League Tables
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GLOBAL EQUITY CAPITAL MARKET LEAGUE TABLES 2014 2014 MANAGER RANKINGS GLOBAL EQUITY, EQUITY LINKED & RIGHTS CONTENTS Bloomberg’s global equity offerings database consists of nearly 87,000 deals (with approximately 43,000 IPOs and over 43,000 additional offerings), and coverage of more than 500 financial advisors 1. Global market review and 500 legal advisors. 2. U.S. market review 3. Canada market review LEAG<GO> for a full range of league tables 4. Latin America market review 5. EMEA market review NI LEAG CRL<GO> or www.bloomberg.com for a full range of market-specific league table publications 6. Asia market review 7. Table criteria IPO<GO> for Bloomberg’s equity offerings product Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data found on the Bloomberg Professional Service. DATA SUBMISSIONS AND QUERIES Contact Phone Email North America Elizabeth Entrup +1 212 617 3694 [email protected] Irina Arefyeva +1 212 617 7377 [email protected] EMEA Karan Aswani +44 20 3525 4331 [email protected] Asia Pacific Felishya Yusa +65 6499 2679 [email protected] © 2014 Bloomberg Finance L.P. All rights reserved. Global Equity, Equity Linked & Rights Snapshot CANADA EMEA ASIA-PAC USD 40 billion (+48%) USD 266.6 billion (+31.2%) USD 245.4 billion (+19.8%) 1. Scotiabank 17.8% 1. JP Morgan 9.9% 1. Morgan Stanley 9.6% 2. RBC 16.1% 2. Goldman Sachs 8.7% 2. Goldman Sachs 9.2% 2014 3. CIBC 12.4% 3. UBS 8.6% 3. Deutsche Bank 5.9% FY U.S. USD 258.2 billion (-8.5%) 1. Citi 11.5% 2. JP Morgan 11.1% 3. Goldman Sachs 10.8% MENA USD 12.8 billion (+301.7%) 1. HSBC 34.6% 1. GIB 29.3% 1. JP Morgan 4.8% Global Equity Review | LATIN AMERICA SUB-SAHARAN AFRICA AUSTRALIA/N ZEALAND USD 17.9 billion (-44.6%) USD 5.7 billion (+112.9%) USD 36.3 billion (+42.4%) 1. Banco Itau BBA 12.0% 1. Citi 19.9% 1. Goldman Sachs 17.4% 2. Credit Suisse 10.5% 2. Morgan Stanley 16.8% 2. UBS 16.4% 3. BAML 9.2% 3. Barclays 10.0% 3. Macquarie 16.4% Global Equity Review GLOBAL EQTY, EQL & RIGHTS: INDUSTRY BREAKDOWN • In 2014 global equity volume increased 8.5% to USD 817.4 billion, while issuance grew 11.2% to 4,155 offerings compared with Industrial Other 2013. 8% 13% • IPO issuance increased by 319 deals compared to 2013 and volume grew 51.5% to USD 249.6 billion. Financial • Activity in the additional offerings segment decreased 9.2% year-on-year to USD 399.0 billion. At the same time, issuance remained 31% steady at 2,278 deals. Energy 2014 • The rights market saw an increase in volume of 67.5% to USD 68.4 billion and a 48.4% growth in issuance to 227 offerings 10% compared with last year. Consumer, FY • Goldman Sachs & Co ranks as the top global equity underwriter for the second year in a row. The bank underwrote five of the top Non-cyclical Communications 15% ten deals that priced in 2014 including Alibaba Group Holding Ltd, the largest IPO in history. 