something to smile about? - Euromoney Institutional Investor PLC

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EMEA ECM SECTORSPREADS ‘03 & ‘04 YTDEMEA DCM SECTORSPREADS ‘03 & ‘04 YTDEMEA M&A SECTORSPREADS ‘03 & ‘04 YTDbps IPO FO CONV bpsBOND-HY BOND-IG bpsLess than $1bn Over $1bn400200120350180108300160140968425012072200100601508048100604036245020120Finance & InsuranceTMTIndustrialsUtilities & Natural ResourcesRetailConsumerAll Sectors0Finance & InsuranceUtilities & Natural ResourcesTMTIndustrialsConsumerTransportAll Sectors0TMTFinance & InsuranceHealthcareIndustrialsReal EstateUtilities & Natural ResourcesAll SectorsSource: DealogicEMEA Top 5 Fee Generating ECM Deals 2003 & 2004 YTDPricing Issue Issuer Sector Bookrunner Deal Value $(m)Date Type10/04/03 FO Allianz AG Insurance Deutsche Bank, Goldman Sachs, Citigroup, UBS 4,826.1223/10/03 FO Muenchener Rueckversiche- Insurance Deutsche Bank 4,688.01rungsgesellschaft AG - Munich Re24/03/03 FO France Telecom Telecoms ABN AMRO Rothschild, BNP Paribas, Groupe Credit Agricole/ 6,566.66Lazard, Credit Lyonnais, DB, GS, Merrill Lynch, MS26/11/03 FO Koninklijke Ahold NV Retail ING, Rabobank Nederland, ABN AMRO Rothschild, GS, JPM 3,384.6920/11/2003FO ABB Ltd Construction Citigroup, CSFB, DB, Enskilda Securities 2,525.39Source: DealogicEMEA Top 5 Fee Generating DCM Deals 2003 & 2004 YTDPricing Issue Issuer Sector Nationality Deal Value $(m)Date Type11/2/04 PREF ABN AMRO Capital Funding Trust VII Finance Netherlands 1,800.0026/6/03 PREF ABN AMRO Capital Funding Trust V Finance Netherlands 1,250.0029/7/03 BOND-HY Valentia Telecommunications UPC Telecoms Ireland 1,213.652/7/03 BOND-HY Vivendi Universal SA Leisure France 1,546.2328/2/03 PREF Endesa Capital Finance LLC Utilities Spain 1,621.62Source: DealogicEMEA Top 5 Fee Generating M&A Deals 2003 & 2004 YTDAnnounced Target Target Target Acquiror All Advisors Deal Value $(m)Nationality Sector26/1/04 Aventis SA France Healthcare Sanofi-Synthelabo GS, ML, Rothschild, Citigroup, BNP Paribas, MS, UBS 68,700.3912/3/03 Telecom Italia SpA (59.65%) Italy Telecoms Olivetti SpA GS, ML, Lazard, JPM, UniCredit Banca Mobiliare, 44,387.33Banca Intesa SpA10/10/03 Amersham plc UK Healthcare General Electric Co Goldman Sachs, JP Morgan, Morgan Stanley 9,797.305/2/04 Canary Wharf Group plc UK Real Estate/ CWG Acquisition Cazenove, DB, ML, Lazard 9,699.57(Bid No 2) Property Ltd (IBO)5/12/03 Canary Wharf Group plc UK Real Estate/ Silvestor Holdings Cazenove, GS, Lazard, Rothschild, MS 9,113.39(Bid No 1)PropertySource: Dealogiccorporatefinancemag.com March 2004 cf 45
