BAML moves up bonds table after BAT deal

IFR 2199 2 September to 8 September 2017
6 min read
Americas, EMEA, Emerging Markets, Asia

The top five slots in the investment banking fees table remained unchanged during August, traditionally one of the quieter months for deals.

JP Morgan retained its lead over nearest rival Goldman Sachs, seeing total fees rise by US$542m in the month to US$4.34bn, according to Thomson Reuters estimates. It had a 6.7% share of the global market for the fees, covering M&A advisory, capital markets underwriting and syndicated lending.

That puts it US$638m ahead of Goldman, which had a 5.7% market share.

JP Morgan is ahead in all regions except for Asia, which remains dominated by Chinese and Japanese lenders. Bank of China leapfrogged Sumitomo Mitsui and Mizuho Financial last month to move to the top of the table with US$730.5m fees.

Asia fees, at US$16bn, are slightly below those charged in EMEA, at US$16.4bn. However, there have been more than twice as many deals in Asia than in EMEA - 15,334 compared with 7,140.

JP Morgan remains on top of the bonds and equity issuance tables, but has lost its top spot in loans to Bank of America Merrill Lynch.

BAML was one of the lead banks on British American Tobacco’s US$17.25bn bond issue on August 8, the second largest issue of the year. That enabled BAML to move up a space in the bonds table.

Two other lead banks on the BAT deal were Deutsche Bank and Barclays.

Barclays was behind Credit Suisse in the overall fees table, although both lag well behind Morgan Stanley in fifth place, which has pulled in US$3.2bn so far this year.

US banks continue to occupy the top five places for overall fees, with BAML and Citigroup holding third and fourth spots, respectively.

Global Investment Banking Fees
Global Investment Banking Fees
Managing bank or groupNo of issuesTotal US$(m)Share (%)
​ 1JP Morgan2,8924,342.706.7
2Goldman Sachs1,8243,704.605.7
3BofA Merrill Lynch2,8303,627.005.6
4Citigroup2,7103,254.005
5Morgan Stanley2,3103,185.004.9
6Credit Suisse1,4842,203.703.4
7Barclays2,0352,155.803.3
8Deutsche Bank1,6171,882.602.9
9RBC CM1,5181,387.202.1
10Wells Fargo & Co2,1141,385.602.1
11HSBC1,9611,293.102
12UBS7981,252.201.9
13BNP Paribas1,4351,091.201.7
14Mizuho Financial2,0581,030.901.6
15Sumitomo Mitsui1,780862.61.3
16Mitsubishi UFJ1,630859.61.3
17Bank of China1,405820.11.3
18Jefferies549767.41.2
19BMO CM872676.71
20Lazard178672.11
Total​34,89464,985.10
Americas Investment Banking
Americas Investment Banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan2,0163,032.209.3
2BofA Merrill Lynch2,1022,626.808.1
3Goldman Sachs1,0902,620.008
4Citigroup1,6762,109.406.5
5Morgan Stanley1,2032,043.606.3
6Credit Suisse8861,476.104.5
7Barclays1,2851,452.904.5
8Wells Fargo & Co1,9941,316.704
9RBC CM1,2581,200.703.7
10Deutsche Bank838976.23
Total​12,74232,602.40
Asia-Pacific & Japan Investment Banking
Asia-Pacific & Japan Investment Banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Bank of China1,308730.54.6
2Mizuho Financial1,315642.84
3Sumitomo Mitsui1,293608.23.8
4Citic1,748538.13.4
5Morgan Stanley797495.83.1
6ICBC1,019418.32.6
7Citigroup416406.42.5
8Nomura734331.62.1
9Mitsubishi UFJ780323.32
10China Construction Bank1,1493142
Total​15,33415,999.60
EMEA Investment Banking
EMEA Investment Banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan6601,039.806.3
2Goldman Sachs420772.74.7
3Citigroup618738.14.5
4BofA Merrill Lynch4477304.5
5Deutsche Bank564679.24.1
6BNP Paribas713659.24
7Morgan Stanley312645.53.9
8HSBC7476173.8
9Barclays564605.93.7
10UBS264490.13
Total​7,14016,383.20
Global Bonds
Global Bonds
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan1,5041,478.607.2
2BofA Merrill Lynch1,4341,196.105.8
3Citigroup1,6791,177.305.7
4Morgan Stanley1,557936.84.5
5Goldman Sachs991889.44.3
6Barclays1,2168474.1
7HSBC1,2807083.4
8Deutsche Bank918676.63.3
9Credit Suisse768642.23.1
10Wells Fargo & Co1,200601.72.9
Total​19,36420,593.6 ​
Global Equities
Global Equities
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan2779446.7
2Morgan Stanley301871.26.2
3Goldman Sachs230801.15.7
4Citigroup264746.75.3
5BofA Merrill Lynch2336434.6
6Credit Suisse185513.53.6
7Deutsche Bank157466.63.3
8UBS149397.52.8
9Barclays156356.72.5
10RBC CM182298.62.1
Total​3,93714,100.20
Global Loans
Global Loans
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1BofA Merrill Lynch1,032759.95.8
2JP Morgan923739.55.6
3Citigroup624582.54.4
4Mitsubishi UFJ992501.73.8
5Bank of China359486.43.7
6Credit Suisse395483.43.7
7Mizuho Financial6824613.5
8Barclays544442.63.3
9Goldman Sachs3924383.3
10Deutsche Bank463396.53
Total​6,44913,212.20