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:
|
Rank |
Equity capital markets |
Debt capital markets |
M&A advisory |
|
1 |
Goldman Sachs ($17.3 billion) |
Deutsche Bank ($5.9 billion) |
J.P. Morgan ($61.2 billion) |
|
2 |
UBS ($17.3 billion) |
Citi ($5.1 billion) |
Goldman Sachs ($51 billion) |
|
3 |
Morgan Stanley ($16.8 billion) |
UBS ($4.2 billion) |
UBS ($48.8 billion) |
|
4 |
J.P. Morgan ($14.4 billion) |
Bank of America Merrill Lynch ($3.9 billion) |
Citi ($39.5 billion) |
|
5 |
Citi ($13.4 billion) |
J.P. Morgan ($3.9 billion) |
CIMB Group ($38.2 billion) |
|
6 |
Bank of America Merrill Lynch ($11.5 billion) |
HSBC ($2.8 billion) |
Morgan Stanley ($37.6 billion) |
|
7 |
Credit Suisse ($9.9 billion) |
Barclays Capital ($2.3 billion) |
Credit Suisse ($36.5 billion) |
|
8 |
Deutsche Bank ($7.3 billion) |
Morgan Stanley ($1.99 billion) |
RBS ($27.5 billion) |
|
9 |
Nomura ($4.3 billion) |
Daiwa Capital Markets ($1.9 billion) |
HSBC ($24.5 billion) |
|
10 |
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.
