Citi sets the pace for 2019

IFR 2269 2 February to 8 February 2019
6 min read
Americas, EMEA, Asia
Christopher Spink

Citigroup has started the year in fine fettle, pulling in an estimated US$381.5m in investment banking fees from 196 deals, according to Refinitiv data. That has enabled it to leap to the top of the fees table, knocking last year’s winner JP Morgan into second place.

JP Morgan was more prolific than Citi, however, after working on 202 deals in January. China’s CITIC worked on even more, with 248 transactions, according to data from Refinitiv.

Citi lagged behind in fifth place in January 2018, and its fees have jumped 12% from then.

The only other bank to see a big improvement last month was HSBC, which has gone from 13th place to eighth, after a 6% rise in its fees to US$146.1m from 188 deals, the Refinitiv data showed.

This year has started far more quietly than 2018, with overall fees estimated at US$5.38bn, down 36% from the bumper activity seen in January 2018.

Citi has worked on deals including the SFr1.3bn (US$1.3bn) convertible bond issue by Swiss chemicals producer Sika, for which it was joint bookrunner with UBS.

The US bank has also been a prolific issuer itself this month and was sole bookrunner on its debut Green bond raising £750m, as well as large conventional sterling and dollar bonds. The latter US$2.25bn self-led issue was its first for six months and attracted strong demand.

The firm also acted for several southern European sovereigns, including Spain and Italy, which have attracted large books. Spain raised €10bn from a 10-year issue, which received €46.5bn of interest. Italy raised the same amount for a 2035 bond, with a €35.5bn book.

Global Investment Banking Fees - January 2019
Global Investment Banking Fees - January 2019
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Citigroup196381.57.1
2JP Morgan202342.86.4
3BAML179270.85
4Morgan Stanley172261.34.9
5Goldman Sachs1222444.5
6Deutsche Bank152179.63.3
7Barclays185177.63.3
8HSBC188146.12.7
9UBS721352.5
10Qatalyst Partners4134.52.5
11Credit Suisse93125.62.3
12RBC CM1161222.3
13BNP Paribas112111.42.1
14Wells Fargo & Co135109.22
15MUFG9894.71.8
16Citic24888.71.6
17Mizuho Financial150881.6
18ICBC16376.11.4
19Credit Agricole CIB77631.2
20Bank of China16461.61.1
Total​2,6305,379.40
Americas Investment Banking - January 2019
Americas Investment Banking - January 2019
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Citigroup107258.610
2JP Morgan126205.17.9
3BAML119193.87.5
4Morgan Stanley70178.56.9
5Qatalyst Partners4134.55.2
6Goldman Sachs61121.64.7
7RBC CM86109.94.3
8Barclays110104.44
9Wells Fargo & Co129102.64
10Deutsche Bank6680.43.1
Total8422,584.10
Asia-Pacific & Japan Investment Banking - January 2019
Asia-Pacific & Japan Investment Banking - January 2019
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Citic24788.46.2
2ICBC16072.85.1
3HSBC8261.44.3
4Bank of China162614.3
5Mizuho Financial9653.83.8
6JP Morgan2450.23.5
7Nomura73503.5
8CICC3045.83.2
9Credit Suisse2542.33
10UBS2640.92.9
Total1,2981,423.60
EMEA Investment Banking - January 2019
EMEA Investment Banking - January 2019
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1Citigroup57103.17.5
2JP Morgan5387.66.4
3Goldman Sachs2682.26
4Deutsche Bank50805.8
5UBS2776.95.6
6BNP Paribas5470.45.1
7Barclays5868.75
8BAML3862.44.5
9HSBC69574.2
10Morgan Stanley2250.53.7
Total5151,371.80
Global Bonds - January 2019
Global Bonds - January 2019
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan148189.98
2Citigroup148162.26.8
3BAML125105.14.4
4Barclays146103.54.4
5Deutsche Bank128100.44.2
6UBS5690.63.8
7HSBC160883.7
8Goldman Sachs8586.13.6
9Morgan Stanley14674.53.1
10BNP Paribas90743.1
Total1,9012,369.40
Global Equities - January 2019
Global Equities - January 2019
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1JP Morgan1332.56.5
2Citigroup1332.46.4
3UBS1229.75.9
4Goldman Sachs924.54.9
5Citic621.24.2
6Barclays12214.2
7BAML1118.83.7
8Credit Suisse1013.52.7
9CICC413.42.7
10Morgan Stanley912.82.5
Total206504.3
Global Loans - January 2019
Global Loans - January 2019
Managing bank or groupNo of issuesTotal US$(m)Share (%)
1MUFG3565.49.3
2Morgan Stanley7557.8
3HSBC2550.47.2
4Barclays2136.85.2
5BNP Paribas1527.33.9
6Citigroup19273.8
7Mizuho Financial1826.73.8
8Wells Fargo & Co1723.93.4
9JP Morgan1918.42.6
10ICBC718.12.6
Total162702.8