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Mena Investment Banking League Tables

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Mena Investment Banking League Tables MENA Investment Banking Review First Half 2020 Refinitiv Deals Intelligence 1 QUARTERLY HIGHLIGHTS HIGHLIGHTS M&A FEES DOWN -7% M&A TOP FINANCIAL ADVISOR YTD ECM FEES DOWN -62% Morgan Stanley DCM FEES UP 6% ECM TOP BOOK RUNNER YTD LOAN FEES DOWN -50% Riyadh Bank Ltd, EFG Hermes, Jadwa Investment Co ANY INV. M&A DOWN -55% DCM TOP BOOK RUNNER YTD TARGET M&A DOWN -60% Standard Chartered PLC ECM PROCEEDS DOWN -58% Click on any of the above arrows to go straight to the analysis. DCM PROCEEDS UP 26% CLICK BELOW TO SIGN UP FOR OUR NEWSLETTERS, PURCHASE CUSTOMIZED DATA OR FOLLOW US ON SOCIAL MEDIA: 2 REPORT SUMMARY INVESTMENT BANKING FEES Investment banking fees in the Middle East and North Africa reached an estimated US$522.1 million during the first half of 2020, down 25% from last year and a three-year low with declines recorded across equity underwriting, M&A advisory, and syndicated lending. Equity capital markets underwriting fees declined 62% to US$17.1 million, marking the lowest first half year total for equity fees in the region since 2009. Advisory fees earned from completed M&A transactions generated US$206.4 million, down 7% year-on-year, while syndicated lending fees fell 50% to a five-year low of US$137.7 million. Debt capital markets underwriting fees increased 6% year-on-year to US$161.0 million, the highest first half total since our records began in 2000. Government & Agency fees accounted for 36% of total investment banking fees earned in the region during the first half of 2020, up from 24% during the same period last year. Saudi Arabia generated the most fees in the region during the first six months of the year, a total of US$206.0 million accounting for 39%, followed by the United Arab Emirates with 29%. HSBC earned the most investment banking fees in the region during the first six months of 2020, a total of US$58.5 million or an 11.2% share of the total fee pool. MERGERS & ACQUISITIONS The value of announced M&A transactions with any MENA involvement reached US$50.7 billion during the first six months of 2020, 55% less than the value recorded during the same period in 2019 which reached a record high with Saudi Aramco’s agreement to buy a stake in Saudi Basic Industries Corp for $69.1 billion. The number of deals declined 9% from last year to a three-year low. The value recorded during the first half of 2020 is the third highest first half total of all-time after 2019 (US$112.7b) and 2007 (US$58.5b). After merger activity fell to a seven-month low of US$1.9 billion in April, M&A increased in volume and in value for two consecutive months and reached US$27.5 billion in June as Saudi Arabia’s National Commercial Bank announced plans to acquire Samba Financial Group for US$15.6 billion and a consortium of investors agreed to buy ADNOC gas pipeline assets for US$10.1 billion. The deals are the largest to be announced in the region so far during 2020 and boosted the value of M&A in June to the second highest monthly total since our records began in the 1980s. Despite scoring the second highest first half total of all-time, domestic M&A registered a 72% decline from last year to US$24.0 billion, again due to the Aramco / Sabic deal. Inbound M&A, involving an acquiror from outside of the region, increased 13% to an all-time first half high of US$17.0 billion, while outbound M&A declined 12% to US4.8 billion. Deals in the financial sector accounted for 41% of MENA target M&A activity during the first half of 2020. Saudi Arabia was the most targeted nation, followed by The United Arab Emirates (25%) and Egypt (11%). Morgan Stanley topped the any MENA involvement announced M&A financial advisor league table during the first six months of 2020 with a 51% market share. EQUITY CAPITAL MARKETS MENA equity and equity-related issuance totaled US$875.7 million during the first half of 2020, 58% less than the value recorded during the same period last year and the lowest first half total since 2004. Just two initial public offerings were recorded during the first six months of 2020. Saudi Arabian private healthcare operator, Dr. Sulaiman Al Habib Medical Group, raised US$699.7 million on the Saudi Stock Exchange at the beginning of March, while Emerald Real Estate Investment raised US$13.1 million on the Egyptian Stock Exchange in February. EFG Hermes, Jadwa Investment Co, and Riyadh Bank Ltd shared first place in the MENA ECM league table during the first half of 2020. DEBT CAPITAL MARKETS MENA debt issuance reached an all-time first half high of US$69.5 billion during the first six months of 2020, up 26% from the value recorded during the same period in 2019. After a strong start, with over US$9 billion raised in both January and February, March issuance slowed to just US$571.9 million. US$51.8 billion was recorded during the second quarter of 2020, an all-time quarterly high in the region. The United Arab Emirates and Saudi Arabia were the most active issuer nations during the first half of 2020 with US$23.3 billion and US$19.1 billion in bond proceeds, respectively. Standard Chartered took the top spot in the MENA bond underwriter ranking during the first six months of 2020 with US$12.5 billion of related proceeds, or an 18% market share. 