Germany IB Review Full Year 2020 - thesource.refinitiv.com

1

Germany Investment Banking Review Full

Year 2020Refinitiv Deals Intelligence

2

Retail

ECM TOP ISSUING

INDUSTRY

Government and

Agencies

DCM TOP ISSUING

INDUSTRY

Industrials

M&A TOP TARGETED INDUSTRY

UniCredit

DCM TOP BOOK RUNNER YTD

ECM TOP BOOK RUNNER YTD

Morgan Stanley

M&A TOP FINANCIAL ADVISOR YTD

Goldman Sachs & Co

DCM PROCEEDS UP 10%

ECM PROCEEDS UP 121%

TARGET M&A UP 34%

ANY INV. M&A UP 18%

LOAN FEES UP 132%

DCM FEES UP 11%

ECM FEES UP 81%

M&A FEES UP 11%

QUARTERLYHIGHLIGHTS

HIGHLIGHTS

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REPORTSUMMARY

INVESTMENT BANKING FEES

Investment Banking fees in Germany reached a combined total of US$3.7 billion in 2020, a 37% increase in value compared to 2019 and the highest year-to-date total since our records began in

2000, contributed by a surge in debt capital markets and syndicated lending fees throughout 2020. All assets classes experienced year-on-year increases, with loan fees topping US$1 billion an

increase of more than 132% and the highest levels since our records began in 2000. Every asset class except equity topped US$1 billion in fees, something that has not happened since our records

began. Equity Capital Markets underwriting fees also had a busy period with ECM fees totalling US$418 million, an increase of 81% compared to 2019. Fees generated from completed M&A

transactions reached just over US$1 billion, an increase of 11% year-on-year and the highest year-to-date total since 2007. Debt capital market underwriting fees increased 11% year-on-year to a

nineteen-year high of US$1.1 billion.

MERGERS & ACQUISITIONS

Announced M&A with any German involvement totals US$193 billion throughout 2020, an 18% increase in value compared to 2019, however, the number of deals during the same period fell during

the same period from 2,741 to 2,419, a decline of 11%. Deal-making involving a German target increased 34% by value to US$115 billion during 2020, the fourth-highest in value since 2000. The

largest deal of the year was the US$18.7 billion purchase of Thyssenkrup’s elevator division by a private equity consortium and Siemen’s US$17.6 billion spin-off of its energy business. German

inbound M&A totals US$74 billion as 2020 closes with a 10% increase compared to 2019. German outbound M&A totalled US$63 billion throughout 2020, falling 1% and the lowest annual total since

2017. Announced mid-market M&A with German involvement totals US$38 billion, by the end of 2020, representing an 18% decline compared to 2019. The Healthcare sector in the German mid-

market was the best performer in terms of year-on-year growth in value, from US$3 billion in 2019 to US$5.2 billion this year, a 71% increase. The Real Estate Sector produced the highest total deal

value of US$9 billion despite seeing a 38% decline from 2019. Goldman Sachs maintains top spot in the any German involvement financial advisor league table with thirty-two deals advised worth a

combined total of US$91.9 billion. JP Morgan and Rothschild & Co follow in second and third positions, respectively.

EQUITY CAPITAL MARKETS

Equity and equity-related issuances in Germany total US$30.5 billion in proceeds in 2020 with a 121% increase in value compared to 2019. Follow-On offerings totalled US$20.6 billion so far this year

and its highest figure since 2017, representing two-thirds of equity and equity-related issuance so far this year. The Retail sector raised US$6.8 billion in proceeds and was the highest by sector. This

was contributed by two follow-ons from Delivery Hero SE and convertible deal from Zalando SE. Morgan Stanley topped the German Equity capital markets league table accounting for US$5.2 billion

in proceeds and holds a 17% market share. BofASecurities comes second followed by JP Morgan.

DEBT CAPITAL MARKETS

Debt issuance in Germany totals US$454 billion in 2020, up 10% from 2019 and the highest year-to-date total since 2007. The German government issued their first-ever green bond in September

raising US$8.1 billion, the largest German bond issued during 2020. Governments and Agency issuances accounted for over half the total DCM proceeds this year with 55% followed by the financial

sector with 25%. Unicredit takes the top spot on the German DCM underwriting league tables with US$39 billion in proceed, or a 9% market share, followed closely by Deutsche Bank with US$34

billion, or an 8% market share.




