Apac DCM revenue reaches record US$2.3 billion in 2012

Japanese banks gain prominence as bonds generate record amounts for investment banks in 2012, according to data provider Dealogic.

  • 20 Aug 2012
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Asia Pacific bond revenue has reached a record this year, with Japanese banks winning a greater share of business.

In the year to August 16, net revenue from debt capital markets (DCM) reached US$2.3 billion, accounting for 32% of all Asia Pacific investment banking revenue, according to Dealogic. Moreover DCM is the only product area which has delivered an increase in revenues on 2011 of 1.6%. In contrast, equity capital markets (ECM) revenue plummeted 41% from the same period last year, from US$3.6 billion to US$2.2 billion. Revenue from loans also fell, but less dramatically, registering a drop from US$333 billion to US$320 billion.

Within bonds, investment grade corporate bonds account for 59% of Asia Pacific DCM revenue, reaching a year-to-date record of US$1.4 billion, up from US$1.3 billion this time last year. However, revenue from high yield debt has more than halved to US$246 million from US$520 million in 2011.

Japanese banks have been the have secured some of the biggest increase in revenue in this record year for bonds. Mizuho heads the DCM league table, generating net revenue of US$151 million equating to a 6.4% market share. This marks a major jump for the bank from this time last year when it was ranked fifth with revenue of US$94 million and a 4.1% share. Nomura has also moved up the DCM rankings in 2012, from seventh place to fifth. However its year-to-date revenue figure is down slightly from US$82 million to US$78 million. In addition, Daiwa Securities has moved into the top ten after not placing last year with revenues of US$70 million and a market share of 3%.

In 2012, Morgan Stanley moved up one place to second with revenue of US$126 million and is followed by HSBC, also rising one spot, which has earned US$98 million from DCM in 2012.

Meanwhile the two banks which topped last year’s revenue league table have fallen out of the top ten in 2012. Credit Suisse headed the table with revenue of US$112 million and a 4.9% market share. Second to the Swiss bank last year, was Bank of China with US$106 million and 4.7% of the market.

*Dealogic Revenue Analytics employed where fees are not disclosed

Bank of China’s exit from the top ten is perhaps the more surprising when the data for the highest fee paying nations is taken into account. Clients which have a Chinese parent are the highest fee payers in 2012 generating net revenue of US$732 million and account for the 31.3% of the market. China clients also topped the league table for fee paying nations in 2011, with year-to-date revenue of US$932 million and a 40.8% market share.

This rise in fees coincides with 57% rise in the volume of deals from Chinese borrowers this year. The deals value has grown to US$234 billion, up from US$149 billion this time last year.

Japan retains second place in the table with revenue of US$595 million, up from last year’s US$456 million, while Australia holds onto the third spot, clients from that country paying fees of US$347 million, up from last year to-dates US$276 million.

Hong Kong clients show the biggest jump in the fees they have paid for DCM services this year, reflecting the jump in deals volume from the city’s borrowers this year. Hong Kong issuers have sold US$23. 8 billion of bonds in 2012, up from US$6.9 billion. As a result, Hong Kong revenue totals US$105 million, up from US$28 million, moving from tenth to fifth in the league table.

This year’sbooming Singapore bond market is also leading into higher fees paid by the city’s borrowers, with revenue nearly doubling to from US$35 million in 2011 to US$64 million this year. The volume of deals has also nearly doubled year-to-date, up from US$21.8 billion from last year’s US$11.2 billion. Indonesia has also moved into the top ten with revenue of US$37 million.

*Dealogic Revenue Analytics employed where fees are not disclosed

  • 20 Aug 2012

Bookrunners of International Emerging Market DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 7,508.01 16 15.54%
2 HSBC 7,147.22 22 14.80%
3 Deutsche Bank 5,436.77 11 11.25%
4 JPMorgan 3,674.16 10 7.61%
5 Bank of America Merrill Lynch 2,414.03 9 5.00%

Bookrunners of LatAm Emerging Market DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 3,783.77 4 20.92%
2 HSBC 3,266.83 3 18.06%
3 Deutsche Bank 2,977.43 1 16.46%
4 JPMorgan 1,766.98 6 9.77%
5 Bank of America Merrill Lynch 1,683.06 6 9.31%

Bookrunners of CEEMEA International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 3,111.25 5 11.65%
2 HSBC 2,253.75 3 8.44%
3 Deutsche Bank 1,520.23 3 5.69%
4 Sumitomo Mitsui Financial Group 1,341.03 2 5.02%
5 Standard Chartered Bank 1,291.27 1 4.84%

EMEA M&A Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 02 May 2016
1 JPMorgan 195.08 50 10.55%
2 Goldman Sachs 162.26 37 8.77%
3 Morgan Stanley 141.22 46 7.64%
4 Bank of America Merrill Lynch 114.20 33 6.18%
5 Citi 95.36 35 5.16%

Bookrunners of Central and Eastern Europe: Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 ING 3,668.64 29 9.07%
2 UniCredit 3,440.98 25 8.50%
3 Sumitomo Mitsui Financial Group 3,156.55 13 7.80%
4 Credit Suisse 2,801.35 8 6.92%
5 SG Corporate & Investment Banking 2,478.18 21 6.12%

Bookrunners of India DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 AXIS Bank 77.43 3 24.06%
2 Standard Chartered Bank 45.42 1 14.11%
2 Mitsubishi UFJ Financial Group 45.42 1 14.11%
2 CITIC Securities 45.42 1 14.11%
5 Trust Investment Advisors 31.87 2 9.90%