germany ib review full year 2020 - thesource.refinitiv.com
TRANSCRIPT
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Retail
ECM TOP ISSUING
INDUSTRY
Government and
Agencies
DCM TOP ISSUING
INDUSTRY
Industrials
M&A TOP TARGETED INDUSTRY
UniCredit
DCM TOP BOOK RUNNER YTD
ECM TOP BOOK RUNNER YTD
Morgan Stanley
M&A TOP FINANCIAL ADVISOR YTD
Goldman Sachs & Co
DCM PROCEEDS UP 10%
ECM PROCEEDS UP 121%
TARGET M&A UP 34%
ANY INV. M&A UP 18%
LOAN FEES UP 132%
DCM FEES UP 11%
ECM FEES UP 81%
M&A FEES UP 11%
QUARTERLYHIGHLIGHTS
HIGHLIGHTS
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3
REPORTSUMMARY
INVESTMENT BANKING FEES
Investment Banking fees in Germany reached a combined total of US$3.7 billion in 2020, a 37% increase in value compared to 2019 and the highest year-to-date total since our records began in
2000, contributed by a surge in debt capital markets and syndicated lending fees throughout 2020. All assets classes experienced year-on-year increases, with loan fees topping US$1 billion an
increase of more than 132% and the highest levels since our records began in 2000. Every asset class except equity topped US$1 billion in fees, something that has not happened since our records
began. Equity Capital Markets underwriting fees also had a busy period with ECM fees totalling US$418 million, an increase of 81% compared to 2019. Fees generated from completed M&A
transactions reached just over US$1 billion, an increase of 11% year-on-year and the highest year-to-date total since 2007. Debt capital market underwriting fees increased 11% year-on-year to a
nineteen-year high of US$1.1 billion.
MERGERS & ACQUISITIONS
Announced M&A with any German involvement totals US$193 billion throughout 2020, an 18% increase in value compared to 2019, however, the number of deals during the same period fell during
the same period from 2,741 to 2,419, a decline of 11%. Deal-making involving a German target increased 34% by value to US$115 billion during 2020, the fourth-highest in value since 2000. The
largest deal of the year was the US$18.7 billion purchase of Thyssenkrup’s elevator division by a private equity consortium and Siemen’s US$17.6 billion spin-off of its energy business. German
inbound M&A totals US$74 billion as 2020 closes with a 10% increase compared to 2019. German outbound M&A totalled US$63 billion throughout 2020, falling 1% and the lowest annual total since
2017. Announced mid-market M&A with German involvement totals US$38 billion, by the end of 2020, representing an 18% decline compared to 2019. The Healthcare sector in the German mid-
market was the best performer in terms of year-on-year growth in value, from US$3 billion in 2019 to US$5.2 billion this year, a 71% increase. The Real Estate Sector produced the highest total deal
value of US$9 billion despite seeing a 38% decline from 2019. Goldman Sachs maintains top spot in the any German involvement financial advisor league table with thirty-two deals advised worth a
combined total of US$91.9 billion. JP Morgan and Rothschild & Co follow in second and third positions, respectively.
EQUITY CAPITAL MARKETS
Equity and equity-related issuances in Germany total US$30.5 billion in proceeds in 2020 with a 121% increase in value compared to 2019. Follow-On offerings totalled US$20.6 billion so far this year
and its highest figure since 2017, representing two-thirds of equity and equity-related issuance so far this year. The Retail sector raised US$6.8 billion in proceeds and was the highest by sector. This
was contributed by two follow-ons from Delivery Hero SE and convertible deal from Zalando SE. Morgan Stanley topped the German Equity capital markets league table accounting for US$5.2 billion
in proceeds and holds a 17% market share. BofASecurities comes second followed by JP Morgan.
DEBT CAPITAL MARKETS
Debt issuance in Germany totals US$454 billion in 2020, up 10% from 2019 and the highest year-to-date total since 2007. The German government issued their first-ever green bond in September
raising US$8.1 billion, the largest German bond issued during 2020. Governments and Agency issuances accounted for over half the total DCM proceeds this year with 55% followed by the financial
sector with 25%. Unicredit takes the top spot on the German DCM underwriting league tables with US$39 billion in proceed, or a 9% market share, followed closely by Deutsche Bank with US$34
billion, or an 8% market share.
