UBS investment bank leads the way with fees falling 31%

“The market was definitely patchy… we definitely saw a decline in M.”&Volumes will actually reach pre-coronavirus levels. But also, the deals that have been done are taking longer and becoming more difficult to complete,” said Sean Miller, head of investment banking at RBC Capital Markets.

Announcing M&The total amount was $104 billion, about 20% less than in 2022, and the lowest transaction value since 2020, when it was $94 billion.Bank of America will jump from 20th place to M place in 2022&A, thanks to 16 announced transactions, including advising Newmont on its $26 billion acquisition of Newcrest.

The league tables created by LSEG (formerly Refinitiv) and Dealogic are often a point of contention in the investment banking community. They may miss out on private deals, and when pitching to businesses, they may scale back deals to suit the bank’s strengths and geography. In Australia, one big deal can also skew the standings in favor of inactive banks, especially in a year when trading is slow.

For example, Centerview Partners advised Newmont on its $26 billion acquisition of Newcrest, which closed in October. This single deal propelled Centerview to fourth place in 2023, up from 47th place a year earlier, according to LSEG data. The collaboration between BofA and Newmont also helped it top the announced M.&A However, we were not in the top 10 for overall investment banking fees.

In equity capital markets, UBS maintained its lead with 19 deals raising more than US$3 billion for companies. Despite a year with only one institutional-sized initial public offering, ECM trading volume in Australia and New Zealand reached $17.7 billion, down just 8% compared to 2022.

“The challenge is…that rising interest rates are making bonds more attractive. The relative attractiveness of stocks and bonds is an important debate among investors. The relative attractiveness of stocks could start to improve, and we’re starting to see that,” said Matthew Beggs, head of ECM at UBS.

broker-dealer shines

Meanwhile, the weak IPO market meant that the stock market was driven by transactions such as quick stock raising and bulk deals. While these deals won’t garner the hefty fees or headlines of his institutional-sized IPOs, they all bring league table cred.

“The last time we saw IPO issuance this low was in 2011 and 2012,” said Sarah Rennie, co-chief executive officer of Jarden investment banking.

UBS, JPMorgan, Macquarie, Goldman Sachs and Barrenjoey have all been in the block business this year, including CSL’s $263 million deal in July and Origin Energy’s $145 million raise in August. cornered most of them.

However, mining, resources and energy companies such as Delta Lithium and Peninsula Energy have relied on companies such as Canaccord Genuity, Euros Hartleys, Shaw & Partners and Bell Financial for their financing needs over the last year. Ta. These brokers have amassed enough business to post strong ranks in the ECM league table amidst a dearth of IPOs.

According to LSEG data, Canaccord ranks fourth from third a year ago, Bell drops one spot to seventh, and Euros moves up from 11th in 2022 to sixth.

Rennie, whose team worked on the $151 million equity offering for 29 Metals, expected issuers to focus on size and share registry composition to ensure a successful equity raise next year. .