BEST INVESTMENT BANKS 2008Investment banks The following is a list of investment banks Financial conglomerates
Large financial-services conglomerates combine commercial banking and investment banking, and sometimes insurance. are still writing off big losses, raising fresh capital and bracing for potential regulatory reform Regulatory Reform concerns improvements to the quality of government regulation.
At the international level, the "OECD Regulatory Reform Programme is aimed at helping governments improve regulatory quality -- that is, reforming regulations that raise unnecessary obstacles to more than a year after the credit crunch Credit Crunch
An economic condition whereby investment capital is difficult to obtain. Banks and investors become weary of lending funds to corporations thereby driving up the price of debt products for borrowers. first hit. Six months after JPMorgan Chase's federally aided bailout of Bear Stearns The Bear Stearns Companies, Inc. (NYSE: BSC) is the parent company of Bear, Stearns & Co. Inc., one of the largest global investment banks and securities trading and brokerage firms in the world. , a number of major financial institutions are still being challenged by financial conditions and are seeking new lifelines from sovereign wealth funds from the Middle East and Asia.
While the shocks to the financial system have been enormous, many investment banks are doing an excellent job of going about their business of helping companies to raise money in the capital markets and advising on mergers and acquisitions. Some very big deals are still getting done, and cross-border mergers are thriving. As companies in the big emerging markets become more active participants in the global economy, the investment banks based in these countries are growing as well. Banco Itau in Brazil, Renaissance Capital Renaissance Capital is a major investment bank concentrating on Russia and the Commonwealth of Independent States (CIS). Renaissance Capital is wholly owned by management and employees. Major lines of business are: sales and trading, investment banking and asset management. in Russia, ICICI ICICI Industrial Credit and Investment Corporation of India securities in India, and China International Capital are examples of "BRIC BRIC Brazil, Russia, India and China (world affairs)
BRIC Brooklyn Information & Culture
BRIC Biological Research Information Center (Korea)
BRIC Benign Recurrent Intrahepatic Cholestasis " institutions that are taking advantage of this trend.
Global Finance's editors, with input from industry analysts, corporate executives and banking consultants, used a series of criteria to identify the best investment banks in a wide range of categories, by geography and sector. We considered deals and offerings announced or completed in the last three quarters of 2007 and the first half of 2008. Our selection criteria included market share, customer service and advice, deal-structuring capabilities, distribution network and staff dedicated to investment banking. We also considered efforts to overcome the difficult market conditions that prevailed, as well as innovation, competitive pricing and the aftermarket performance of underwritten securities. The banks that won were not necessarily the biggest but, rather, the best and the ones that major corporations around the world should consider when looking for Looking for
In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. a financial adviser to handle their investment banking needs.
Global Finance selected the best investment bank globally and in five global categories, as well as winners in six regions and 23 countries. We also picked industry sector winners in 10 categories, as well as the best deals of the year in equity, debt and M&A. In addition, we identified the leading legal advisers globally and regionally.
Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street.
Goldman Sachs posted record revenues and profits in 2007, despite the tough times on Wall Street. The firm displayed an uncanny ability to avoid most of the pitfalls that tripped up many of its peers. For the 10th year in a row, Goldman Sachs was the top financial adviser globally on mergers and acquisitions announced in 2007. It was also one of the first banks to reduce its holdings of mortgages and mortgage-related securities..
If there is any single factor that accounts for the success of Goldman Sachs in turbulent times, it is the firm's strict rules on marking investments to market in order to keep its risk management on track. While other investment banks were struggling with credit losses and raising new capital to stay alive, Goldman Sachs was focusing on its customers' needs.
The firm maintained its lead in advising on worldwide announced M&A in the first half of 2008 and continued to benefit from its diverse range of businesses. Its equity underwriting in its second quarter, ended May 30, was the second best ever and the highest in eight years. Assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. increased 18% from a year earlier and reached a record $895 billion. GoldmanSachs had lower revenues in debt underwriting in its second quarter, mainly due to a decrease in leveraged finance activity.