4

GERMANY

INVESTMENT BANKING FEES VOLUMES

INVESTMENT BANKING FEES BY ASSET CLASS

TOP FEE PAYING INDUSTRIES

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PAGEINVESTMENT BANKING FEES

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

US

$ M

illio

n

Full Year Volumes

0

200

400

600

800

1,000

1,200

1,400

1,600

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

US

$ M

illio

n

BONDS EQUITY LOANS MA

3%

21%

12%

17%11%

36%

18%

16%

14%13%

11%

28%

• Outer Rim: 2020

• Inner Rim: 2019

Telecommunications

Industrials

Materials

Government and

Agencies

Other

Financials

Telecomm

Industrials

Materials

Financials

Gov. & Agencies

$0.00

$100.00

$200.00

$300.00

$400.00

$500.00

$600.00

$700.00

Full Year Fees

5

GERMANY

9%

9%

9%

5%

27%

41%

37%

21%

9%

8%

7%

18%

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ANY INVOLVEMENT M&A VOLUMES & NUMBER OF DEALS

TARGET M&A VOLUMES & NUMBER OF DEALS

TOP TARGETED INDUSTRIES

• Outer Rim: 2020

• Inner Rim: 2019


-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

US

$ M

illio

n

Full Year Volumes #Deals

-

500

1,000

1,500

2,000

2,500

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

US

$ M

illio

n

Ful Year Volumes #Deals

Industrials

Energy and Power

High Technology

Retail

Real Estate

Other

Industrials

Energy and

Pow er

High Technolo

gy

Retail

Real Estate

Other-100%

0%

100%

200%

300%

400%

500%

YoY Growth

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INBOUND M&A DOMESTIC M&A OUTBOUND M&A

INBOUND M&A VOLUMESTOP ACQUIRING NATIONS

OUTBOUND M&A VOLUMESTOP TARGETED NATIONS


-

100

200

300

400

500

600

700

800

900

1,000

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

12 13 14 15 16 17 18 19 20

US

$ M

illi

on


650

700

750

800

850

900

0

10,000

20,000

30,000

40,000

50,000

60,000

12 13 14 15 16 17 18 19 20

US

$ M

illi

on


-

100

200

300

400

500

600

700

800

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

12 13 14 15 16 17 18 19 20

US

$ M

illi

on


28,012

13,236

7,177

24,625

1,560

1,167

0 10,000 20,000 30,000

United States ofAmerica

France

Czech Republic

US$ Million

2020 2019

39,734

3,272

3,194

35,384

2,328

1,334

0 20,000 40,000 60,000

United States ofAmerica

United Kingdom

Netherlands

US$ Million

2020 2019

Inbound M&A up 10% from YTD last year,

accounting for $73,720. Million so far this year.

Domestic M&A up 123% from YTD last year,

accounting for $40,959. Million so far this year.

Outbound M&A down -1% from YTD last year,

accounting for $62,795.2 Million so far this year.

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ANY INVOLVEMENT MID-MARKET M&A VOLUMES TOP TARGETED INDUSTRIES

• Outer Rim: 2020

• Inner Rim: 2019


ANY INVOLVEMENT MID-MARKET M&A LEAGUE TABLE (US$MIL)

BofA Securities Inc 2,707.7$ 1 7.1 9

Rothschild & Co 2,641.0$ 2 7.0 31

JP Morgan 2,425.3$ 3 6.4 15

Goldman Sachs & Co 1,935.9$ 4 5.1 14

Ernst & Young LLP 1,406.1$ 5 3.7 37

Morgan Stanley 1,359.3$ 6 3.6 12

Citi 1,091.2$ 7 2.9 4

Barclays 855.9$ 8 2.3 4

BNP Paribas SA 795.3$ 9 2.1 11

Evercore Partners 790.6$ 10 2.1 5

Industry Total 37,932.6$ 100.0 2,358

BANK NAMERANK VALUE

(US$ MIL)RANK

SHARE

(%)# DEALS

32%

10%

7%9%

11%

31%

24%

16%

14%

14%

8%

24% Real Estate

High Technology

Healthcare

Industrials

Financials

Other

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

0

10,000

20,000

30,000

40,000

50,000

60,000

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

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$ M

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on


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ANY INVOLVEMENT M&A TOP DEALS 2020


