RBS ($27.5 billion)
Nomura ($4.3 billion)
Daiwa Capital Markets ($1.9 billion)
HSBC ($24.5 billion)
Bank of China ($4.2 billion)
Credit Suisse ($1.3 billion)
Deutsche Bank ($23.5 billion)
Note: Historical deals and revenue from banks that merged before May 2010 are included with the current parent.
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