With particular strength in the booming energy and power sector, Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. is a leading global equity bank. It has clearly demonstrated the ability to get deals done in difficult market conditions. Merrill Lynch topped the league tables in US initial public offerings in the first half of 2008, with $3.63 billion in proceeds from the deals that it led. Last year Merrill Lynch was the top bookrunner for common stock issues in both the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and in the Europe, Middle East and Africa (EMEA (Europe, Middle East, Africa) Refers to that region of the world. For example, one might see products packaged differently for the UK, EMEA and Asia Pacific markets. ) region. The firm also led the rankings in India last year, where it advised on $4.4 billion worth of equity capital markets deals, according to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. Thomson Reuters.
Citi ranked first in global debt underwriting during 2007, with 1,431 deals totaling $547 billion in proceeds. The bank's leading position was due in part to a strong showing in investment-grade bond underwriting. Investment-grade debt remained unscathed by the credit crunch, with total issuance for 2007 rising 5% from 2006. Overall global debt underwriting declined in 2007 for the first time since 2000, falling to $6.6 trillion from more than $7.1 trillion in 2006, according to Thomson Reuters. US asset-backed security Asset-backed security
A security that is collateralized by loans, leases, receivables, or installment contracts on personal property, not real estate.
A debt security collateralized by specific assets. issuance sustained a 31% decline industry-wide list year to $864 billion, with Citi ranked as the top underwriter.
Worldwide mergers and acquisitions announced in the first half of 2008 totaled $1.6 trillion, a decrease of 36% from the record-breaking first half of 2007, according to Thomson Reuters. Goldman Sachs was the leading financial adviser on M&A transactions announced globally in the first six months of this year, with a role in nine out of the 10 largest deals.The firm advised on 187 transactions, valued at $547 billion, down 34% from its total in the same period a year earlier. The largest M&A deal in the first half of this year was Belgian brewer InBev's $52 billion acquisition of Anheuser-Busch, with Goldman Sachs working as lead adviser to the St. Louis, Missouri-based maker of Budweiser beer. Goldman Sachs also advised Yahoo in its defense against a $44.6 billion takeover bid Noun 1. takeover bid - an offer to buy shares in order to take over the company
two-tier bid - a takeover bid where the acquirer offers to pay more for the shares needed to gain control than for the remaining shares by Microsoft.
Falcom Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject.
Please [ improve this article] or discuss the issue on the talk page.
Riyadh-based Falcom Financial Services, a shariah-compliant investment bank, is the largest of the 35 newly licensed investment banks in Saudi Arabia Saudi Arabia (sä`dē ərā`bēə, sou`–, sô–), officially Kingdom of Saudi Arabia, kingdom (2005 est. pop. . Founded in 2007, with 1 billion Saudi riyals ($267 million) of paid-in capital Paid-in capital
Capital received from investors in exchange for stock, but not stock from capital generated from earnings or donated. This account includes capital stock and contributions of stockholders credited to accounts other than capital stock. , it now has 125 employees and is growing rapidly. Falcom is the leading newcomer in the Saudi brokerage business and offers online analytical tools and streaming prices on the Tadawul, the Saudi Stock Excha It operates investment centers Jeddah, Riyadh and Khubar, Saudi Arabia, and has received a license to begin operations in Oman: Falcom offers a wide range of investment banking and asset management services. It advises on mergers and acquisitions, private capital financing and investment strategies. Falcom manages five investment funds Noun 1. investment funds - money that is invested with an expectation of profit
assets - anything of material value or usefulness that is owned by a person or company and offers financial planning Financial planning
Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against across all major asset classes.
MOST CREATIVE BANK
Citi was sole manager of a $1.5 billion international offering of local currency bonds for Peru in July 2007, used to prepay Paris Club Paris Club
A monthly meeting in Paris attended by creditors of 19 countries to discuss debt issues. Among other things, the Paris Club addresses the issue of coordinated debt relief for developing countries that cannot service their debt. debt. The issue of 30-year bonds, payable in nuevo sols, was the largest local currency offering ever in the international capital markets. In order for investors to trade the bonds internationally, Citi created global depositary notes, or GDNs, similar to American depositary receipts American Depositary Receipt (ADR)
Certificates issued by a US depository bank, representing foreign shares held by the bank, usually by a branch or correspondent in the country of issue. , or ADRs, and denominated in dollars. Like ADRs, the GDNs enable their holders to surrender the notes at any time in return for the underlying securities. The GDN GDN Garden (postal suffix)
GDN Gdansk, Poland - Rebiechowo (Airport Code)
GDN Global Data Network
GDN Goods Dispatch Note
GDN Global Disaster Network (Yahoo group) structure enables investors to move fluidly between the international and local markets. The GDNs are tradable through the US-based Depositary Trust Company (DTC DTC
See: Depository Transfer Check
See: Depository Trust Company
See Depository Trust Company (DTC). ), as "well as Euroclear/Clearstream. The offering of sovereign bonds, or bono soberanos, was the largest new issue ever for Peru. It generated strong investor interest, and the size of the issue was increased from an initially announced $1 billion.