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GERMANY
INVESTMENT BANKING FEES VOLUMES
INVESTMENT BANKING FEES BY ASSET CLASS
TOP FEE PAYING INDUSTRIES
BACK TO
HIGHLIGHTS
PAGEINVESTMENT BANKING FEES
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20
US
$ M
illio
n
Full Year Volumes
0
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1,400
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00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20
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$ M
illio
n
BONDS EQUITY LOANS MA
3%
21%
12%
17%11%
36%
18%
16%
14%13%
11%
28%
• Outer Rim: 2020
• Inner Rim: 2019
Telecommunications
Industrials
Materials
Government and
Agencies
Other
Financials
Telecomm
Industrials
Materials
Financials
Gov. & Agencies
$0.00
$100.00
$200.00
$300.00
$400.00
$500.00
$600.00
$700.00
Full Year Fees
5
GERMANY
9%
9%
9%
5%
27%
41%
37%
21%
9%
8%
7%
18%
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HIGHLIGHTS
PAGE
ANY INVOLVEMENT M&A VOLUMES & NUMBER OF DEALS
TARGET M&A VOLUMES & NUMBER OF DEALS
TOP TARGETED INDUSTRIES
• Outer Rim: 2020
• Inner Rim: 2019
MERGERS & ACQUISITIONS
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20
US
$ M
illio
n
Full Year Volumes #Deals
-
500
1,000
1,500
2,000
2,500
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20
US
$ M
illio
n
Ful Year Volumes #Deals
Industrials
Energy and Power
High Technology
Retail
Real Estate
Other
Industrials
Energy and
Pow er
High Technolo
gy
Retail
Real Estate
Other-100%
0%
100%
200%
300%
400%
500%
YoY Growth
6
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HIGHLIGHTS
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INBOUND M&A DOMESTIC M&A OUTBOUND M&A
INBOUND M&A VOLUMESTOP ACQUIRING NATIONS
OUTBOUND M&A VOLUMESTOP TARGETED NATIONS
MERGERS & ACQUISITIONS
-
100
200
300
400
500
600
700
800
900
1,000
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
12 13 14 15 16 17 18 19 20
US
$ M
illi
on
Full Year Volumes #Deals
650
700
750
800
850
900
0
10,000
20,000
30,000
40,000
50,000
60,000
12 13 14 15 16 17 18 19 20
US
$ M
illi
on
Full Year Volumes #Deals
-
100
200
300
400
500
600
700
800
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
12 13 14 15 16 17 18 19 20
US
$ M
illi
on
Full Year Volumes #Deals
28,012
13,236
7,177
24,625
1,560
1,167
0 10,000 20,000 30,000
United States ofAmerica
France
Czech Republic
US$ Million
2020 2019
39,734
3,272
3,194
35,384
2,328
1,334
0 20,000 40,000 60,000
United States ofAmerica
United Kingdom
Netherlands
US$ Million
2020 2019
Inbound M&A up 10% from YTD last year,
accounting for $73,720. Million so far this year.
Domestic M&A up 123% from YTD last year,
accounting for $40,959. Million so far this year.
Outbound M&A down -1% from YTD last year,
accounting for $62,795.2 Million so far this year.