Ranking

Value ($Mil)Status

Rank

DateTarget Name

Target

NationTarget Industry Target Advisors Acquiror Name

Acquiror

Nation

Acquiror

IndustryAcquiror Advisors

18,711.9 Completed 02/27/2020Thyssenkrupp AG-

Elevator TechGermany Industrials

Goldman Sachs & Co

Deutsche Bank

JP Morgan

Nomura Securities

Lazard

Macquarie Group

Thyssenkrupp AG-

Elevator SPVUnited States Financials

UBS Investment Bank

Rothschild & Co

Credit Suisse

17,581.2 Completed 09/28/2020 Siemens Energy AG GermanyEnergy and

Power

Goldman Sachs & Co

Bank of America

BNP Paribas SA

Commerzbank AG

Credit Suisse

Deutsche Bank

JP Morgan

Jefferies LLC

HSBC Holdings PLC

Berenberge Consult GmbH

Lazard

Macquarie Group

Shareholders Germany Financials

16,177.1 Pending 08/02/2020Varian Medical Systems

IncUnited States Healthcare Goldman Sachs & Co Siemens Healthineers AG Germany Healthcare

UBS Investment Bank

JP Morgan & Co Inc

8,200.0 Pending 02/17/2020Bombardier

Transportation GmbHGermany Industrials

Citigroup Global Markets Inc

UBS Investment Bank

National Bank Financial Inc

Rockefeller Capital

Management

HSBC Holdings PLC

Alstom Holdings SA France Industrials

Rothschild & Co

Societe Generale SA

JP Morgan & Co Inc

7,375.5 Pending 01/30/2020 Navistar International Corp United States IndustrialsJP Morgan

PJT Partners IncTraton SE Germany Industrials

BofA Securities Inc

Goldman Sachs & Co

Rothschild & Co

7,097.2 Pending 09/13/2020 METRO AG Germany Retail

Goldman Sachs & Co

BofA Securities Inc

Rothschild & Co

EP Global Commerce

GmbH

Czech

RepublicFinancials

Credit Suisse

BNP Paribas SA

Societe Generale SA

5,123.0 Pending 05/25/2020Deutsche Lufthansa AG-

AssetsGermany Industrials

Goldman Sachs & Co

Deutsche Bank

Economic Stabilization

FundGermany Financials Rothschild & Co

5,000.0 Pending 06/29/2020BP PLC-Petrochemicals

BusinessUnited States

Energy and

Power

INEOS Styrolution Group

GmbH

United

Kingdom

Energy and

Power

4,625.3 Intended 06/22/2020 T-Mobile US Inc United StatesTelecommunicati

onsGoldman Sachs & Co Deutsche Telekom AG Germany

Telecommunicati

onsMorgan Stanley

4,000.0 Pending 10/26/2020Asklepios

BioParmaceutical IncUnited States Healthcare JP Morgan Bayer AG Germany Materials Credit Suisse Group

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ECM PROCEEDS

ECM PROCEEDS BY ISSUE TYPE

TOP ISSUING INDUSTRIES

EQUITY CAPITAL MARKETS

0

10,000

20,000

30,000

40,000

50,000

60,000

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

US

$ M

illio

n

Full Year Proceeds

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

US

$ M

illio

n

IPO Follow-On Convertible

146%9%

291%

2916%

19%197%

0%

500%

1000%

1500%

2000%

2500%

3000%

3500%

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

Retail HighTechnology

Industrials Healthcare Real Estate Other

US

$ M

illio

n

2020 Proceeds 2019 Proceeds YoY Proceeds Change (%)

10

GERMANY

DCM PROCEEDS

DCM PROCEEDS BY ISSUE TYPE

TOP ISSUING INDUSTRIES

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PAGEDEBT CAPITAL MARKETS

0

100,000

200,000

300,000

400,000

500,000

600,000

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

US

$ M

illio

n

Full Year Proceeds

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

US

$ M

illio

n

Agency, Supranational, Sovereign Investment Grade Corporate

MBS ABS

Federal Credit Agency High Yield Corporate

40%

-10%

-30%

45%

80%

-27%

-40%

-20%

0%

20%

40%

60%

80%

100%

0

50,000

100,000

150,000

200,000

250,000

300,000

Governmentand Agencies

Financials Industrials HighTechnology

Materials Other

US

$ M

illio

n

2020 Proceeds 2019 Proceeds YoY Proceeds Change (%)

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ECM TOP DEALS 2020

DCM TOP DEALS 2020

EQUITY & DEBT CAPITAL MARKETS TOP DEALS

Issue DateProceeds

($ mil)Issue Type Issuer Nation Industry Mid Industry

Primary

Exchange

09/02/2020 3,235.9 Follow-On Siemens Healthineers AG Germany Healthcare Healthcare Equipment