JPMorgan was the leading adviser on mergers and acquisitions announced worldwide in the consumer products industry in the first half of this year, advising on 109 deals with a total value of $407 billion, according to Thomson Reuters. The bank was sole adviser to candy-maker Mars on its $23 billion acquisition of Chicago-based gum-producer Wm. Wrigley Jr. JPMorgan also advised Altria on the spinoff of its cigarette unit Philip Morris International Philip Morris International, (PMI) based in Lausanne, Switzerland, held a 15.5% share of the international cigarette market in 2005. Its brands, led by Marlboro and L&M, are sold in over 160 countries around the world. in a $111 billion deal.
Morgan Stanley To comply with Wikipedia's , the introduction of this article needs a complete rewrite.
Morgan Stanley advised on 307 M&A deals worldwide in the financial services industry in the first half of 2008, more than any other investment bank. It has been particularly, active in advising on exchange mergers. The firm advised IntercontinentalExchange in its acquisition of Creditex, which processes credit default swaps Credit Default Swap
A swap designed to transfer the credit exposure of fixed income products between parties.
The buyer of a credit swap receives credit protection, whereas the seller of the swap guarantees the credit worthiness of the product. . Morgan Stanley also advised Nasdaq on its purchase of OMX OMX Office Max (stock symbol) , which operates seven Nordic and Baltic exchanges. Last year Morgan Stanley advised BBVA BBVA Banco Bilbao Vizcaya Argentaria (First Bank of Spain) , a major Spain-based bank, on its $9.6 billion acquisition of US-based Compass Bancshares Compass Bancshares, Inc. is a privately held company based in Birmingham, Alabama. Its subsidiary, Compass Bank, is a Southwestern financial holding company with $47 billion in assets and 417 full-service banking offices in Alabama, Arizona, Colorado, Florida, New Mexico, and Texas. .
Goldman Sachs has participated in several large deals in the healthcare sector this year, including advising Swiss drug company Novartis on its $38 billion takeover of Texasbased Alcon, which makes contact lens contact lens, thin plastic lens worn between the eye and eyelid that may be used instead of eyeglasses. Actors, models, and others wear them for appearance, and athletes use them for safety and convenience. solution. If the Alcon acquisition is completed, it will be the largest takeover in Swiss history. Novartis paid Nestle $10.4 billion for a 25% stake in Alcon and obtained an option to buy the remaining 52% of Alcon it did not already own. Goldman Sachs also advised Cambridge, Massachusettsbased Millennium Pharmaceuticals Millennium Pharmaceuticals NASDAQ: MLNM is a biotechnology company based in the Cambridge, Massachusetts area of the United States of America. Founded in 1993, the company conducts research in various scientific areas, currently focusing on inflammation and oncology. on its $8.8 billion cash purchase by Takeda Pharmaceuticals, Japan's largest drug company.
Citi was sole adviser to majority state-owned Saudi Basic Industries last year in its acquisition of GE Plastics from General Electric. The bank also provided an approximately $2.2 billion bridge commitment for the deal, the largest acquisition ever in the global plastics industry. This year Citi advised Dow on its acquisition of rival Rohm and Haas Rohm and Haas Company (NYSE: ROH), a Philadelphia, Pennsylvania based company, manufactures miscellaneous materials. A Fortune 500 Company, Rohm and Haas employs more than 17,000 people in 27 countries. The annual sales revenue of Rohm and Haas stands at about USD 8.2 billion. for $18.8 billion, including debt of $3.5 billion. The takeover made Dow the leading specialty chemicals and advanced materials Advanced Materials is a leading peer-reviewed materials science journal published every two weeks. Advanced Materials includes Communications, Reviews, and Feature Articles from the cutting edge of materials science, including topics in chemistry, physics, company in the world, broadening its traditional reliance on commodity chemicals.