11% Consumer, Cyclical 12% GLOBAL EQUITY, EQUITY LINKED & RIGHTS: HIGHLIGHTS of 2014 AMOUNT AMOUNT % YOY SUMMARY DATE ISSUER DEAL TYPE INDUSTRY (USD MLN) INDUSTRY (USD MLN) % OF TOTAL CHANGE Number of deals 4,155 18/09/2014 Alibaba Group Holding Ltd IPO Communications 25,032.3 Financial 253,172 31.0% 2.8% Volume (USD Mln) 817,387 Underwriters: CITI, CS, DB, GS, JPM, MS Consumer, Non-cyclical 120,543 14.8% 16.3% Avg Deal size (USD Mln) 197 06/06/2014 Deutsche Bank AG Rights Financial 8,784.2 Consumer, Cyclical 93,909 11.5% 21.6% ABN, BARCS, BBVA, BSSA, CITI, COBA, DB*, GS, ING, INTES, JPM, MEDBCA, SG, UBS, Communications 89,283 10.9% 22.8% Underwriters: TOP UNDERWRITER UNICRD Energy 83,585 10.2% 20.5% Goldman Sachs & Co 26/03/2014 Lloyds Banking Group PLC Addl Financial 6,955.3 Industrial 68,926 8.4% -10.5% Number of deals 385 Underwriters: BAML, JPM, MS, UBS Utilities 39,531 4.8% 35.0% Volume (USD Mln) 74,861 09/06/2014 Monte dei Paschi di Siena Rights Financial 6,422.7 Technology 34,953 4.3% -0.1% Avg Deal size (USD Mln) 194 Basic Materials 24,934 3.1% -32.3% Underwriters: BAML, BARCS, CITI, COBA, GS, JPM, MEDBCA, MS, SG, UBS Diversified 8,214 1.0% 33.8% Global Equity Review | *Self-led GLOBAL EQUITY & EQUITY LINKED: QUARTERLY VOLUME $300 1600 GLOBAL EQUITY & EQL: OFFERING TYPE BREAKDOWN 1400 $250 AMOUNT % YOY 1200 (USD MLN) % OF TOTAL CHANGE $200 OFFERING TYPE 1000 IPO 249,620 33.1% 51.5% $150 800 USD Bln USD 600 Additional offering 398,990 52.9% -11.7% $100 Count Deal 400 Equity linked 100,272 13.3% -9.2% $50 200 Total 748,883 100.0% 4.1% $0 0 Q4 Q4 Q4 Q4 Q4 Q4 2009 2010 2011 2012 2013 2014 Eqty Lkd (Bln) Add'l (Bln) IPO (Bln) Total Deals Global Equity, Equity Linked & Rights Global Equity & Equity Linked 2014 2013 2014 2013 VOLUME DEAL MKT SHARE VOLUME DEAL MKT SHARE FIRM RANK MKT SHARE USD (Mln) COUNT RANK MKT SHARE CHG (%) FIRM RANK MKT SHARE USD (Mln) COUNT RANK MKT SHARE CHG (%) Goldman Sachs & Co 1 9.2 74,861 385 1 11.7 -2.5 Goldman Sachs & Co 1 9.4 70,703 373 1 11.7 -2.3 Morgan Stanley 2 8.8 71,757 434 3 8.2 0.6 Morgan Stanley 2 8.9 66,878 419 3 8.6 0.3 JP Morgan 3 8.3 67,807 470 2 8.8 -0.5 JP Morgan 3 8.1 60,342 437 2 8.9 -0.8 Bank of America Merrill Lynch 4 7.5 61,443 413 4 7.5 - Bank of America Merrill Lynch 4 7.8 58,108 404 4 7.8 - Citi 5 7.4 60,586 375 5 6.6 0.8 Citi 5 7.7 57,357 359 5 6.7 1 2014 Deutsche Bank AG 6 6.4 52,397 326 7 5.9 0.5 Deutsche Bank AG 6 6.6 49,249 313 7 5.8 0.8 UBS 7 5.5 44,831 303 6 6.3 -0.8 Credit Suisse 7 5.6 41,984 344 8 5.4 0.2 FY Credit Suisse 8 5.3 43,707 354 8 5.2 0.1 UBS 8 5.5 40,920 289 6 6.4 -0.9 Barclays 9 4.4 35,641 295 9 4.9 -0.5 Barclays 9 4.4 32,840 285 9 5.1 -0.7 RBC Capital Markets 10 2.1 17,145 199 12 1.6 0.5 RBC Capital Markets 10 2.2 16,748 198 12 1.6 0.6 HSBC Bank PLC 11 2.1 16,956 73 13 1.2 0.9 Nomura Holdings Inc 11 2 15,207 123 11 1.9 0.1 Nomura Holdings Inc 12 2 15,979 128 11 1.8 0.2 Wells Fargo & Co 12 1.8 13,139 173 10 2 -0.2 Wells Fargo & Co 13 1.6 13,139 173 10 1.9 -0.3 HSBC Bank PLC 13 1.7 13,069 56 15 1 0.7 Jefferies LLC 14 1 8,474 139 14 1.1 -0.1 Jefferies LLC 14 1.1 7,887 136 13 1.2 -0.1 Macquarie Group Ltd 15 0.9 7,762 69 18 0.8 0.1 Macquarie Group Ltd 15 0.9 7,028 63 17 0.9 - BNP Paribas SA 16 0.9 7,331 63 17 0.9 - BMO Capital Markets 16 0.9 6,563 90 18 0.8 0.1 Societe Generale 17 0.9 7,017 47 21 0.7 0.2 Sumitomo Mitsui Financial Group Inc 17 0.8 6,089 59 16 0.9 -0.1 BMO Capital Markets 18 0.8 6,563 90 19 0.8 - BNP Paribas SA 18 0.7 5,462 45 21 0.7 - Sumitomo Mitsui Financial Group Inc 19 0.7 6,089 59 16 0.9 -0.2 Daiwa Securities Group Inc 19 0.7 5,378 72 14 