& Supplies FRANK

08/18/2020 2,387.0 Follow-On RWE AG Germany Energy and Power Power FRANK

01/16/2020 1,948.6 Convertible Delivery Hero SE Germany Retail Internet and Catalog

Retailing FRANK

07/08/2020 1,699.4 Convertible Delivery Hero SE Germany Retail Internet and Catalog

Retailing FRANK

09/03/2020 1,188.5 Follow-On Vonovia SE Germany Real Estate REITs FRANK

Issue DateProceeds

($ mil)Issue Type Issuer Nation Industry Mid Industry Currency

09/02/2020 8,067.6 Agency, Supranational,

Sovereign Germany (Federal Republic Of) Germany Government and Agencies National Government EURO



07/01/2020 6,727.2 Investment Grade

Corporate Bayer AG Germany Materials Chemicals EURO




Sovereign KfW Bankengruppe Germany Government and Agencies National Agency EURO

12

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INVESTMENT BANKING FEES LEAGUE TABLE

INVESTMENT BANKING FEES LEAGUE TABLE (US$MIL)

11.5%

6.8% 6.6% 6.5%

5.3%4.4% 4.3%

3.8% 3.7% 3.5%

0

50

100

150

200

250

300

350

400

450

500

0 1 2 3 4 5 6 7 8 9 10 11

Fee

s U

S$

Mill

ion

Rank

Goldman Sachs & Co Deutsche Bank Credit Suisse JP Morgan Bofa Securities Inc

Morgan Stanley BNP Paribas SA UniCredit Commerzbank AG Barclays

2020 2019 BANK NAMEFEES

(US$Mil)

FEES YOY

CHANGE (%)SHARE (%)

SHARE YOY

CHANGE (%)#DEALS

#DEALS YOY

CHANGE (%)

1 4 Goldman Sachs & Co 424.3$ 238.1% 11.5% 6.8% 66 -8.3%

2 1 Deutsche Bank 250.5$ 31.8% 6.8% -0.3% 202 -5.2%

3 11 Credit Suisse 245.0$ 257.9% 6.6% 4.1% 34 -17.1%

4 2 JP Morgan 241.5$ 30.2% 6.5% -0.4% 131 4.8%

5 5 Bofa Securities Inc 197.3$ 65.9% 5.3% 0.9% 83 2.5%

6 10 Morgan Stanley 162.1$ 116.7% 4.4% 1.6% 54 42.1%

7 6 BNP Paribas SA 160.8$ 35.4% 4.3% -0.1% 108 33.3%

8 3 UniCredit 142.4$ -1.2% 3.8% -1.5% 232 5.9%

9 8 Commerzbank AG 137.5$ 49.4% 3.7% 0.3% 238 20.2%

10 9 Barclays 129.3$ 46.0% 3.5% 0.2% 110 29.4%

TOTAL 3,702.1$ 37.4% 1520 0.3%

GERMANYINVESTMENT BANKING FEE LEAGUE TABLES

13

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M&A FEES LEAGUE TABLE (US$MIL)

ECM FEES LEAGUE TABLE (US$MIL)

INVESTMENT BANKING FEE LEAGUE TABLES


(US$Mil)

FEES YOY

CHANGE (%)SHARE (%)

SHARE YOY

CHANGE (%)#DEALS

#DEALS YOY

CHANGE (%)