3 BACK TO MENA HIGHLIGHTS INVESTMENT BANKING FEES PAGE INVESTMENT BANKING FEES VOLUMES TOP FEE PAYING INDUSTRIES TOP FEE PAYING COUNTRIES YTD Fees Rest of Year Fees • Outer Rim: 2020 1,600 • Inner Rim: 2019 1,400 10% 11% 1,200 5% 4% 13% 19% 1,000 24% 36% 7% 4% 30% 39% 12% 800 5% 600 US$ MillionUS$ 10% 6% 400 31% 7% 28% 200 13% 33% 0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 29% 24% INVESTMENT BANKING FEES BY ASSET CLASS Government and Agencies Industrials Saudi Arabia Egypt BONDS EQUITY LOANS MA Energy and Power High Technology United Arab Emirates Kuwait 450 Financials Other Qatar Other 400 350 300 250 200 US$ MillionUS$ 150 100 50 0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 4 BACK TO MENA HIGHLIGHTS MERGERS & ACQUISITIONS PAGE ANY INVOLVEMENT M&A VOLUMES & NUMBER OF DEALS TOP TARGETED INDUSTRIES TOP TARGETED COUNTRIES YTD (US$ bil) Rest of Year (US$ bil) # Deals $160 500 • Outer Rim: 2020 • Inner Rim: 2019 2% 3% $140 450 10% 3% 8% 400 6% $120 5% 9% 350 14% 7% $100 41% 300 19% 46% $80 250 $60 200 11% 150 71% $40 38% 100 80% $20 50 25% $0 - 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 TARGET M&A VOLUMES & NUMBER OF DEALS YTD (US$ bil) Rest of Year (US$ bil) # Deals Financials Consumer Staples Saudi Arabia Oman $120 350 Energy and Power Telecommunications United Arab Emirates Qatar 300 $100 Industrials Other Egypt Other 250 $80 200 $60 150 $40 100 $20 50 $0 - 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 5 BACK TO MENA HIGHLIGHTS MERGERS & ACQUISITIONS PAGE ANY INVOLVEMENT M&A MONTHLY VOLUMES Value (US$ bil) # Deals $80 120 $70 US$69b Saudi Aramco / SABIC 100 $60 80 $50 $40 60 $30 40 $20 20 $10 $0 - 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 6 BACK TO MENA HIGHLIGHTS MERGERS & ACQUISITIONS PAGE INBOUND M&A DOMESTIC M&A OUTBOUND M&A Inbound M&A increased 13% to US$17.0 billion Domestic M&A declined 72% to US$24.0 billion Outbound M&A declined 12% to US$4.0 billion during 1H 2020. during 1H 2020. during 1H 2020. YTD (US$ bil) Rest of Year (US$ bil) # Deals YTD (US$ bil) Rest of Year (US$ bil) # Deals YTD (US$ bil) Rest of Year (US$ bil) # Deals $20 140 $100 250 $80 180 $18 $90 160 120 $70 $16 $80 200 140 $60 $14 100 $70 120 $12 $60 150 $50 80 100 $10 $50 $40 80 60 $40 100 $8 $30 60 $6 40 $30 $20 $4 $20 50 40 20 $2 $10 $10 20 $0 - $0 - $0 - 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 INBOUND M&A VOLUMES DOMESTIC M&A VOLUMES OUTBOUND M&A VOLUMES TOP TARGETED / TOP ACQUIRING NATIONS TOP TARGETED / TOP ACQUIRING NATIONS TOP TARGETED / TOP ACQUIRING NATIONS US$ Billion US$ Billion US$ Billion US$ Billion US$ Billion US$ Billion United United United Arab Saudi $11.7 States of $11.5 Saudi Arabia $15.9 $18.3 States of $3.6 Saudi Arabia $3.3 Emirates Arabia America America United Hong United Arab United Saudi Arabia $3.1 $3.0 $3.8 Arab $4.0 $0.5 Bahrain Kong Emirates Kingdom $0.7 Emirates United Arab Oman $1.0 Mauritius $1.0 Egypt $2.8 Qatar $1.0 Bermuda $0.3 $0.4 Emirates 7 BACK TO MENA HIGHLIGHTS MERGERS & ACQUISITIONS PAGE ANY INVOLVEMENT M&A TOP DEALS YTD Acquiror Parent Value ($Mil) Status Rank Date Target Name Target Nation Target Industry Acquiror Name Target Financial Advisor Acquiror Financial Advisor Nation National Commercial Bank 15,630.9 Pending 6/25/2020 Samba Financial Group SJSC Saudi Arabia Financials Saudi Arabia Morgan Stanley JP Morgan & Co Inc SJSC Bank of America Sec JAP First Abu Dhabi Bank PJSC Rothschild & Co 10,100.0 Pending 6/23/2020 ADNOC Gas Pipeline Assets LLC Utd Arab Em Energy and Power Investor Group United States Mizuho Securities Co Ltd Morgan Stanley Moelis & Co 4,680.0 Pending 3/6/2020 Borealis AG Austria Materials OMV AG Austria Barclays PT Indofood CBP Sukses Somerley 2,998.0 Pending 5/22/2020 Pinehill Co Ltd Saudi Arabia Consumer Staples Hong Kong Makmur Deutsche Bank Citigroup Global Markets Ltd 2,717.9 Completed 2/17/2020 DP World PLC Utd Arab Em Industrials Port & Free Zone World FZE Utd Arab Em Rothschild & Co Deutsche Bank Aktiengesellschaft London Branch 2,392.0 Pending 1/29/2020 Vodafone Egypt Telecommun SAE Egypt Telecommunications Saudi Telecom Co Sjsc Saudi Arabia Barclays 1,000.0 Pending 3/8/2020 Qatar Fertilizer
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