1.1 -0.4 Mediobanca 20 0.7 5,534 24 37 0.3 0.4 Scotiabank 20 0.7 5,203 32 28 0.4 0.3 TOTAL 100% 817,387 4,155 753,647 100% TOTAL 100% 748,984 3,936 712,809 100% Global Equity Offerings Global Equity Offerings (IPO) 2014 2013 2014 2013 VOLUME DEAL MKT SHARE VOLUME DEAL MKT SHARE FIRM RANK MKT SHARE USD (Mln) COUNT RANK MKT SHARE CHG (%) FIRM RANK MKT SHARE USD (Mln) COUNT RANK MKT SHARE CHG (%) Goldman Sachs & Co 1 9.2 59,689 317 1 11.5 -2.3 Goldman Sachs & Co 1 8.7 21,632 111 1 8.2 0.5 Morgan Stanley 2 8.7 56,641 361 2 8.6 0.1 Morgan Stanley 2 8.6 21,404 128 2 7.4 1.2 Citi 3 8.1 52,217 323 5 6.9 1.2 Deutsche Bank AG 3 7.3 18,112 97 4 7.1 0.2 Global Equity Review | Bank of America Merrill Lynch 4 7.8 50,317 352 4 7.8 - JP Morgan 4 7.2 17,974 125 3 7.2 - JP Morgan 5 7.6 49,575 362 3 8.4 -0.8 Credit Suisse 5 6.6 16,460 114 7 5.9 0.7 Deutsche Bank AG 6 6.9 44,490 272 7 5.7 1.2 Citi 6 6.1 15,183 101 6 6.1 - Credit Suisse 7 5.7 37,131 305 8 5.4 0.3 UBS 7 4.5 11,339 84 8 4.5 - UBS 8 5.7 37,043 269 6 6.7 -1 Bank of America Merrill Lynch 8 4.2 10,583 88 5 6.9 -2.7 Barclays 9 4.4 28,577 251 9 5.2 -0.8 Barclays 9 2.9 7,227 75 9 4.2 -1.3 RBC Capital Markets 10 2 13,265 175 12 1.7 0.3 HSBC Bank PLC 10 2.9 7,227 22 14 1.7 1.2 Wells Fargo & Co 11 1.7 11,089 159 10 2 -0.3 Macquarie Group Ltd 11 1.8 4,375 23 12 1.9 -0.1 Nomura Holdings Inc 12 1.6 10,637 94 11 2 -0.4 Nomura Holdings Inc 12 1.7 4,243 33 10 2.4 -0.7 HSBC Bank PLC 13 1.6 10,513 41 15 1 0.6 Wells Fargo & Co 13 1.6 3,895 43 11 2.1 -0.5 Jefferies LLC 14 1.1 7,139 131 13 1.2 -0.1 Jefferies LLC 14 1.4 3,443 54 13 1.8 -0.4 Macquarie Group Ltd 15 1 6,782 60 16 1 - Gulf International Bank BSC 15 1.2 3,011 2 - - - BMO Capital Markets 16 0.9 6,074 83 18 0.9 - RBC Capital Markets 16 1.1 2,819 42 15 1.3 -0.2 Sumitomo Mitsui Financial Group Inc 17 0.8 5,284 50 17 0.9 -0.1 China Merchants Securities Co Ltd 17 1.1 2,785 25 51 0.3 0.8 Scotiabank 18 0.8 5,093 29 25 0.4 0.4 CITIC Securities Co Ltd 18 1.1 2,668 16 30 0.5 0.6 TD Securities 19 0.6 3,706 31 27 0.4 0.2 Bank of China 19 1 2,553 16 20 0.8 0.2 CIBC 20 0.6 3,687 34 39 0.3 0.3 GF Securities 20 1 2,524 22 179 - 1 TOTAL 100% 648,610 3,456 604,095 100% TOTAL 100% 249,620 1,178 164,721 100% Global Equity Linked 2014 2013 VOLUME DEAL MKT SHARE FIRM RANK MKT SHARE USD (Mln) COUNT RANK MKT SHARE CHG (%) Goldman Sachs & Co 1 11 11,014 56 1 13 -2 JP Morgan 2 10.7 10,767 75 2 11.7 -1 Morgan Stanley 3 10.2 10,238 58 3 8.6 1.6 Bank of America Merrill Lynch 4 7.8 7,791 52 4 7.7 0.1 Citi 5 5.1 5,140 36 6 5.8 -0.7 2014 Credit Suisse 6 4.8 4,853 39 7 5.3 -0.5 Deutsche Bank AG 7 4.7 4,759 41 5 6.5 -1.8 FY Nomura Holdings Inc 8 4.6 4,570 29 12 1.5 3.1 Barclays 9 4.3 4,263 34 9 4.7 -0.4 UBS 10 3.9 3,877 20 8 5.1 -1.2 RBC Capital Markets 11 3.5 3,483 23 15 1.4 2.1 BNP Paribas SA 12 2.7 2,658 22 10 2.7 - HSBC Bank PLC 13 2.5 2,556 15 22 0.9 1.6 Societe Generale 14 2.1 2,075 14 19 0.9 1.2 Wells Fargo & Co 15 2 2,050 14 11 1.9 0.1 Daiwa Securities Group Inc 16 1.7 1,729 14 14 1.5 0.2 CITIC Securities Co Ltd 17 1.1 1,125 4 39 0.3 0.8 Credit Agricole CIB 18 1 963 11 16 1.2 -0.2 KGI Securities Co Ltd 19 0.9 871 24 23 0.8 0.1 China International Capital Corp 20 0.8 810 3 25 0.8 - TOTAL 100% 100,272 476 108,552 100% Global Equity Review | U.S.