7
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ANY INVOLVEMENT MID-MARKET M&A VOLUMES TOP TARGETED INDUSTRIES
• Outer Rim: 2020
• Inner Rim: 2019
MERGERS & ACQUISITIONS
ANY INVOLVEMENT MID-MARKET M&A LEAGUE TABLE (US$MIL)
BofA Securities Inc 2,707.7$ 1 7.1 9
Rothschild & Co 2,641.0$ 2 7.0 31
JP Morgan 2,425.3$ 3 6.4 15
Goldman Sachs & Co 1,935.9$ 4 5.1 14
Ernst & Young LLP 1,406.1$ 5 3.7 37
Morgan Stanley 1,359.3$ 6 3.6 12
Citi 1,091.2$ 7 2.9 4
Barclays 855.9$ 8 2.3 4
BNP Paribas SA 795.3$ 9 2.1 11
Evercore Partners 790.6$ 10 2.1 5
Industry Total 37,932.6$ 100.0 2,358
BANK NAMERANK VALUE
(US$ MIL)RANK
SHARE
(%)# DEALS
32%
10%
7%9%
11%
31%
24%
16%
14%
14%
8%
24% Real Estate
High Technology
Healthcare
Industrials
Financials
Other
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
0
10,000
20,000
30,000
40,000
50,000
60,000
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20
US
$ M
illi
on
Full Year Volumes #Deals
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ANY INVOLVEMENT M&A TOP DEALS 2020
MERGERS & ACQUISITIONS
Ranking
Value ($Mil)Status
Rank
DateTarget Name
Target
NationTarget Industry Target Advisors Acquiror Name
Acquiror
Nation
Acquiror
IndustryAcquiror Advisors
18,711.9 Completed 02/27/2020Thyssenkrupp AG-
Elevator TechGermany Industrials
Goldman Sachs & Co
Deutsche Bank
JP Morgan
Nomura Securities
Lazard
Macquarie Group
Thyssenkrupp AG-
Elevator SPVUnited States Financials
UBS Investment Bank
Rothschild & Co
Credit Suisse
17,581.2 Completed 09/28/2020 Siemens Energy AG GermanyEnergy and
Power
Goldman Sachs & Co
Bank of America
BNP Paribas SA
Commerzbank AG
Credit Suisse
Deutsche Bank
JP Morgan
Jefferies LLC
HSBC Holdings PLC
Berenberge Consult GmbH
Lazard
Macquarie Group
Shareholders Germany Financials
16,177.1 Pending 08/02/2020Varian Medical Systems
IncUnited States Healthcare Goldman Sachs & Co Siemens Healthineers AG Germany Healthcare
UBS Investment Bank
JP Morgan & Co Inc
8,200.0 Pending 02/17/2020Bombardier
Transportation GmbHGermany Industrials
Citigroup Global Markets Inc
UBS Investment Bank
National Bank Financial Inc
Rockefeller Capital
Management
HSBC Holdings PLC
Alstom Holdings SA France Industrials
Rothschild & Co
Societe Generale SA
JP Morgan & Co Inc
7,375.5 Pending 01/30/2020 Navistar International Corp United States IndustrialsJP Morgan
PJT Partners IncTraton SE Germany Industrials
BofA Securities Inc
Goldman Sachs & Co
Rothschild & Co
7,097.2 Pending 09/13/2020 METRO AG Germany Retail
Goldman Sachs & Co
BofA Securities Inc
Rothschild & Co
EP Global Commerce
GmbH
Czech
RepublicFinancials
Credit Suisse
BNP Paribas SA
Societe Generale SA
5,123.0 Pending 05/25/2020Deutsche Lufthansa AG-
AssetsGermany Industrials
Goldman Sachs & Co
Deutsche Bank
Economic Stabilization
FundGermany Financials Rothschild & Co
5,000.0 Pending 06/29/2020BP PLC-Petrochemicals
BusinessUnited States
Energy and
Power
INEOS Styrolution Group
GmbH
United
Kingdom
Energy and
Power
4,625.3 Intended 06/22/2020 T-Mobile US Inc United StatesTelecommunicati
