Latin Finance - DRM Test - 29
Investment banking fees survey
The waiting game
By Ben Miller
I
t’s not over till it’s over. But so far, 2012 has proved mildly disappointing for investment banking fees: revenues from equities are down in line with the markets although debt income is holding steady and M&A is on the up. What happens in September, in particular, will spell out the larger picture for fees this year. Bankers are hoping that an uptick in debt issuance, similar to that seen in the first quarter, will boost DCM revenues. So far this year, overall fee income appears largely unchanged, with differences in revenues driven almost entirely by the volumes of transactions in each bank’s different business lines. At $1.03 billion through August 17, the total is down versus the $1.35 billion in the
A disastrous run for equities has taken its toll on overall investment banking fees so far this year. Bankers are holding out for a pick up in the final quarter – market conditions permitting
corresponding period in 2011 – but not so much as to make catching last year difficult. “The only fee base that came down was ECM,” says Guilherme Paes, head of investment banking at BTG Pactual, who says DCM fees are the same, and M&A fees are stable but still attractive. BTG led the overall league table for Latin America through August 17, generating $112 million from DCM, ECM, M&A and loans, or 10.9% of the total pool. The bank was also at the top of the M&A table, with $74 million, as well as the ECM table. In ECM, fees have been affected by a greater number of banks per transaction, as well as many deals not resulting in full fees due to lower-thanexpected pricing. Domestic markets also help. “DCM and M&A markets continue to be much better than last year due to the fees from local markets, which are very strong and always open,” Paes says.
LatAm Investment Banking* Fees
BTG holds the lead Rank 1 2 3 4 5 6 7 8 9 10 Bank BTG Pactual JPMorgan Citi Itau BBA Credit Suisse BofA Merrill Lynch Deutsche Bank Bradesco BBI Santander HSBC Subtotal Total
*M&A, loans, DCM and ECM Source: Dealogic
Jan 1 – Aug 17 2012 Net Fee ($m) 112 85 79 75 69 56 50 47 45 44 662 1,028 % Share 10.9 8.2 7.7 7.3 6.7 5.5 4.9 4.6 4.4 4.3 64.4 100 Rank 1 2 3 4 5 6 7 8 9 10 Bank Credit Suisse JPMorgan Itau BBA BTG Pactual Citi BofA Merrill Lynch Bradesco BBI HSBC Morgan Stanley Santander Subtotal Total
Jan 1 – Aug 17 2011 Net Fee ($m) 170 134 133 104 101 82 48 47 47 47 913 1,349 % Share 12.6 9.9 9.9 7.7 7.5 6.1 3.5 3.5 3.5 3.5 67.7 100
September/October 2012
LatinFinance 29
Latin Finance - DRM Test
Table of Contents for the Digital Edition of Latin Finance - DRM Test
Latin Finance - September/October 2012
Contents
Cover story: Bank deleveraging
Spanish banks
Trade finance
Investment banking fees
Emerging market debt
Central bank scorecard
Sovereign wealth funds
Brazil
Currency: Ups and downs
Portfolio investment: Reversal of fortunes
Mexico
Manufacturing: Full steam ahead
Private equity: Strength in numbers
Andean region
Venezuela
Caribbean
Parting Shot
Latin Finance - DRM Test - Latin Finance - September/October 2012
Latin Finance - DRM Test - Cover2
Latin Finance - DRM Test - Contents
Latin Finance - DRM Test - 2
Latin Finance - DRM Test - 3
Latin Finance - DRM Test - 4
Latin Finance - DRM Test - 5
Latin Finance - DRM Test - 6
Latin Finance - DRM Test - 7
Latin Finance - DRM Test - 8
Latin Finance - DRM Test - 9
Latin Finance - DRM Test - 10
Latin Finance - DRM Test - 11
Latin Finance - DRM Test - 12
Latin Finance - DRM Test - 13
Latin Finance - DRM Test - Cover story: Bank deleveraging
Latin Finance - DRM Test - 15
Latin Finance - DRM Test - 16
Latin Finance - DRM Test - 17
Latin Finance - DRM Test - Spanish banks
Latin Finance - DRM Test - 19
Latin Finance - DRM Test - 20
Latin Finance - DRM Test - 21
Latin Finance - DRM Test - 22
Latin Finance - DRM Test - 23
Latin Finance - DRM Test - 24
Latin Finance - DRM Test - 25
Latin Finance - DRM Test - Trade finance
Latin Finance - DRM Test - 27
Latin Finance - DRM Test - 28
Latin Finance - DRM Test - Investment banking fees
Latin Finance - DRM Test - 30
Latin Finance - DRM Test - 31
Latin Finance - DRM Test - 32
Latin Finance - DRM Test - 33
Latin Finance - DRM Test - Emerging market debt
Latin Finance - DRM Test - 35
Latin Finance - DRM Test - 36
Latin Finance - DRM Test - 37
Latin Finance - DRM Test - Central bank scorecard
Latin Finance - DRM Test - 39
Latin Finance - DRM Test - Sovereign wealth funds
Latin Finance - DRM Test - 41
Latin Finance - DRM Test - Brazil
Latin Finance - DRM Test - 43
Latin Finance - DRM Test - 44
Latin Finance - DRM Test - 45
Latin Finance - DRM Test - Currency: Ups and downs
Latin Finance - DRM Test - 47
Latin Finance - DRM Test - 48
Latin Finance - DRM Test - 49
Latin Finance - DRM Test - Portfolio investment: Reversal of fortunes
Latin Finance - DRM Test - 51
Latin Finance - DRM Test - 52
Latin Finance - DRM Test - 53
Latin Finance - DRM Test - 54
Latin Finance - DRM Test - Mexico
Latin Finance - DRM Test - 56
Latin Finance - DRM Test - 57
Latin Finance - DRM Test - Manufacturing: Full steam ahead
Latin Finance - DRM Test - 59
Latin Finance - DRM Test - 60
Latin Finance - DRM Test - 61
Latin Finance - DRM Test - Private equity: Strength in numbers
Latin Finance - DRM Test - 63
Latin Finance - DRM Test - 64
Latin Finance - DRM Test - Andean region
Latin Finance - DRM Test - 66
Latin Finance - DRM Test - 67
Latin Finance - DRM Test - 68
Latin Finance - DRM Test - 69
Latin Finance - DRM Test - Venezuela
Latin Finance - DRM Test - 71
Latin Finance - DRM Test - 72
Latin Finance - DRM Test - 73
Latin Finance - DRM Test - Caribbean
Latin Finance - DRM Test - 75
Latin Finance - DRM Test - 76
Latin Finance - DRM Test - 77
Latin Finance - DRM Test - 78
Latin Finance - DRM Test - 79
Latin Finance - DRM Test - Parting Shot
Latin Finance - DRM Test - Cover3
Latin Finance - DRM Test - Cover4
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