
INVESTMENT BANKING FEES
- Fees for global investment banking services in the financial sector, from M&A advisory to capital markets underwriting, total US$16.0 billion so far during 2013, marking a 6% increase over the same period last year (US$15.0 billion).
- Advisory fees from completed M&A transactions total US$3.1 billion, accounting for 19% of the 2013 financial fee pool, down from 24% at this time last year. M&A was the only asset class to witness a decline in fees, down 13% year-on-year. Fees from debt capital markets underwriting drove activity in the sector, totalling US$5.6 billion and accounting for 35% of financial fees earned so far in 2013. Equity capital markets underwriting fees increased 26% to reach US$4.2 billion.
- Fees from syndicated lending increased 14% from last year to US$3.1 billion, the highest year-to-date total since 2007. Combined, deals in the financial sector generated 32.4% of the total global investment banking fees earned so far this year, up from 31.7% last year at this time.
MERGERS & ACQUISITIONS
- Announced M&A transactions in the financial sector total US$145.7 billion so far during 2013, down 22% from the same period in 2012 (US$187.7 billion), and marking the slowest year-to-date period in the sector since 2002. Financial deals account for 10.5% of total worldwide announced M&A so far this year.
- Deals targeting Banks account for 30% of financial M&A, while Insurance deal account for 25%. The United States is the most active nation, with 22% of all financial M&A involving a US-based target and 27% involving a US buyer. France and China are the next most popular targets, accounting for 13% and 9% of sector activity, respectively.
- The French government and Groupe Caisse des Depots & Consignations (CDC) merged their SME financing business activities in July to form a joint venture in a transaction valued at US$13.7 billion, the largest financial deal so far this year.
EQUITY CAPITAL MARKETS
- Equity and equity-linked issuance by companies in the financial sector accounts for 19% of global equity capital markets activity so far this year. Financial companies have raised US$86 billion, a 6% decline from the same period in 2012 (US$91.6 billion), and the lowest year-to-date total in the sector since 2005. Follow-on offerings account for 63% of activity, while IPOs and convertible offerings each account for 19%. With 71 deals worth US$13.0 billion, the US is the most active nation for issuance in the financial sector with 15% of the market. The next most active nation is Germany, with 7 deals totalling US$9.2 billion and accounting for 11% of the sector. The US$5.1 billion initial public offering from BB Seguridade, the pension, annuity and insurance unit of state-controlled Banco do Brasil SA, is the world’s largest IPO across any sector so far this year.
DEBT CAPITAL MARKETS
- Bond issuance in the financial sector totals US$1.57 trillion so far during 2013, a 7% decline from the same period last year (US$1.69 trillion), and marking the lowest year-to-date total in the sector since 2009. JP Morgan Chase & Co’s US$6.4 billion bond offering in January is the largest bond issued in the financial sector so far this year.
- Financial DCM accounts for 46% of total global debt capital markets activity so far during 2013. Issuance from the United States totals US$674.8 billion and accounts for 43% of activity so far this year, while issuance from France accounts for 5.3%.
Note: Financials includes Banks, Brokerage, Insurance, Asset Management, Credit Institutions, Diversified Financials, Alternative Financial Investment and Other Financials.
Please click here for Thomson Reuters latest industry sector report, showing M&A, ECM and DCM activity and league tables in the Financials sector over the past 12 months, as well as investment banking fees by asset class in the sector:
http://share.thomsonreuters.com/PR/IB/Financials_August_2013.pdf
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Thomson Reuters
www.thomsonreuters.com
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