​Morgan Stanley gains momentum in ECM and DCM

IFR 2107 31 October to 6 November 2015
6 min read
Americas, EMEA, Asia
Christopher Spink

Morgan Stanley has made a valiant effort over the past month to shake up the top of the investment banking fees table. A strong performance in equity capital markets saw the US bank leap over nearest rivals JP Morgan and Goldman Sachs to take the top spot in ECM.

All three were listed as bookrunners on the IPO of Japan Post, raising US$5.73bn. But Morgan Stanley beat both rivals to act on the US$1.12bn follow-on for Dutch financial NN Group. Rival JP Morgan also missed out on both the US$3.79bn IPO of UK payments system provider Worldpay and the US$2.82bn float of First Data in the US.

Morgan Stanley also knocked Goldman Sachs off fourth spot in the global bonds ranking. But the surge in debt and equity capital markets was not enough to dislodge Goldman, JP Morgan and Bank of America Merrill Lynch from the top three spots in the overall fees table however. Morgan Stanley remains fourth.

JP Morgan remains way ahead in the bond fees table, notching up an estimated US$1.54bn for a whopping 8.6% market share. The fight is tighter in equities and loans. The bank is second in those two areas with market shares of 6.6% and 6.1% respectively.

However, Goldman Sachs’ dominance in M&A, where it has pulled in an estimated US$2.39bn from 310 deals so far this year, giving it an 11.8% market share, meant it retained its position at the top of the overall fees table.

At the end of September its lead over JP Morgan was only US$50m but this has extended marginally to US$67m by the end of October. BAML remains in third spot, helped by its top spot in loans, with a 7.4% market share. All three, and Morgan Stanley, have increased their market share over the year.

The regional rankings were largely unchanged. Goldman Sachs remained on top of the EMEA table and JP Morgan significantly ahead in the Americas. In Asia Pacific Morgan Stanley stayed top with Goldman Sachs second but Nomura swapped places with Mizuho to take third position.

Global Investment Banking Fees: October 2015
Global Investment Banking Fees
Managing bank or groupNo of IssuesTotal US$(m)Share (%)
​ 1Goldman Sachs2,0025,047.17.2
2JP Morgan3,1214,980.37.1
3BAML3,3934,395.66.3
4Morgan Stanley2,7284,119.05.9
5Citigroup2,6783,447.84.9
6Deutsche Bank2,4332,900.34.1
7Barclays2,4392,711.03.9
8Credit Suisse1,7232,628.33.7
9Wells Fargo & Co2,5841,744.72.5
10RBC CM1,8141,578.42.3
11UBS1,0231,511.42.2
12HSBC2,6431,361.21.9
13BNP Paribas1,7321,111.21.6
14Jefferies LLC7431,062.61.5
15Mizuho Financial2,438942.01.3
16Nomura1,482902.01.3
17Lazard186774.61.1
18Mitsubishi UFJ2,031740.31.1
19Sumitomo Mitsui2,123731.81.0
20BMO CM1,075651.90.9
Total​37,49570,131.4 ​
Americas Investment Banking: October 2015
Americas Investment Banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan2,1363,595.89.0
2BAML2,4663,415.08.5
3Goldman Sachs1,1233,386.78.5
4Morgan Stanley1,4332,679.16.7
5Citigroup1,5902,436.76.1
6Barclays1,3641,868.14.7
7Credit Suisse1,0001,821.54.6
8Deutsche Bank1,2221,647.04.1
9Wells Fargo & Co2,4331,644.14.1
10RBC CM1,4681,350.53.4
Total​16,08340,028.6​
Asia-Pacific & Japan Investment Banking: October 2015
Asia-Pacific & Japan Investment Banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Morgan Stanley849674.55.2
2Goldman Sachs398551.24.2
3Nomura830523.14.0
4Mizuho Financial1,666519.14.0
5Sumitomo Mitsui1,540483.83.7
6JP Morgan271403.63.1
7UBS233397.03.0
8CITIC499335.62.6
9Deutsche Bank373334.02.6
10Citigroup417328.62.5
Total​12,56013,095.5
EMEA Investment Banking: October 2015
EMEA Investment Banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Goldman Sachs4841,109.26.5
2JP Morgan717980.95.8
3Deutsche Bank841919.35.4
4Morgan Stanley448765.54.5
5Barclays777726.14.3
6Citigroup675682.44.0
7BAML544665.23.9
8BNP Paribas907635.93.7
9HSBC979592.53.5
10Credit Suisse492562.23.3
Total​9,24217,007.3
Global Bonds: October 2015
Global Bonds
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan1,5321,543.68.6
2BAML1,6381,331.37.4
3Citigroup1,4921,223.86.8
4Morgan Stanley1,8001,061.05.9
5Goldman Sachs1,062999.35.5
6Deutsche Bank1,472987.05.5
7Barclays1,446951.85.3
8Credit Suisse952792.84.4
9Wells Fargo & Co1,444772.64.3
10HSBC1,657596.23.3
Total​17,71318,019.3
Global Equities: October 2015
Global Equities
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Morgan Stanley4151,202.96.9
2JP Morgan3511,148.96.6
3Goldman Sachs3071,134.26.5
4BAML314885.55.1
5Citigroup282761.64.4
6Credit Suisse293658.73.8
7Deutsche Bank230651.33.7
8UBS245601.23.4
9Barclays230510.12.9
10Nomura180408.52.3
Total​4,67117,428.4
Global Loans: October 2015
Global Loans
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1BAML1,2641,067.27.4
2JP Morgan1,013882.66.1
3Deutsche Bank575668.94.6
4Citigroup720624.94.3
5Barclays621599.14.1
6Credit Suisse333585.04.0
7Goldman Sachs332527.23.6
8Wells Fargo & Co929514.33.5
9Mitsubishi UFJ1,374461.43.2
10RBC CM456440.53.0
Total​8,30514,511.8