Q3 advisory, underwriting fees up 11% on year

IFR 2203 30 September to 6 October 2017
6 min read
Americas, EMEA, Emerging Markets, Asia
Steve Slater

Investment banking fees from M&A advisory, capital markets underwriting and syndicated lending were up 13% in the first nine months of this year from a year ago, after a robust third quarter for debt and equity issuance.

Global fees reached US$75.3bn through to September 28, compared with US$66.9bn at the same stage of 2016, according to Thomson Reuters data.

For the third quarter, fees were up 11% from a year ago at US$26.5bn.

Major US banks have indicated advisory and underwriting revenues were decent in July-September - possibly up 5%-10% on the year. That would help offset what is expected to be another weak quarter for fixed income trading; several bankers said in mid-September trading revenues could be down 15%-20% on the year.

JP Morgan remains on top of the rankings and has brought in US$5bn in fees so far this year from M&A, equity and debt capital markets and syndicated lending. That is up 12% from 2016 and gave it a market share of 6.6%, the data showed.

Goldman Sachs was second with US$4.3bn of fees (up 9% on year) and a 5.7% share. Bank of America Merrill Lynch brought in US$4.1bn (up 15%) for a 5.5% share and Citigroup had US$3.8bn (up 25%) and a 5% share.

Fees for all banks in the top 20 were up from a year ago other than at Wells Fargo, where they were down 1%. In contrast, fees for Bank of China have jumped 85%, lifting it to 15th in the rankings, from 25th a year ago.

JP Morgan topped the rankings for the Americas with a 9.1% share of the market there, and in Europe, Middle East and Africa, where it had a 6.6% market share. Mizuho Financial was the leading bank in Asia, with 4.9% of the market.

Global Investment Banking Fees: September 2017
Global Investment Banking Fees
Managing bank or groupNo of issuesTotal US$(m)Share (%)
​ 1JP Morgan3,3195,002.06.6
2Goldman Sachs2,1034,290.65.7
3BAML3,2314,134.85.5
4Morgan Stanley2,6363,749.25.0
5Citigroup3,1043,748.95.0
6Barclays2,3072,549.83.4
7Credit Suisse1,6812,519.13.3
8Deutsche Bank1,8232,104.72.8
9Wells Fargo & Co2,4051,579.22.1
10RBC CM1,7351,578.62.1
11HSBC2,2971,479.32.0
12Mizuho Financial2,3811,385.61.8
13UBS9181,377.41.8
14BNP Paribas1,6471,242.91.7
15Bank of China1,6651,032.31.4
16Sumitomo Mitsui2,0971,028.11.4
17Mitsubishi UFJ1,903984.21.3
18Jefferies LLC642936.41.2
19Nomura1,373853.51.1
20BMO CM1,029774.21.0
Total​40,38775,251.8
Americas Investment Banking: September 2017
Americas Investment Banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan2,2973,426.79.1
2BAML2,4103,019.28.1
3Goldman Sachs1,2613,014.88.0
4Citigroup1,9192,458.46.6
5Morgan Stanley1,3592,383.46.4
6Barclays1,4481,754.34.7
7Credit Suisse9961,665.44.4
8Wells Fargo & Co2,2671,498.24.0
9RBC CM1,4441,372.23.7
10Deutsche Bank9351,078.92.9
Total​14,56337,481.2
Asia-Pacific & Japan Investment Banking: September 2017
Asia-Pacific & Japan Investment Banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Mizuho Financial1,529946.74.9
2Bank of China1,553925.24.8
3Sumitomo Mitsui1,525730.53.8
4Citic2,046657.83.4
5Morgan Stanley919614.63.2
6Nomura836513.62.7
7ICBC1,223501.42.6
8Citigroup491465.82.4
9Goldman Sachs373422.72.2
10Daiwa Securities766382.42.0
Total​17,92619,253.3
EMEA Investment Banking: September 2017
EMEA Investment Banking
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan7511,221.46.6
2Goldman Sachs473853.04.6
3Citigroup695824.74.5
4BAML495801.44.3
5Deutsche Bank644764.04.1
6Morgan Stanley360751.24.1
7BNP Paribas810737.74.0
8HSBC873688.33.7
9Barclays635673.83.6
10Credit Suisse453561.13.0
Total​8,27718,517.3
Global Bonds: September 2017
Global Bonds
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan1,7201,668.47.1
2BAML1,6251,351.85.7
3Citigroup1,9161,335.65.7
4Morgan Stanley1,7771,076.44.6
5Goldman Sachs1,1351,034.94.4
6Barclays1,386981.64.2
7HSBC1,528833.93.5
8Deutsche Bank1,048772.63.3
9Credit Suisse871725.13.1
10Wells Fargo & Co1,344673.82.9
Total​22,12923,576.8
Global Equities: September 2017
Global Equities
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan3221,092.36.7
2Morgan Stanley3451,024.66.3
3Goldman Sachs267937.95.7
4Citigroup305878.45.4
5BAML262729.54.5
6Credit Suisse214616.63.8
7Deutsche Bank176504.83.1
8UBS175450.72.8
9Barclays174404.62.5
10RBC CM202320.12.0
Total​4,48416,322.3
Global Loans: September 2017
Global Loans
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1BAML1,197920.25.9
2JP Morgan1,061850.15.5
3Mizuho Financial818715.94.6
4Citigroup718677.94.4
5Bank of China409637.34.1
6Mitsubishi UFJ1,169581.53.7
7Credit Suisse439521.03.3
8Barclays611520.93.3
9Goldman Sachs456513.03.3
10Wells Fargo & Co872456.72.9
Total​7,63015,563.0