1 1 Goldman Sachs & Co 100.5$ 72.5% 9.5% 3.4% 12 20.0%

2 11 Credit Suisse 84.9$ 197.9% 8.0% 5.0% 6 0.0%

3 12 JP Morgan 83.9$ 196.2% 7.9% 5.0% 10 -9.1%


5 10 Lazard 60.9$ 110.9% 5.7% 2.7% 17 70.0%

6 3 Morgan Stanley 58.3$ 31.3% 5.5% 0.9% 10 66.7%

7 6 Rothschild & Co 41.0$ 5.7% 3.9% -0.2% 14 -33.3%

8 4 Citi 39.8$ 0.1% 3.8% -0.4% 8 0.0%

9 5 Deutsche Bank 34.7$ -12.2% 3.3% -0.9% 10 42.9%

10 - PJT Partners Inc 30.8$ - 2.9% - 3 -

TOTAL 1,060.0$ 10.6% 382 -28.1%


(US$Mil)

FEES YOY

CHANGE (%)SHARE (%)

SHARE YOY

CHANGE (%)#DEALS

#DEALS YOY

CHANGE (%)

1 10 Morgan Stanley 50.9$ 461.9% 12.2% 8.3% 11 450.0%

2 1 JP Morgan 47.4$ 36.2% 11.4% -3.7% 12 33.3%


4 3 Goldman Sachs & Co 41.7$ 106.8% 10.0% 1.3% 10 100.0%

5 2 Berenberg 28.1$ 19.2% 6.7% -3.5% 10 11.1%

6 7 UniCredit 27.1$ 92.3% 6.5% 0.4% 12 140.0%

7 5 Credit Suisse 21.2$ 39.9% 5.1% -1.5% 7 133.3%

8 9 BNP Paribas SA 20.9$ 116.9% 5.0% 0.8% 11 450.0%

9 26 UBS 20.0$ 1658.9% 4.8% 4.3% 5 400.0%

10 25 Jefferies LLC 17.5$ 1436.4% 4.2% 3.7% 7 250.0%

TOTAL 418.0$ 80.7% 77 54.0%

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DCM FEES LEAGUE TABLE (US$MIL)

LOANS FEES LEAGUE TABLE (US$MIL)


(US$Mil)

FEES YOY

CHANGE (%)SHARE (%)

SHARE YOY

CHANGE (%)#DEALS

#DEALS YOY

CHANGE (%)

1 1 Deutsche Bank 115.7$ 4.3% 9.9% -0.7% 143 -13.9%

2 2 UniCredit 72.7$ 33.4% 6.2% 1.0% 155 24.0%

3 8 Barclays 66.8$ 51.7% 5.7% 1.5% 96 37.1%

4 5 Commerzbank AG 66.1$ 36.3% 5.6% 1.0% 159 38.3%

5 3 JP Morgan 65.9$ 23.4% 5.6% 0.6% 98 12.6%

6 9 BNP Paribas SA 62.0$ 49.0% 5.3% 1.3% 71 29.1%

7 4 Citi 52.1$ -0.8% 4.5% -0.5% 53 -24.3%

8 6 HSBC Holdings PLC 51.6$ 7.2% 4.4% -0.2% 102 -8.9%

9 7 Bofa Securities Inc 50.9$ 8.6% 4.4% -0.1% 55 -9.8%

10 13 Goldman Sachs & Co 43.6$ 41.1% 3.7% 0.8% 37 -22.9%

TOTAL 1,169.3$ 11.3% 908 20.9%


(US$Mil)

FEES YOY

CHANGE (%)SHARE (%)

SHARE YOY

CHANGE (%)#DEALS

#DEALS YOY

CHANGE (%)

1 8 Goldman Sachs & Co 238.6$ 1369.2% 22.6% 19.1% 7 -22.2%

2 12 Credit Suisse 118.8$ 962.7% 11.3% 8.8% 5 25.0%

3 4 Deutsche Bank 91.1$ 258.7% 8.6% 3.1% 41 13.9%

4 6 BNP Paribas SA 56.2$ 241.6% 5.3% 1.7% 17 13.3%

5 3 Commerzbank AG 52.0$ 45.2% 4.9% -3.0% 69 -8.0%

6 9 Barclays 45.6$ 256.2% 4.3% 1.5% 8 -27.3%

7 1 JP Morgan 44.2$ -35.7% 4.2% -10.9% 11 -38.9%

8 53 UBS 41.5$ 7803.8% 3.9% 3.8% 4 0.0%

9 28 RBC Capital Markets 37.2$ 885.5% 3.5% 2.7% 3 0.0%

10 2 UniCredit 35.4$ -34.9% 3.4% -8.6% 57 -13.6%

TOTAL 1,054.8$ 132.0% 153 -16.4%

GERMANYINVESTMENT BANKING FEE LEAGUE TABLES

15

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ANY INVOLVEMENT M&A LEAGUE TABLE (US$MIL)