onsGoldman Sachs & Co Deutsche Telekom AG Germany
Telecommunicati
onsMorgan Stanley
4,000.0 Pending 10/26/2020Asklepios
BioParmaceutical IncUnited States Healthcare JP Morgan Bayer AG Germany Materials Credit Suisse Group
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ECM PROCEEDS
ECM PROCEEDS BY ISSUE TYPE
TOP ISSUING INDUSTRIES
EQUITY CAPITAL MARKETS
0
10,000
20,000
30,000
40,000
50,000
60,000
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20
US
$ M
illio
n
Full Year Proceeds
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20
US
$ M
illio
n
IPO Follow-On Convertible
146%9%
291%
2916%
19%197%
0%
500%
1000%
1500%
2000%
2500%
3000%
3500%
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
Retail HighTechnology
Industrials Healthcare Real Estate Other
US
$ M
illio
n
2020 Proceeds 2019 Proceeds YoY Proceeds Change (%)
10
GERMANY
DCM PROCEEDS
DCM PROCEEDS BY ISSUE TYPE
TOP ISSUING INDUSTRIES
BACK TO
HIGHLIGHTS
PAGEDEBT CAPITAL MARKETS
0
100,000
200,000
300,000
400,000
500,000
600,000
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20
US
$ M
illio
n
Full Year Proceeds
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20
US
$ M
illio
n
Agency, Supranational, Sovereign Investment Grade Corporate
MBS ABS
Federal Credit Agency High Yield Corporate
40%
-10%
-30%
45%
80%
-27%
-40%
-20%
0%
20%
40%
60%
80%
100%
0
50,000
100,000
150,000
200,000
250,000
300,000
Governmentand Agencies
Financials Industrials HighTechnology
Materials Other
US
$ M
illio
n
2020 Proceeds 2019 Proceeds YoY Proceeds Change (%)
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ECM TOP DEALS 2020
DCM TOP DEALS 2020
EQUITY & DEBT CAPITAL MARKETS TOP DEALS
Issue DateProceeds
($ mil)Issue Type Issuer Nation Industry Mid Industry
Primary
Exchange
09/02/2020 3,235.9 Follow-On Siemens Healthineers AG Germany Healthcare Healthcare Equipment
& Supplies FRANK
08/18/2020 2,387.0 Follow-On RWE AG Germany Energy and Power Power FRANK
01/16/2020 1,948.6 Convertible Delivery Hero SE Germany Retail Internet and Catalog
Retailing FRANK
07/08/2020 1,699.4 Convertible Delivery Hero SE Germany Retail Internet and Catalog
Retailing FRANK
09/03/2020 1,188.5 Follow-On Vonovia SE Germany Real Estate REITs FRANK
Issue DateProceeds
($ mil)Issue Type Issuer Nation Industry Mid Industry Currency
09/02/2020 8,067.6 Agency, Supranational,
Sovereign Germany (Federal Republic Of) Germany Government and Agencies National Government EURO
05/06/2020 7,907.8 Agency, Supranational,
Sovereign Germany (Federal Republic Of) Germany Government and Agencies National Government EURO
07/01/2020 6,727.2 Investment Grade
Corporate Bayer AG Germany Materials Chemicals EURO
06/10/2020 6,446.9 Agency, Supranational,
Sovereign Germany (Federal Republic Of) Germany Government and Agencies National Government EURO
01/07/2020 5,662.7 Agency, Supranational,
Sovereign KfW Bankengruppe Germany Government and Agencies National Agency EURO
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INVESTMENT BANKING FEES LEAGUE TABLE
