Investment Banking Scorecard – March 17, 2011

Investment Banking Scorecard – March 17, 2011

BEST START FOR CHINA M&A ON RECORD

M&A activity involving Chinese targets totals $27.0 billion for year-to-date 2011, a 16% increase over last year at this time and the best annual start on record. This week's $2.5 billion minority stake in Ping An Insurance Group by Jinjun Ltd, a wholly-owned subsidiary of Hong Kong Chow Tai Fook Nominee Ltd ranks as the biggest announced M&A deal in China this year.

Financials, real estate and high technology M&A deals account for over 50% of activity in China this year. Goldman Sachs, an advisor to Ping An, tops the list of M&A advisors in China this year, with China International Capital and Morgan Stanley rounding out the top three

SINGAPORE'S BIGGEST IPO - HUTCHISON PORTS

Hong Kong-based Hutchison Port Holdings Trust raised $5.4 billion in an initial public offering on the Singapore Stock Exchange, marking the biggest listing for the exchange on record. For year-to-date 2011, global initial public offerings total $38.8 billion, a 38% increase over last year at this time.

By proceeds raised, the New York Stock Exchange holds 33.5% of the market, while Shenzhen and Singapore control 22.6% and 14.4% of the market, respectively. By number of offerings, Shenzhen has seen nearly four times the number of IPOs (61) than its next closest competitors, NYSE (15) and Nasdaq (14).

EUROPEAN IB FEES DOWN 6%

Fees from European Investment Banking advisory work and underwriting activity total $4.3 billion for year-to-date 2011, a 6% decline from last year at this time, according to Thomson Reuters and Freeman Consulting. Fees from debt capital markets underwriting activity have declined 8% compared to 2010, while fees generated from syndicated lending are up 3% year-over-year to $459.9 million.

Morgan Stanley tops the ranking for completed European target M&A for year-to-date 2011, with 6.4% of the European fee pool, while Bank of America Merrill Lynch holds the top spot for ECM underwriting with 10.6% share.

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