Top banks stretch out lead in busy October

IFR 2057 1 November to 7 November 2014
6 min read
EMEA, Asia
Gareth Gore

JP Morgan, Bank of America Merrill Lynch and Morgan Stanley each gained a little extra market share during October, eking out an additional 10bp of the pie as the end of the year draws closer.

The month was a good one for fees, with about 4,500 new issues during the month – more than 1,000 more than the average during the first nine months of the year – earning investment banks US$7.9bn, which was slightly down on what they earned in September.

That took the total earned from debt underwriting, equity underwriting, loans and advisory to US$75.6bn, some 9.3% higher than at the same point a year earlier. Underwriting activity has continued to be strong this year, and fees have been boosted by a resurgence in M&A.

Morgan Stanley has made the biggest leap so far this year, with its 5.95% market share some 41 basis points higher than at this stage last year. BofA Merrill and JP Morgan, which dominated fee earning last year, have seen the biggest falls in share, losing 65bp and 90bp respectively.

During October, UBS managed to climb a place to 10th, knocking Royal Bank of Canada off that spot. Mitsubishi UFJ Financial knocked BMO off the 19th spot in the only other change in the global fees table.

In bond underwriting fees, Deutsche Bank dropped from fourth to fifth, knocked off by Morgan Stanley. The bank reported a decline in debt underwriting fees in its third-quarter numbers to the end of September last week, and it looks as if that trend may have continued.

In loans, Credit Suisse dropped from fourth to sixth. There were no changes in the equities fees league table.

Global investment banking fees: October
Global investment banking fees
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan3,6725,402.707.2
2BofA Merrill Lynch3,5214,760.606.3
3Goldman Sachs2,1414,551.006
4Morgan Stanley2,8304,495.405.9
6Deutsche Bank2,8833,687.104.9
7Credit Suisse2,0193,239.704.3
9Wells Fargo & Co2,2731,912.602.5
11RBC CM2,0521,846.102.4
13BNP Paribas1,9251,373.201.8
14Jefferies LLC6831,115.201.5
17Mizuho Financial2,266869.61.2
18Sumitomo Mitsui2,194828.41.1
19Mitsubishi UFJ2,015780.21
20BMO CM1,185765.91
Total​35,44275,555.1 ​
Americas investment banking: October
Americas investment banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan2,5183,626.808.8
2BofA Merrill Lynch2,5593,523.608.6
3Goldman Sachs1,2132,938.607.2
4Morgan Stanley1,4412,786.606.8
7Credit Suisse1,1361,998.604.9
8Deutsche Bank1,4071,930.504.7
9Wells Fargo & Co2,1131,792.804.4
10RBC CM1,6781,537.803.7
Global bonds: October
Global bonds
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan1,6411,559.107.8
2BofA Merrill Lynch1,5591,303.106.5
4Morgan Stanley1,8241,188.205.9
5Deutsche Bank1,7361,152.705.7
6Goldman Sachs1,1461,049.005.2
7Credit Suisse1,078966.14.8
10Wells Fargo & Co1,021684.33.4
Total​16,26520,097.3 ​
Asia-pacific & Japan investment banking: October
Asia-pacific & Japan investment banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Morgan Stanley938742.65.7
3Mizuho Financial1,652559.24.3
4Sumitomo Mitsui1,612542.34.2
5Goldman Sachs452517.74
8JP Morgan332402.23.1
9BofA Merrill Lynch430372.12.9
10Credit Suisse313354.22.7
Total​11,81412,918.3 ​
Global equities: October
Global equities
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Morgan Stanley4351,491.407.6
2Goldman Sachs3491,308.206.7
3JP Morgan4201,289.206.6
4BofA Merrill Lynch3881,059.005.4
6Deutsche Bank311922.34.7
7Credit Suisse3398554.4
10RBC CM352472.32.4
Total​4,71819,548.9 ​
EMEA investment banking: October
EMEA investment banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Deutsche Bank1,0181,403.306.5
2JP Morgan8571,373.606.4
3Goldman Sachs5111,094.705.1
5Morgan Stanley482966.24.5
7Credit Suisse594886.84.1
8BNP Paribas1,043881.34.1
9BofA Merrill Lynch560864.94
Total​9,36921,570.8​ ​
Global loans: October
Global loans
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1BofA Merrill Lynch1,3881,442.908.3
2JP Morgan1,3881,279.707.3
3Deutsche Bank682982.25.6
6Credit Suisse429724.44.2
7Wells Fargo & Co995673.83.9
8Goldman Sachs354634.73.6
9Morgan Stanley3315903.4
10Mitsubishi UFJ1,365528.93
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