JP Morgan ends third quarter in pole position

IFR 2003 28 September to 4 October 2013
6 min read
Americas, EMEA, Asia
Spencer Anderson

After a slow August, issuance bounced back in September with some big deals – including the record breaking US$49bn bond issue from Verizon – and helping boost the fee pool for banks in the first three quarters of the year to US$55.9bn, an increase of 1.7% on 2012.

JP Morgan remained top of the global investment banking league table, maintaining its 7.8% share. Its chief competitor Bank of America Merrill Lynch also held firm, while third and fourth-placed Goldman Sachs and Morgan Stanley lost market share. Within the top 10 banks, there were no position changes from last month.

JP Morgan’s results continued to be driven by its global bonds business, which dominates the industry with an 8.5% share of fees, nearly a full point higher than its next closest rival. Still, BofA Merrill is improving, increasing its share in global bonds by 30bp during the month. Verizon’s US$49bn bond helped boost it and fellow underwriters Barclays, Morgan Stanley and JP Morgan, with fees reaching US$264.9m.

BofA Merrill continued to hold on to its leads in Americas investment banking and global loans. Its share in global loans decreased by 20bp during the month, but it remained just ahead of JP Morgan. Helping BofA Merrill in loans was the US$9.1bn deal with Dell, something that JP Morgan missed out on. It also worked on the US$7.6bn Hilton loan, as did JP Morgan.

JP Morgan continued to dominate in the Europe, Middle East and Africa region. In Asia, Nomura held its top spot but lost market share to Mizuho Financial and Sumitomo Mitsui. Morgan Stanley also fell out of the number two spot in the region as it also lost market share.

Global investment banking fees
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan3,0714,332.007.8
2BofA Merrill Lynch3,2883,963.507.1
3Goldman Sachs1,8923,420.806.1
4Morgan Stanley2,5013,202.305.7
5Citigroup2,4292,948.105.3
6Deutsche Bank2,6452,522.804.5
7Barclays2,1572,456.204.4
8Credit Suisse1,7442,380.104.3
9Wells Fargo & Co1,8921,604.402.9
10UBS1,1451,530.402.7
11RBC CM1,7201,425.602.6
12HSBC2,2081,003.901.8
13BNP Paribas1,449939.81.7
14Nomura1,259929.81.7
15Mizuho Financial1,902761.21.4
16Jefferies LLC549722.71.3
17RBS1,4507121.3
18Sumitomo Mitsui1,628678.81.2
19Mitsubishi UFJ1,493586.11
20BMO CM9415361
Total29,49855,890.80
Americas investment banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1BofA Merrill Lynch2,4733,155.909.9
2JP Morgan2,1602,979.209.3
3Goldman Sachs1,0262,133.106.7
4Citigroup1,5522,067.306.5
5Morgan Stanley1,3352,066.906.5
6Barclays1,2611,760.305.5
7Credit Suisse1,1031,648.805.2
8Wells Fargo & Co1,7981,533.804.8
9Deutsche Bank1,2711,477.104.6
10RBC CM1,4231,215.503.8
Total12,83331,876.70
Asia-pacific & Japan investment banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Nomura786655.46.7
2Mizuho Financial1,434545.25.6
3Morgan Stanley8075335.5
4Sumitomo Mitsui1,2404925
5Goldman Sachs400429.84.4
6JP Morgan252349.23.6
7UBS252341.83.5
8Daiwa Securities Group621286.62.9
9Citigroup353267.32.7
10HSBC6632602.7
Total9,3719,761.70
EMEA investment banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan6771,003.607
2Goldman Sachs4888586
3Deutsche Bank929797.75.6
4Citigroup541613.44.3
5BofA Merrill Lynch461605.14.2
6Morgan Stanley379602.54.2
7Barclays623573.84
8BNP Paribas749565.54
9Credit Suisse438542.63.8
10HSBC8484573.2
Total7,66414,252.50
Global bonds
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan1,5001,458.708.5
2BofA Merrill Lynch1,5501,329.807.7
3Citigroup1,3271,096.406.4
4Deutsche Bank1,6931,021.505.9
5Morgan Stanley1,6431,001.805.8
6Goldman Sachs1,0689655.6
7Barclays1,262840.44.9
8Credit Suisse963719.54.2
9Wells Fargo & Co767615.23.6
10HSBC1,519533.73.1
Total14,72717,220.80
Global equity
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Morgan Stanley3821,078.907.9
2JP Morgan3401,061.007.8
3Goldman Sachs299977.67.2
4BofA Merrill Lynch340894.36.6
5Citigroup322760.95.6
6Credit Suisse292656.84.8
7UBS284597.84.4
8Deutsche Bank2875644.2
9Barclays238526.73.9
10Nomura1444043
Total3,75413,575.60
Global loans
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1BofA Merrill Lynch1,2451,049.608.3
2JP Morgan1,0651,038.108.2
3Deutsche Bank539604.24.8
4Barclays527588.74.6
5Citigroup6285224.1
6Credit Suisse351519.84.1
7Wells Fargo & Co897513.24
8Goldman Sachs305445.43.5
9Mitsubishi UFJ1,013397.33.1
10RBC CM378390.63.1
Total6,33212,675.10