Investment Banking Weekly Scorecard - July 20, 2012

TMT M&A Activity Down 18% Over 2011
The volume of M&A activity in the TMT sector (Tech, Media and Telecom) totals $206.3 billion for year-to-date 2012, a decline of 18% compared to the year ago period. This week's $6.6 billion bid for US-based Cequel Communications, doing business as Suddenlink Communications, by a consortium comprised of BC Partners and the Canada Pension Plan Investment Board brings the totals of worldwide M&A in the cable sector to $11.1 billion, down 19% from a year ago.

Goldman Sachs, an advisor to Cequel Communications, along with newly formed LionTree Advisors, tops the year-to-date ranking for advisory work in the TMT sector. JP Morgan takes the second spot in the sector, up from ninth last year.

China Investment Grade Debt Volume Up 6%
The volume of investment grade debt issuance from companies in China totals $111.2 billion for year-to-date 2012, an increase of 6% compared to a year ago. This week's $3.1 billion offering from CNPC brings the volume of activity from oil & gas issuers to $19.5 billion, more than four times the level of issuance seen during year-to-date 2011. Financial issuers, which account for 32% of year-to-date activity, have registered a 10% increase compared to the year ago period, while new issuance in the metals and mining sector has declined 13% compared to 2011.

China International Capital tops the list for investment grade debt underwriting for Chinese companies with 9.3% market share, an increase of 2.9 market share points from last year.

@Dealintel: Morgan Stanley IB Fees
Morgan Stanley fell one spot to 4th place for global IB fees during the first half of 2012, taking 5.2% of overall fees, a decline of 0.5 market share points. With 10.2% share, Morgan Stanley took the top spot for global technology IB fees during first half 2012; Overall Tech fees fell 12.1% compared to first half 2011.

@Dealintel: Bank of America IB Fees
Bank of America Merrill Lynch took second place with 6.2% of global IB fees during first half 2012, a decline of 0.9 market share points from last year. Bank of America Merrill Lynch took the top spot for global IB fees in the consumer products (9.4%) and real estate sectors (9.1%) during first half 2012.

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Thomson Reuters
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