Best European Equity-linked Bookrunner – Deutsche Bank
Young gun makes big bang
Deutsche Bank enjoyed an excellent year in the European equity-linked market, leading Dealogic's EMEA league table for much of the year, and more importantly finishing the year at the top of it. Deutsche's 16.4% share of the market did not go unnoticed by IER's voters, particularly its position as joint bookrunner on KfW's landmark Eu5bn exchangeable in July.
The majority of Deutsche's business came in the second half of the year, with only two of the bank's 17 issues coming in the first half of the year. This was despite a change of personnel at the top of the equity-linked division.
In June Sam Dean, head of the European equity syndicate, left the bank to live in Brazil. Joe Manko, head of equity-linked origination, took over as head of syndicate. To the surprise of some in the market, Martin Fisch was promoted from the equity-linked desk to replace Manko.
Fisch's promotion to head of equity-linked coming before his 30th birthday shows the high regard in which he is held. On Deutsche's second half performance, the regard was not misplaced.
One of Fisch's first mandates on assuming control of equity-linked was KfW's Eu5bn Deutsche Telekom exchangeable. Despite suggestions that Deutsche was only brought in at the last moment, its performance on the issue ensured that it was joint bookrunner on KfW's December Eu1.2bn exchangeable into Deutsche Post stock.
July was a good month for Deutsche Bank's convertible bond team. The bank led four issues, including a Eu672m issue for French advertising firm Publicis. Deutsche maintained this momentum throughout the rest of the year, leading three issues totalling over $1.7bn in the normally quiet month of August. This included a $600m deal for UK-listed mining company Xstrata, on which the bank was again teamed with JP Morgan, its co-lead on KfW. The bank also had a busy November, leading another three issues totalling $595m.
But while the bank topped European issuance, it only managed sixth place in Dealogic's global league table. Despite a strong showing in Asia Pacific where the bank ranked third, the lack of a strong US equity-linked presence has prevented the bank from challenging for the top of the global equity-linked league table.