MEDIA & ENTERTAINMENT
Morgan Stanley is the leading investment bank in the media and entertainment industry. The firm advised San Francisco-based CNET (body) CNET - Centre national d'Etudes des Telecommunications. The French national telecommunications research centre at Lannion. Networks this year on its acquisition by CBS (Cell Broadcast Service) See cell broadcast. for $1.8 billion. CBS merged CNET's operations into an expanded CBS Interactive division. Morgan Stanley also advised Time Warner in its spinoff of its cable TV business, getting the company out of the media distribution business and making it ,an. entenainmeiH-focust company.
Oil & GAS
Merrill Lynch has the largest energy group on Wall Street. The firm has been involved in more than 40 significant M&A, divestiture and capital-market transactions in the oil and gas industry in the past 18 months, totaling more than $24 billion. Merrill Lynch advised Occidental Petroleum Occidental Petroleum Corporation ("Oxy") NYSE: OXY is an international oil and gas exploration and production company with operations in the United States, Middle East/North Africa and Latin America regions. on capital market alternatives related to its joint investment agreement with International Petroleum Investment, which is owned by the government of Abu Dhabi Abu Dhabi (ä`b thä`bē, zä–, dä–), Arab. Abu Zabi, sheikhdom (1995 pop. 928,360), c. . The investment agreement provides for joint evaluation and participation in the development of multi-billiondollar upstream and downstream projects in the Middle East region and elsewhere.
Merrill Lynch signed an agreement in January with Provo, Utah-based Raser Technologies for the structuring and financing of up to 155 megawatts of geothermal power Geothermal power
Thermal or electrical power produced from the thermal energy contained in the Earth (geothermal energy). Use of geothermal energy is based thermodynamically on the temperature difference between a mass of subsurface rock and water and a mass plants. The agreement includes a financing commitment of up to $44 million for the first plant, which is expected to produce 10.5 MW of power. Last year Merrill Lynch made a $35 million principal investment in Bend, Oregon-based Vulcan Power, which holds geothermal properties in California, Nevada, Oregon and Arizona.
Credit Suisse The Credit Suisse Group (SWX:CSGN, NYSE: CS) is a financial services company, headquartered in Zürich, Switzerland. It is the second-largest Swiss bank, behind UBS AG.
Zurich-based Credit Suisse fared better than most major investment banks during the credit crunch. The bank started cutting back its subprime mortgage business in 2006 and reduced costs before the credit crisis hit. In May 2007 Credit Suisse advised Santa Monica Santa Monica (săn`tə mŏn`ĭkə), city (1990 pop. 86,905), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1886. Tourism and retailing are important, and the city has motion-picture, biotechnology, and software industries. , Californiabased Fremont General on the sale of its commercial real estate lending business to iStar Financial, a New York-based real estate lending and leasing company. In July 2008 Credit Suisse sold a $1 billion portfolio of European property loans to GE Real Estate, a subsidiary of USbased General Electric.
Goldman Sachs was the top technology M&A adviser for the third year in a row in 2007.This year it advised Yahoo in its defense against a $44.6 billion bid from Microsoft, the Redmond, Washington-based software provider. Among its numerous technology deals of 2007, Goldman Sachs advised Paris-based Business Objects in its friendly takeover Friendly takeover
Merger when the target firm's management and board of directors is in favor of the takeover. Antithesis of hostile takeover.
friendly takeover by SAP, the leading provider of business software. Goldman also advised Finmeccanica, the Rome-based aerospace and defense supplier, on its $5.2 billion acquisition of New Jersey-based DRS Technologies DRS Technologies, Inc. (commonly known as DRS; formerly known as Diagnostic/Retrieval Systems, Inc.) is a supplier of defense electronic products and systems to the United States Air Force, Army, Coast Guard, Marine Corps, Navy, aerospace and defense prime .