INVESTMENT BANKING FEES LEAGUE TABLE (US$MIL)
11.5%
6.8% 6.6% 6.5%
5.3%4.4% 4.3%
3.8% 3.7% 3.5%
0
50
100
150
200
250
300
350
400
450
500
0 1 2 3 4 5 6 7 8 9 10 11
Fee
s U
S$
Mill
ion
Rank
Goldman Sachs & Co Deutsche Bank Credit Suisse JP Morgan Bofa Securities Inc
Morgan Stanley BNP Paribas SA UniCredit Commerzbank AG Barclays
2020 2019 BANK NAMEFEES
(US$Mil)
FEES YOY
CHANGE (%)SHARE (%)
SHARE YOY
CHANGE (%)#DEALS
#DEALS YOY
CHANGE (%)
1 4 Goldman Sachs & Co 424.3$ 238.1% 11.5% 6.8% 66 -8.3%
2 1 Deutsche Bank 250.5$ 31.8% 6.8% -0.3% 202 -5.2%
3 11 Credit Suisse 245.0$ 257.9% 6.6% 4.1% 34 -17.1%
4 2 JP Morgan 241.5$ 30.2% 6.5% -0.4% 131 4.8%
5 5 Bofa Securities Inc 197.3$ 65.9% 5.3% 0.9% 83 2.5%
6 10 Morgan Stanley 162.1$ 116.7% 4.4% 1.6% 54 42.1%
7 6 BNP Paribas SA 160.8$ 35.4% 4.3% -0.1% 108 33.3%
8 3 UniCredit 142.4$ -1.2% 3.8% -1.5% 232 5.9%
9 8 Commerzbank AG 137.5$ 49.4% 3.7% 0.3% 238 20.2%
10 9 Barclays 129.3$ 46.0% 3.5% 0.2% 110 29.4%
TOTAL 3,702.1$ 37.4% 1520 0.3%
GERMANYINVESTMENT BANKING FEE LEAGUE TABLES
13
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PAGE
M&A FEES LEAGUE TABLE (US$MIL)
ECM FEES LEAGUE TABLE (US$MIL)
INVESTMENT BANKING FEE LEAGUE TABLES
2020 2019 BANK NAMEFEES
(US$Mil)
FEES YOY
CHANGE (%)SHARE (%)
SHARE YOY
CHANGE (%)#DEALS
#DEALS YOY
CHANGE (%)
1 1 Goldman Sachs & Co 100.5$ 72.5% 9.5% 3.4% 12 20.0%
2 11 Credit Suisse 84.9$ 197.9% 8.0% 5.0% 6 0.0%
3 12 JP Morgan 83.9$ 196.2% 7.9% 5.0% 10 -9.1%
4 8 Bofa Securities Inc 81.1$ 134.5% 7.7% 4.0% 12 71.4%
5 10 Lazard 60.9$ 110.9% 5.7% 2.7% 17 70.0%
6 3 Morgan Stanley 58.3$ 31.3% 5.5% 0.9% 10 66.7%
7 6 Rothschild & Co 41.0$ 5.7% 3.9% -0.2% 14 -33.3%
8 4 Citi 39.8$ 0.1% 3.8% -0.4% 8 0.0%
9 5 Deutsche Bank 34.7$ -12.2% 3.3% -0.9% 10 42.9%
10 - PJT Partners Inc 30.8$ - 2.9% - 3 -
TOTAL 1,060.0$ 10.6% 382 -28.1%
2020 2019 BANK NAMEFEES
(US$Mil)
FEES YOY
CHANGE (%)SHARE (%)
SHARE YOY
CHANGE (%)#DEALS
#DEALS YOY
CHANGE (%)
1 10 Morgan Stanley 50.9$ 461.9% 12.2% 8.3% 11 450.0%
2 1 JP Morgan 47.4$ 36.2% 11.4% -3.7% 12 33.3%
3 4 Bofa Securities Inc 46.1$ 161.6% 11.0% 3.4% 9 125.0%
4 3 Goldman Sachs & Co 41.7$ 106.8% 10.0% 1.3% 10 100.0%
5 2 Berenberg 28.1$ 19.2% 6.7% -3.5% 10 11.1%
6 7 UniCredit 27.1$ 92.3% 6.5% 0.4% 12 140.0%
7 5 Credit Suisse 21.2$ 39.9% 5.1% -1.5% 7 133.3%
8 9 BNP Paribas SA 20.9$ 116.9% 5.0% 0.8% 11 450.0%
9 26 UBS 20.0$ 1658.9% 4.8% 4.3% 5 400.0%
10 25 Jefferies LLC 17.5$ 1436.4% 4.2% 3.7% 7 250.0%
TOTAL 418.0$ 80.7% 77 54.0%
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DCM FEES LEAGUE TABLE (US$MIL)
LOANS FEES LEAGUE TABLE (US$MIL)
2020 2019 BANK NAMEFEES
(US$Mil)
FEES YOY
CHANGE (%)SHARE (%)
SHARE YOY
CHANGE (%)#DEALS
#DEALS YOY
CHANGE (%)
1 1 Deutsche Bank 115.7$ 4.3% 9.9% -0.7% 143 -13.9%
2 2 UniCredit 72.7$ 33.4% 6.2% 1.0% 155 24.0%
3 8 Barclays 66.8$ 51.7% 5.7% 1.5% 96 37.1%
4 5 Commerzbank AG 66.1$ 36.3% 5.6% 1.0% 159 38.3%
5 3 JP Morgan 65.9$ 23.4% 5.6% 0.6% 98 12.6%
6 9 BNP Paribas SA 62.0$ 49.0% 5.3% 1.3% 71 29.1%
7 4 Citi 52.1$ -0.8% 4.5% -0.5% 53 -24.3%
