Global banks sink in AsiaPac first-half ECM rankings; fees down 33 percent
Global banks tumbled in league table rankings for equity capital market (ECM) deals in Asia Pacific in the first half of 2016, as share offerings outside China that they typically rely on dried up, preliminary Thomson Reuters data showed.
Share offerings in the region’s stock exchanges slumped 57.1 percent to $66.6 billion, with both initial public offerings and follow-on share sales falling by the same amount, according to data through June 27.
Share sales on Chinese exchanges, however, painted a less ominous picture, benefiting domestic securities firms that lead most of the IPOs and follow-on deals in Shanghai and Shenzhen. Activity in Shanghai fell 56 percent, but Shenzhen’s Small & Medium Enterprise board and its tech-heavy ChiNext board saw deals rise by 29 percent and 2 percent. Hong Kong, by comparison, saw an 80 percent plunge in overall share sales.
International investment banks including Goldman Sachs, UBS and Credit Suisse fell sharply in rankings as they experienced a steeper decline in activity than the overall market drop. The volume of deals Goldman worked on fell 89 percent, while for UBS the decline was 85 percent and for Credit Suisse 68 percent, pushing down their rankings to 12, nine and 11, the data showed.
Source: Reuters – Global banks sink in AsiaPac first-half ECM rankings; fees down 33 percent