Merrill Lynch advised Alltel, the fifth-largest US provider of wireless communication services, in its sale to private equity investors TPG TPG Texas Pacific Group
TPG Transports Publics Genevois (Geneva, Switzerland public transportation)
TPG Test Pattern Generator
TPG TNT Post Group
TPG Trésorier Payeur Général and GS Capital Partners. Merrill Lynch also provided a fairness opinion Fairness Opinion
A report put together by qualified analysts or advisors providing to key decision makers an evaluation of and facts about a merger or acquisition.
A fairness opinion serves as a document used for guidance in a merger, takeover, or acquisition. and structured a financing package that was available to potential buyers. It accelerated the auction for Alltel by indicating that pre-emptive pre·emp·tive or pre-emp·tive
1. Of, relating to, or characteristic of preemption.
2. Having or granted by the right of preemption.
a. bids would be considered. This enabled the transaction to be announced To be announced (TBA)
A contract for the purchase or sale of an MBS to be delivered at an agreed-upon future date but does not include a specified pool number and number of pools or precise amount to be delivered. prior to significant deterioration in the credit markets.
GS Capital Partners
Goldman Sachs is a global leader in corporate equity investing. Last year it closed its GS Capital Partners VI fund, its sixth global diversified fund Diversified Fund
A type of investment fund that contains a wide array of securities and is adequately diversified. A mutual fund classified as a "diversified fund" will actively maintain a high level of diversification in its holdings, thus reducing the amount of risk in the fund, , with more than $20 billion in committed capital, comprising $1 billion from qualified institutionaland highnet-worth clients and $9 billion from the firm and its employees. GS Capital Partners seeks long-term capital appreciation by investing in highquality companies with world-class management, providing the funds needed to help them grow" through acquisitions or expansion.
NORTH AMERICA North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere.
TPG, based in Forth Worth, Texas, has significant investments in technology, retail, consumer products, airlines and healthcare. The private investment firm seeks to create value by inventing in charge, such as change in industry trends or economic cycles or in company circumstances. In June 2008 TPG and GS Capital Partners agreed to sell rural mobile phone service provider Alltel to Verizon Wireless Cellco Partnership, doing business as Verizon Wireless, owns and operates the second largest wireless telecommunications network in the United States, based on total wireless customers. for $28 billion, including debt. The private equity firms took Alltel private in November 2007 in a leveraged buyout leveraged buyout, the takeover of a company, financed by borrowed funds. Often, the target company's assets are used as security for the loans acquired to finance the purchase. .
WESTERN EUROPE Western Europe
The countries of western Europe, especially those that are allied with the United States and Canada in the North Atlantic Treaty Organization (established 1949 and usually known as NATO).
CVC Capital Partners CVC Capital Partners is a European private equity firm. CVC was founded in 1981 as the European private equity arm of Citigroup, but after a buyout in 1993 it is owned by its management. In 1999, CVC established CVC Asia Pacific, which is a joint venture with Citigroup.
Luxembourg-based CVC Capital Partners, a leading global private equity firm, typically holds investments for five years or longer. It has invested in 36 European companies It may never be fully completed or, depending on its its nature, it may be that it can never be completed. However, new and revised entries in the list are always welcome.
This is a list of companies from the countries in the European Union. , including Formula One, which manages the rights for Grand Prix motor racing Grand Prix motor racing has its roots in organised automobile racing that began in France as far back as 1894. It quickly evolved from a simple road race from one town to the next, to endurance tests for car and driver. . In April CVC See CSC. announced the closing of its $4.1 billion Asia Pacific III Fund, which invest in established companies in the most developed economies in the AsiaPacific region.The firm manages approximately $46 billion in private equity funds.
Sullivan & Cromwell
Sullivan & Cromwell advised one of the principals (either the buyer or the target) in five of the top 10 global M&A deals in the first half of 2008. It is representing mining company Rio Tinto Rio Tinto may refer to:
Skadden, Arps, Slate, Meagher & Flom
Skadden represented Bear Stearns in its acquisition by JPMorgan Chase. The international law firm was the leading adviser on M&A transactions announced in the United States last year, according to Thomson Reuters. Skadden is representing Budweiser brewer Anheuser-Busch in its $57 billion acquisition by Belgium-based InBev. It also is representing Chicagobased gum and candy-maker Wm. Wrigley Jr. in its $23 billion acquisition by Mars.