8 6 HSBC Holdings PLC 51.6$ 7.2% 4.4% -0.2% 102 -8.9%
9 7 Bofa Securities Inc 50.9$ 8.6% 4.4% -0.1% 55 -9.8%
10 13 Goldman Sachs & Co 43.6$ 41.1% 3.7% 0.8% 37 -22.9%
TOTAL 1,169.3$ 11.3% 908 20.9%
2020 2019 BANK NAMEFEES
(US$Mil)
FEES YOY
CHANGE (%)SHARE (%)
SHARE YOY
CHANGE (%)#DEALS
#DEALS YOY
CHANGE (%)
1 8 Goldman Sachs & Co 238.6$ 1369.2% 22.6% 19.1% 7 -22.2%
2 12 Credit Suisse 118.8$ 962.7% 11.3% 8.8% 5 25.0%
3 4 Deutsche Bank 91.1$ 258.7% 8.6% 3.1% 41 13.9%
4 6 BNP Paribas SA 56.2$ 241.6% 5.3% 1.7% 17 13.3%
5 3 Commerzbank AG 52.0$ 45.2% 4.9% -3.0% 69 -8.0%
6 9 Barclays 45.6$ 256.2% 4.3% 1.5% 8 -27.3%
7 1 JP Morgan 44.2$ -35.7% 4.2% -10.9% 11 -38.9%
8 53 UBS 41.5$ 7803.8% 3.9% 3.8% 4 0.0%
9 28 RBC Capital Markets 37.2$ 885.5% 3.5% 2.7% 3 0.0%
10 2 UniCredit 35.4$ -34.9% 3.4% -8.6% 57 -13.6%
TOTAL 1,054.8$ 132.0% 153 -16.4%
GERMANYINVESTMENT BANKING FEE LEAGUE TABLES
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ANY INVOLVEMENT M&A LEAGUE TABLE (US$MIL)
TARGET M&A LEAGUE TABLE (US$MIL)
INVESTMENT BANKING LEAGUE TABLES
2020 2019 BANK NAMERANK VALUE
(US$ Mil)
RANK VALUE
YOY CHANGE
(%)
SHARE (%)SHARE YOY
CHANGE (%)#DEALS
#DEALS YOY
CHANGE (%)
1 1 Goldman Sachs & Co 91,936.8$ 66% 48% 41% 32 14%
2 2 JP Morgan 77,823.9$ 57% 40% 33% 30 0%
3 8 Rothschild & Co 52,660.2$ 236% 27% 184% 38 -17%
4 7 Credit Suisse 51,371.8$ 115% 27% 83% 9 -18%
5 10 Deutsche Bank 49,372.9$ 245% 26% 191% 17 143%
6 9 UBS 45,625.6$ 199% 24% 155% 10 -9%
7 3 BofA Securities Inc 42,147.8$ 23% 22% 4% 17 -19%
8 20 BNP Paribas SA 32,805.8$ 702% 17% 580% 20 18%
9 6 Lazard 29,147.9$ 21% 15% 2% 18 -22%
10 21 HSBC Holdings PLC 21,151.4$ 465% 11% 378% 6 20%
TOTAL 192,633.6$ 18% 2419 -12%
2020 2019 BANK NAMERANK VALUE
(US$ Mil)
RANK VALUE
YOY CHANGE
(%)
SHARE (%)SHARE YOY
CHANGE (%)#DEALS
#DEALS YOY
CHANGE (%)
1 1 Goldman Sachs & Co 60,719.3$ 114% 53% 60% 25 32%
2 6 Credit Suisse 47,371.8$ 285% 41% 187% 6 0%
3 8 Deutsche Bank 45,393.2$ 298% 40% 198% 12 140%
4 2 JP Morgan 44,203.1$ 144% 39% 82% 17 -11%
5 7 Rothschild & Co 41,967.4$ 251% 37% 161% 23 -23%
6 19 BNP Paribas SA 32,075.6$ 1654% 28% 1233% 15 50%
7 3 BofA Securities Inc 31,998.8$ 81% 28% 35% 10 -23%
8 5 UBS 29,448.5$ 107% 26% 55% 6 -25%
9 10 Lazard 28,794.1$ 195% 25% 120% 14 0%
10 33 Macquarie Group 20,847.7$ 3858% 18% 2933% 11 -15%
TOTAL 114,679.1$ 34% 1594 -9%
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ECM LEAGUE TABLE (US$MIL)
DCM LEAGUE TABLE (US$MIL)
INVESTMENT BANKING LEAGUE TABLES
2020 2019 BANK NAMEPROCEEDS
(US$ Mil)
PROCEEDS
YOY CHANGE
(%)
SHARE (%)SHARE YOY
CHANGE (%)#DEALS
#DEALS YOY
CHANGE (%)
1 6 Morgan Stanley 5,245.9$ 499% 17% 173% 11 267%
2 3 BofA Securities Inc 3,600.8$ 139% 12% 8% 11 120%
3 1 JP Morgan 2,949.6$ 70% 10% -22% 13 44%
4 2 Goldman Sachs & Co 2,858.8$ 67% 9% -24% 10 67%
5 14 HSBC Holdings PLC 2,258.5$ 718% 7% 270% 10 900%
6 10 BNP Paribas SA 2,089.8$ 420% 7% 134% 11 450%
7 7 UniCredit 2,082.8$ 164% 7% 19% 14 180%
8 30* UBS 1,554.6$ 6809% 5% 2450% 5 400%
9 9 Barclays 1,223.2$ 70% 4% -23% 4 100%