FEEANALYSISGLOBAL ECM RANKINGSECM Bookrunner RankingJan to Feb 2004Rank Bookrunner Total Deal Value No. Volume($m)Share1 Morgan Stanley 12,004 39 13.62 Citigroup 9,119 44 10.33 Merrill Lynch 7,990 34 9.04 Goldman Sachs 7,661 23 8.75 UBS 6,100 31 6.96 Lehman Brothers 4,603 20 5.27 Deutsche Bank 4,543 22 5.18 JP Morgan 3,451 30 3.99 Credit Suisse First Boston 3,418 20 3.910 Nomura 3,154 36 3.6Grand Total 88,471 798 100Source: DealogicECM Net Revenue RankingJan to Feb 2004Rank Bank Total Net Revenue Market($m) Share1 Morgan Stanley 215 9.32 Citigroup 201 8.73 Goldman Sachs 182 7.94 Merrill Lynch 173 7.55 UBS 147 6.46 Nomura 116 5.07 Lehman Brothers 102 4.48 JP Morgan 95 4.19 Credit Suisse First Boston 95 4.110 Deutsche Bank 95 4.1Grand Total 2,308 100Source: DealogicGLOBAL DCM RANKINGSDCM Bookrunner RankingJan to Feb 2004Rank Bookrunner Total Deal Value No. Volume($m)Share1 Citigroup 68,324 244 8.02 Deutsche Bank 58,486 299 6.83 Merrill Lynch 54,954 175 6.44 Credit Suisse First Boston 52,606 178 6.15 Lehman Brothers 51,288 210 6.06 Morgan Stanley 50,507 191 5.97 JP Morgan 50,267 175 5.98 Goldman Sachs 47,159 114 5.59 UBS 41,862 203 4.910 Barclays Capital 29,448 127 3.4Grand Total 857,725 4,091 100Source: DealogicDCM Net Revenue RankingJan to Feb 2004Rank Bank Total Net Revenue Market($m) Share1 Citigroup 294 9.32 Credit Suisse First Boston 253 8.03 Morgan Stanley 207 6.64 Deutsche Bank 207 6.65 JP Morgan 182 5.86 UBS 173 5.57 Lehman Brothers 168 5.38 Merrill Lynch 154 4.99 Goldman Sachs 151 4.810 Banc of America 123 3.9Grand Total 3,154 100Source: DealogicGLOBAL M&A RANKINGSAnnounced M&A Adviser RankingJan to Feb 2004Rank Adviser Deal Value No. Volume($m)Share1 Goldman Sachs 219,281 40 48.72 JP Morgan 199,090 37 44.23 Morgan Stanley 174,470 36 38.74 Merrill Lynch 140,696 21 31.25 Rohatyn 113,374 2 25.26 Rothschild 79,186 22 17.67 BNP Paribas 77,060 7 17.18 Citigroup 73,298 35 16.39 Lehman Brothers 70,278 24 15.610 Bear, Stearns & Co. Inc. 68,749 5 15.3Grand Total 450,720 3,212 100Source: DealogicM&A Net Revenue RankingJan to Feb 2004Rank Adviser Total Net Revenue Market($m) Share1 Goldman Sachs 107 8.82 JP Morgan 103 8.43 Merrill Lynch 92 7.64 Citigroup 81 6.65 Lehman Brothers 80 6.56 UBS 75 6.27 Credit Suisse First Boston 70 5.88 Morgan Stanley 70 5.79 Deutsche Bank 57 4.710 Lazard 50 4.1Grand Total 1,218 100Source: Dealogic46 cf March 2004 corporatefinancemag.com
Page 1 and 2: The magazine forthe internationalfi
Page 3 and 4: CONTENTSMARCH 200422 Lead storyThe
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Page 11 and 12: Global consolidationefforts set to
Page 13 and 14: Follow-ons by Indian Issuers 01/01/
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Page 17 and 18: ProxyMed recruitshealthcare veteran
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Page 23 and 24: Top 25 Japan (by market value)Compa
Page 25 and 26: Top 25 US (by market value)Company
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Page 34 and 35: Norbert Mayer, BMW: “Commercialpa
Page 36 and 37: Weatherfordchooses loanflexibility
Page 38 and 39: JT InternationalJT Internationalann
Page 40 and 41: Glasgow School of Art: part ofGlasg
Page 44 and 45: FXFORECASTS10-year benchmark long-b

something to smile about? - Euromoney Institutional Investor PLC

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