Freshfields Bruckhaus Deringer
Freshfields Bruckhaus Deringer was the top-ranked legal adviser on European mergers and acquisitions in each of the past two years. The firm advised Deutsche Bank in its agreement to buy UK-based Abbey Life Assurance from Lloyds TSB. It also is advising state-owned Deutsche Bahn in the German government's sale of a stake in the railway and logistics company, which is expected to be one of the biggest IPOs in Europe this year. Freshfields has more than 2,500 lawyers.
Morrison & Foerster
Morrison & Foerster has a wide reach across Asia, with a strong presence in Japan and China. In Hong Kong the firm advised China Resources Power in its $626 million share placement in October 2007. It represented BNP Paribas and ABN AMRO, joint bookrunners and lead managers, in the $238 million IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. of Asia Cement (China) Holdings on the stock exchange of Hong Kong Stock Exchange of Hong Kong (SEHK)
Only stock exchange located in Hong Kong. in May 2008. Morrison & Foerster also represented department store chain Maoye International Holdings in its $343 million Hong Kong IPO.
The letter c.
White & Case
White & Case was one of the first international law firms to establish a presence in Central and Eastern Europe The term "Central and Eastern Europe" came into wide spread use, replacing "Eastern bloc", to describe former Communist countries in Europe, after the collapse of the Iron Curtain in 1989/90. . It opened offices in Budapest and Warsaw in 1990 and in Prague and Moscow the following year, as well as in Bratislava, the capital of Slovakia Noun 1. capital of Slovakia - capital and largest city of Slovakia
Bratislava, Pozsony, Pressburg
Slovak Republic, Slovakia - a landlocked republic in central Europe; separated from the Czech Republic in 1993 , in 1997. This year it opened an office in Bucharest, its 37th office worldwide. White & Case represented Deutsche Bank and Garanti Securities as joint global coordinators and Merrill Lynch and ING Bank as joint lead managers in Turk Telekom's IPO and listing on the Istanbul Stock Exchange Istanbul Stock Exchange
The sole securities exchange in Turkey. , which was the largest IPO ever to take place in Turkey.
Simpson Thacher & Bartlett
Simpson Thacher recently announced plans to open an office in São Paulo to support its growing practice in Brazil and elsewhere in Latin America. The firm achieved one of the leading market shares among international law firms in the Brazilian IPO market in the past four years, with nearly 50 equity offerings completed. In 2007 the firm completed transactions in Argentina, Brazil, Chile, Colombia, the Dominican Republic, Mexico, Peru and Venezuela.
MIDDLE EAST / AFRICA
Baker & McKenzie
Baker & McKenzie's Manama, Bahrain, office and its Riyadh branch concentrate mainly on Saudi Arabia-related transactions. The firm has particular strengths in project finance and structured finance, with a focus on Islamic financing structures and sukuk. It advised Saudi Basic Industries (Sabic) in a $3.5 billion secured financing facility for its Yanbu National chemical project. Bakerly & McKenzie also advised on an $812 million facility for Saudi European Petrochemical, based in Jubail. The firm also has extensive experience in oil and gas projects in Africa.
DEALS OF THE YEAR
Lead underwriters: China International Capital, China Citic Securities, UBS UBS Union Bank of Switzerland
UBS United Bible Societies
UBS United Blood Services
UBS United Buying Service
UBS Used Bookstore
UBS University Business Services
UBS Universal Building Society (UK)
UBS Ulaanbaatar Broadcasting System Securities
PetroChina s $8.9 billion initial public offering on the Shanghai Stock Exchange Shanghai Stock Exchange
One of two major securities markets in China. in October 2007 was the largest-ever mainland domestic, or A-share, IPO in China. The offering also was the largest IPO globally in 2007. Subscriptions for the issue reached a record $450 billion, and the offering was priced at the top of its indicated price range. PetroChina, the largest listed Chinese oil and gas producer by capacity, offered new shares accounting for less than 2.2% of its share capital. The offering came at a time when the benchmark Shanghai Composite Index Composite Index
A grouping of equities, indexes or other factors combined in a standardized way, providing a useful statistical measure of overall market or sector performance over time. Also known simply as a "composite". had more than doubled in value for the year to date. PetroChina's A-shares rose 163% in their first day of trading, making the company the largest in the world by market capitalization Market Capitalization
A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. , which surpassed $1 trillion. Surging world oil prices were also beneficial to the company's debut. PetroChina said it would use the proceeds to boost its crude oil production to levels commensurate with its refining capacity.