10 4 Berenberg 1,216.4$ -14% 4% -61% 10 -17%
TOTAL 30,533.8$ 121% 75 42%
2020 2019 BANK NAMEPROCEEDS
(US$ Mil)
PROCEEDS
YOY CHANGE
(%)
SHARE (%)SHARE YOY
CHANGE (%)#DEALS
#DEALS YOY
CHANGE (%)
1 2 UniCredit 39,850.0$ 40% 9% 28% 155 24%
2 1 Deutsche Bank 34,270.9$ 5% 8% -5% 135 -5%
3 3 JP Morgan 29,629.5$ 30% 7% 18% 97 13%
4 4 Commerzbank AG 27,772.5$ 29% 6% 17% 134 33%
5 5 Barclays 26,117.4$ 24% 6% 14% 93 37%
6 8 HSBC Holdings PLC 23,008.0$ 26% 5% 13% 99 -6%
7 10 BNP Paribas SA 19,809.7$ 26% 4% 16% 69 25%
8 6 BofA Securities Inc 19,773.4$ 0% 4% -8% 53 -12%
9 7 Citi 18,648.8$ -5% 4% -15% 52 -25%
10 9 Credit Agricole CIB 15,160.7$ -4% 3% -15% 51 -18%
TOTAL 453,793.7$ 10% 752 13%
17
CONTACTS / GLOSSARYBACK TO
HIGHLIGHTS
PAGE
MERGERS & ACQUISITIONSThe Refinitiv Mergers & Acquisitions database tracks changes in economic ownership at ultimate parent level in going
business concerns. All deals involving a purchase of at least a 5% stake, or 3% with a value of at least US$1 million are
tracked, subject to criteria. League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders,
minority stake purchases and debt restructurings. League tables, commentary, and charts citing announced activity are
based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, and unconditional
transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction.
EQUITY CAPITAL MARKETSThe Refinitiv Equity Capital Markets database covers domestic and international placements of equity offerings in addition
to domestic and international equity-related transactions. This includes IPOs, follow-on offerings, accelerated book builds
and block trades (with certain restrictions) and convertible bonds. Convertible Bonds with a minimum life of less than 360
days are excluded. Minimum life defined as the difference between the settlement date and the earliest maturity date or
first call/put option.
DEBT CAPITAL MARKETSThe Refinitiv Debt Capital Markets database covers underwritten debt with an issue size of over US$1 million, that
matures in at least 360 days from settlement. It includes all internationally offered underwritten debt transactions in all
currencies, Domestic issuance, Preferred Securities, High Yield and Emerging Market transactions that are offered in US
and Globally, Asset Backed Securities, Mortgage Backed Securities, Collateralized Debt Obligations (CDOs), MTN
takedowns and Certificate of Deposits, except in UK. Primary offerings only. All league tables are based on deal
proceeds (total issue amount multiplied by the issue price) unless otherwise stated. Full credit is given to the book
runner, equal if joint books. In cases of underwriter consolidation, credit is given to the surviving/parent firm. Non-US
dollar denominated transactions are converted to the US dollar equivalent at the time of announcement.
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CONTACT INFORMATIONAMERICAS
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EMEA
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