TARGET M&A LEAGUE TABLE (US$MIL)

INVESTMENT BANKING LEAGUE TABLES

2020 2019 BANK NAMERANK VALUE

(US$ Mil)

RANK VALUE

YOY CHANGE

(%)

SHARE (%)SHARE YOY

CHANGE (%)#DEALS

#DEALS YOY

CHANGE (%)

1 1 Goldman Sachs & Co 91,936.8$ 66% 48% 41% 32 14%

2 2 JP Morgan 77,823.9$ 57% 40% 33% 30 0%

3 8 Rothschild & Co 52,660.2$ 236% 27% 184% 38 -17%

4 7 Credit Suisse 51,371.8$ 115% 27% 83% 9 -18%

5 10 Deutsche Bank 49,372.9$ 245% 26% 191% 17 143%

6 9 UBS 45,625.6$ 199% 24% 155% 10 -9%

7 3 BofA Securities Inc 42,147.8$ 23% 22% 4% 17 -19%

8 20 BNP Paribas SA 32,805.8$ 702% 17% 580% 20 18%

9 6 Lazard 29,147.9$ 21% 15% 2% 18 -22%

10 21 HSBC Holdings PLC 21,151.4$ 465% 11% 378% 6 20%

TOTAL 192,633.6$ 18% 2419 -12%

2020 2019 BANK NAMERANK VALUE

(US$ Mil)

RANK VALUE

YOY CHANGE

(%)

SHARE (%)SHARE YOY

CHANGE (%)#DEALS

#DEALS YOY

CHANGE (%)

1 1 Goldman Sachs & Co 60,719.3$ 114% 53% 60% 25 32%

2 6 Credit Suisse 47,371.8$ 285% 41% 187% 6 0%

3 8 Deutsche Bank 45,393.2$ 298% 40% 198% 12 140%

4 2 JP Morgan 44,203.1$ 144% 39% 82% 17 -11%

5 7 Rothschild & Co 41,967.4$ 251% 37% 161% 23 -23%

6 19 BNP Paribas SA 32,075.6$ 1654% 28% 1233% 15 50%

7 3 BofA Securities Inc 31,998.8$ 81% 28% 35% 10 -23%

8 5 UBS 29,448.5$ 107% 26% 55% 6 -25%

9 10 Lazard 28,794.1$ 195% 25% 120% 14 0%

10 33 Macquarie Group 20,847.7$ 3858% 18% 2933% 11 -15%

TOTAL 114,679.1$ 34% 1594 -9%

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ECM LEAGUE TABLE (US$MIL)

DCM LEAGUE TABLE (US$MIL)

INVESTMENT BANKING LEAGUE TABLES

2020 2019 BANK NAMEPROCEEDS

(US$ Mil)

PROCEEDS

YOY CHANGE

(%)

SHARE (%)SHARE YOY

CHANGE (%)#DEALS

#DEALS YOY

CHANGE (%)

1 6 Morgan Stanley 5,245.9$ 499% 17% 173% 11 267%

2 3 BofA Securities Inc 3,600.8$ 139% 12% 8% 11 120%

3 1 JP Morgan 2,949.6$ 70% 10% -22% 13 44%

4 2 Goldman Sachs & Co 2,858.8$ 67% 9% -24% 10 67%

5 14 HSBC Holdings PLC 2,258.5$ 718% 7% 270% 10 900%

6 10 BNP Paribas SA 2,089.8$ 420% 7% 134% 11 450%

7 7 UniCredit 2,082.8$ 164% 7% 19% 14 180%

8 30* UBS 1,554.6$ 6809% 5% 2450% 5 400%

9 9 Barclays 1,223.2$ 70% 4% -23% 4 100%

10 4 Berenberg 1,216.4$ -14% 4% -61% 10 -17%

TOTAL 30,533.8$ 121% 75 42%

2020 2019 BANK NAMEPROCEEDS

(US$ Mil)

PROCEEDS

YOY CHANGE

(%)

SHARE (%)SHARE YOY

CHANGE (%)#DEALS

#DEALS YOY

CHANGE (%)