$9 billion GlaxoSmithKline bonds
Joint bookrunners: Citi, JPMorgan, Lehman Brothers
On May 6 UK-based Healthcare company GlaxoSmithKline sold a $9 billion bond that was the largest corporate investment-grade issue, excluding offerings by financial services companies, in six years. The offering was split between $2.5 billion of fiveyear notes, $2.75 billion each of 10year and 30-year bonds and $1 billion of two-year floating-rate notes. GlaxoSmithKline, Europe's largest pharmaceuticals maker, increased the overall size of the offering by 50% from its original plan. The sale came at a time when spreads of corporate bonds to similar-maturity US treasuries had narrowed to about 250 basis points from more than 300 basis points six weeks earlier. GlaxoSmithKline s offering was the biggest since General Electrics finance unit issued $11 billion of bonds in 2002. The London-based pharmaceutical company said it would use most of the proceeds of its bond sale to fund its previously announced share-buyback program. The additional funds will help the company finance any future acquisitions or licensing deals.
Advising acquirer: Citi
Advising target: Goldman Sachs, Lehman Brothers
Riyadh-based Saudi Basic Industries (Sabic) acquired GE Plastics, a manufacturer of plastic resins, specialty films and sheets, and polymers, from General Electric last year for $11.6 billion including debt. The acquisition will enable Sabic to broaden its product offerings and to become more of a specialty chemicals provider, enabling it to capture additional value-added in manufacturing. For its part, General Electric, based in Fairfield, Connecticut, gained a large sum of cash to buy back more of its stock and to fund a restructuring. The transaction was the largest acquisition ever by a company based in the Middle East, as well as the largest ever in the global plastics industry. The deal, which was completed on August 31, 2007, followed a competitive auction process. Sabic is 70% owned by the Saudi Arabian government. Private investors in Saudi Arabia and in the other member countries of the Gulf Cooperation Council hold the remaining 30%.
BMO BMO Bank of Montreal (Canada)
BMO Before Market Open
BMO Biometrics Management Office
BMO Ballistic Missile Office
BMO British Mathematical Olympiad
BMO Balkan Mathematical Olympiad
BMO Business Management Office Capital Markets
BMO Capital Markets participated in 599 debt and equity transactions last year that raised $250 billion, and it completed 78 M&A deals with a total value of $41.5 billion. The firm was co-adviser on the billion sale of BCE BCE
1. Bachelor of Chemical Engineering
2. Bachelor of Civil Engineering
Abbreviation for before the Common Era. , the parent of Bell Canada, to Ontario Teachers Pension Plan, which was the largest takeover in Canadian history. BMO was a joint bookrunner with UBS Securities in November 2007 of a $1.3 billion IPO of mining royalty firm FrancoNevada. BMO was the first Canadian bank to establish an investment banking representative office in China.
Despite challenging conditions in the credit markets last year, Merrill Lynch provided nearly $12 billion in liquidity for GE Capital through five transactions over a seven-week period. Merrill Lynch is the largest energy group on Wall Street. It served as adviser on one of the largest foreign direct investments in the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico
Golfo de Mexico
Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east . When Taylor Energy, a privately held company privately held company
A firm whose shares are held within a relatively small circle of owners and are not traded publicly. , announced plans to divest last August, Merrill Lynch advised the Korean National oil Company and Samsung on the acquisition of Taylor s assets via a newly formed company. This new Korean venture has targeted $20 billion to be invested in energy over the next decade.
FRANCE France (frăns, Fr. fräNs), officially French Republic, republic (2005 est. pop. 60,656,000), 211,207 sq mi (547,026 sq km), W Europe.
BNP Paribas is the leading financial adviser on mergers and acquisitions in France. It employs 16,000 corporate finance bankers throughout its global network. The bank is focused primarily on Europe, but it is also present in the Americas and is active in Asia and in a wide range of emerging market countries. The bank is a leader in renewable energy financing and participates in many global environmental programs. It is one of the top banks globally in derivatives and structured finance. In Europe it is a top-10 bank in both equity and debt capital markets.
