Japan's banks move up fee rankings

IFR 2262 1 December to 7 December 2018
7 min read
Americas, EMEA, Asia
Steve Slater

Japan’s top three banks have increased their investment banking market shares by a combined 68bp this year and each firm has moved up the fee rankings thanks to their strength in syndicated loans.

Mizuho Financial Group ranked 12th in global fees from M&A advisory, debt and equity underwriting and syndicated lending through to November 29, up from 14th at the same stage of 2017, according to data from Refinitiv.

Mizuho has brought in US$1.7bn in fees, up 9% from a year ago, for a 1.85% share of global fees, up 28bp on the year.

Mitsubishi UFJ Financial Group and Sumitomo Mitsui have also both moved up two places in the global rankings, to 15th and 16th respectively, the Refinitiv data show. MUFG has gained 21bp of market share and Sumitomo has added 19bp.

All three rank in the top 10 firms for syndicated loans: MUFG is third globally, Mizuho is fourth and Sumitomo is ninth.

The megabanks have stepped up their international lending at a time when many Western rivals are scaling back. The Japanese banks are making use of their huge balance sheets at a time of low domestic growth.

The trio are among only six banks in the top 20 to show a rise in revenues in the first 11 months of 2018 from a year ago. Overall fees for M&A, underwriting and syndicated loans were US$91.9bn up to November 29, down 8% from the same stage of 2017.

JP Morgan and Goldman Sachs remain well out in front after showing the biggest gains in market share. JP Morgan brought in US$6.4bn in fees, giving it a 6.98% market share, up 37bp from a year ago.

Goldman remained in second place on the back of US$5.8bn in fees. That gave it a 6.33% market share, up 54bp from a year ago – the largest increase of any bank.

Morgan Stanley’s fee income of US$4.7bn gave it a 5.11% market share, up 25bp from a year ago. That lifted it to third from fifth a year ago, leapfrogging Bank of America Merrill Lynch and Citigroup.

Credit Suisse was the highest ranking non-US bank in sixth place, followed by Barclays and Deutsche Bank.

Global Investment Banking Fees - November 2018
Global Investment Banking Fees - November 2018
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
​ 1JP Morgan3,8086,410.97.0
2Goldman Sachs2,3925,815.26.3
3Morgan Stanley3,0534,695.25.1
4BAML3,5754,571.85.0
5Citigroup3,2854,249.04.6
6Credit Suisse1,9533,138.03.4
7Barclays2,4892,926.13.2
8Deutsche Bank2,1882,356.52.6
9Wells Fargo2,6631,946.02.1
10HSBC2,6971,827.62.0
11RBC CM2,0131,792.02.0
12Mizuho Financial3,0531,704.11.9
13UBS1,0091,581.91.7
14BNP Paribas1,9661,494.51.6
15MUFG2,3141,370.61.5
16Sumitomo Mitsui2,6251,344.01.5
17Jefferies8261,302.21.4
18Bank of China2,3751,215.01.3
19Lazard2521,044.01.1
20TD Securities1,532925.61.0
Total47,65291,874.1
Americas Investment Banking - November 2018
Americas Investment Banking - November 2018
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
1JP Morgan2,6964,311.99.3
2Goldman Sachs1,4373,766.78.1
3BAML2,6953,379.47.3
4Morgan Stanley1,5623,051.86.6
5Citigroup1,9832,611.95.6
6Barclays1,5011,871.24.0
7Credit Suisse1,1271,834.64.0
8Wells Fargo2,5001,809.73.9
9RBC CM1,6451,474.93.2
10Deutsche Bank1,0021,195.42.6
Total17,33446,242.9
Asia-Pacific & Japan Investment Banking - November 2018
Asia-Pacific & Japan Investment Banking - November 2018
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
1Bank of China2,2361,103.54.9
2Mizuho Financial1,9841,061.94.7
3Sumitomo Mitsui1,875880.53.9
4Morgan Stanley1,037761.43.4
5Goldman Sachs451760.83.4
6Citic2,678730.83.2
7Citigroup543627.52.8
8JP Morgan297596.22.6
9MUFG1,178588.02.6
10ICBC1,886563.72.5
Total20,83022,566.2
EMEA Investment Banking - November 2018
EMEA Investment Banking - November 2018
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
1JP Morgan8171,502.86.5
2Goldman Sachs5111,287.75.6
3Citigroup7661,009.54.4
4Barclays719931.94.0
5Morgan Stanley460882.03.8
6HSBC996881.53.8
7BAML540837.23.6
8Deutsche Bank721812.33.5
9BNP Paribas923808.63.5
10Credit Suisse523764.73.3
Total9,93523,065.0
Global Bonds - November 2018
Global Bonds - November 2018
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
1JP Morgan1,8481,663.76.4
2BAML1,7201,482.35.7
3Citigroup1,8541,305.35.0
4Goldman Sachs1,1881,202.54.6
5Barclays1,4641,036.84.0
6Morgan Stanley2,0191,002.63.8
7HSBC1,770904.23.5
8Credit Suisse1,052898.03.4
9Wells Fargo1,478821.93.2
10Deutsche Bank1,307801.23.1
Total25,31326,080.0
Global Equities - November 2018
Global Equities - November 2018
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
1Goldman Sachs3561,474.88.4
2JP Morgan3701,451.08.3
3Morgan Stanley4151,410.48.0
4Citigroup313890.05.1
5BAML260881.55.0
6Credit Suisse227717.14.1
7Deutsche Bank173506.42.9
8UBS172490.12.8
9Jefferies164384.12.2
10Barclays171364.82.1
Total5,00517,547.9
Global Loans - November 2018
Global Loans - November 2018
ManagingNo ofTotalShare
bank or groupissuesUS$(m)(%)
1JP Morgan1,3161,312.36.3
2BAML1,4401,254.36.0
3MUFG1,517930.34.5
4Mizuho Financial1,053858.04.1
5Citigroup919806.23.9
6Wells Fargo1,014732.93.5
7Bank of China455712.63.4
8Goldman Sachs523710.93.4
9Sumitomo Mitsui1,115678.63.3
10Barclays694668.33.2
Total9,46020,782.7