1 2 UniCredit 39,850.0$ 40% 9% 28% 155 24%

2 1 Deutsche Bank 34,270.9$ 5% 8% -5% 135 -5%

3 3 JP Morgan 29,629.5$ 30% 7% 18% 97 13%

4 4 Commerzbank AG 27,772.5$ 29% 6% 17% 134 33%

5 5 Barclays 26,117.4$ 24% 6% 14% 93 37%

6 8 HSBC Holdings PLC 23,008.0$ 26% 5% 13% 99 -6%

7 10 BNP Paribas SA 19,809.7$ 26% 4% 16% 69 25%

8 6 BofA Securities Inc 19,773.4$ 0% 4% -8% 53 -12%

9 7 Citi 18,648.8$ -5% 4% -15% 52 -25%

10 9 Credit Agricole CIB 15,160.7$ -4% 3% -15% 51 -18%

TOTAL 453,793.7$ 10% 752 13%

17

CONTACTS / GLOSSARYBACK TO

HIGHLIGHTS

PAGE

MERGERS & ACQUISITIONSThe Refinitiv Mergers & Acquisitions database tracks changes in economic ownership at ultimate parent level in going

business concerns. All deals involving a purchase of at least a 5% stake, or 3% with a value of at least US$1 million are

tracked, subject to criteria. League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders,

minority stake purchases and debt restructurings. League tables, commentary, and charts citing announced activity are

based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, and unconditional

transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction.

EQUITY CAPITAL MARKETSThe Refinitiv Equity Capital Markets database covers domestic and international placements of equity offerings in addition

to domestic and international equity-related transactions. This includes IPOs, follow-on offerings, accelerated book builds

and block trades (with certain restrictions) and convertible bonds. Convertible Bonds with a minimum life of less than 360

days are excluded. Minimum life defined as the difference between the settlement date and the earliest maturity date or

first call/put option.

DEBT CAPITAL MARKETSThe Refinitiv Debt Capital Markets database covers underwritten debt with an issue size of over US$1 million, that

matures in at least 360 days from settlement. It includes all internationally offered underwritten debt transactions in all

currencies, Domestic issuance, Preferred Securities, High Yield and Emerging Market transactions that are offered in US

and Globally, Asset Backed Securities, Mortgage Backed Securities, Collateralized Debt Obligations (CDOs), MTN

takedowns and Certificate of Deposits, except in UK. Primary offerings only. All league tables are based on deal

proceeds (total issue amount multiplied by the issue price) unless otherwise stated. Full credit is given to the book

runner, equal if joint books. In cases of underwriter consolidation, credit is given to the surviving/parent firm. Non-US

dollar denominated transactions are converted to the US dollar equivalent at the time of announcement.

While Refinitiv has used reasonable endeavours to ensure that the information provided in this document is accurate and

up to date as at the time of issue, neither Refinitiv nor its third party content providers shall be liable for any errors,

inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or

opinions of any third party content provider. Refinitiv disclaims all warranties, express or implied, as to the accuracy or

completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by

law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and

does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any

recommendations or solicitations regarding particular financial instruments, investments or products, including the buying

or selling of securities. Refinitiv has not undertaken any liability or obligation relating to the purchase or sale of securities

for or by any person in connection with this document.

ABOUT REFINITIVRefinitiv, formerly the Financial & Risk business of Thomson Reuters, is one of the world’s largest

providers of financial markets data and infrastructure. Serving more than 40,000 institutions in over 190

countries, we provide information, insights, and technology that drive innovation and performance in

global markets. Our 160-year Reuters heritage of integrity enables customers to make critical decisions

with confidence, while our unique open platform, best-in-class data, and cutting-edge technology bring

greater opportunity to our customers. By advancing our customers, we drive progress for the entire

financial community. For more information, go to www.refinitiv.com.

ABOUT DEALS INTELLIGENCEDeals Intelligence, a part of Refinitiv Investing & Advisory division, brings up to the minute market

intelligence to the deal making community and the financial media through a variety of research reports

including Daily Deals Insight, weekly Investment Banking Scorecard, monthly Deals Snapshots and our

industry-leading quarterly reviews highlighting trends in M&A and Capital Markets.

CONTACT INFORMATIONAMERICAS

Matt Toole [email protected]

EMEA

Lucille Jones [email protected]

Saiem Jalil [email protected]

ASIA

Elaine Tan [email protected]

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