Deutsche Bank's capital and investment bank was second to Goldman Sachs in global investment banking revenue in 2007. It advised on 10 of the top 25 mergers and acquisitions worldwide. The bank acled as lead financial adviser to Rio Tinto, the UK-based mining group, on its acquisition of Alcan to create a new global leader in the aluminum industry. Deutsche Bank has a strong position in equity and debt capital markets, as well as in the German mid-cap market. It was the leading arranger of international bonds in 2007.
Mediobanca, Italy's largest listed investment bank, opened offices in London and Frankfurt earlier this year as part of a plan to expand its corporate and investment banking business across Europe. Mediobanca plans to open an investment banking operation in Madrid by the end of 2008. It has had an office in Paris for more than three years. In Italy Mediobanca launched a new retail bank in May, called CheBanca!, which is expected to have 110 branches within three years. The new bank's name can be translated as "What a bank!" and it is targeting young people seeking a range of simple, inexpensive products.
Rabobank is a leading M&A adviser in the Netherlands, mainly advising Dutch clients in their home market or foreign clients seeking to make an acquisition in the Netherlands. Small to medium-size transactions are executed by Rabo securities' susidiary Rembrandt Fusies & Overnames. The corporate advisory unit advises public companies, large corporations and financials sponsors on equity capital market transactions and M&A. The bank is involved in most of the major equity offerings in the Netherlands.
Handelsbanken Capital Markets
Handelsbanken Capital Markets, based in Sweden, is the leading Nordic investment bank The Nordic Investment Bank (NIB) is an investment bank and multilateral development bank owned by eight nordic and northern european countries. The owners are Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. for mergers and acquisitions, IPOs, syndicated loans and structured products. It has joined with other leading Nordic banks and stockbrokers to develop Burgundy, a new trading venue for Nordic securities, which is expected to start up in the first half of 2009. The bank uses a "product neutral" approach, whereby it aims to provide the best financial services for each customer according to their needs.
Millennium bcp is the largest privately owned bank in Portugal, with a market share of about 25% and 885 branches. It also has operations in Poland, Greece, Romania, Switzerland and Turkey, as well as in Mozambique, Angola and the United States. Corporate and investment banking is one of five business units at the bank. Millennium's investment bank was the market leader in equity brokerage in Portugal in 2007 and arranged a number of important bond issues. It advised Energias de Portugal EDP - Energias de Portugal (formerly known as "Electricidade de Portugal") (Euronext: EDP, NYSE: EDP) ranks among Europe's major electricity operators, as well as being one of Portugal's largest business groups. on the acquisition of wind farms in Poland and was joint global coordinator and bookrunner for the privatization privatization: see nationalization.
Transfer of government services or assets to the private sector. State-owned assets may be sold to private owners, or statutory restrictions on competition between privately and publicly owned and IPO of Portuguese national grid operator REN ren
In Confucianism, the most basic of all virtues, variously translated as “humaneness” or “benevolence.” It originally denoted the kindness of rulers to subjects. .
Renaissance Capital, the leading independent investment bank in Russia, is part of a group of finance and investment companies specializing in emerging markets. It is a leading provider of equity finance throughout the CIS Cis (sĭs), same as Kish (1.)
(1) (CompuServe Information Service) See CompuServe.
(2) (Card Information S region and in sub-Saharan Africa. Last year Renaissance Capital participated in 12 of the 22 deals on the Russian equity capital markets, more than any other investment bank. It also managed a number of significant M&A deals, including advising BP on the disposal of its interest in Russia Petroleum to Gazprom.
Santander Global Banking and Markets is the brand name for the global wholesale banking business of Santander, one of the world's leading banks by market capitalization. This new global business was created as part of a group restructuring that followed Santander's acquisition of UK-based Abbey in 2004. In July 2008 Santander agreed to acquire Alliance & Leicester to further expand its UK business. Santander is a major provider of structured products underpinned by trading in derivatives. The bank has extensive operations in Latin America.
UBS, the European bank with the biggest losses from the US subprime crisis, is focusing on Brazil, China and the Middle East for future growth. It was recently awarded a license to open a corporate and investment bank in Saudi Arabia and has applied to open a branch at the Qatar Financial Center in Doha. UBS Securities led the $8.9 billion domestic IPO for PetroChina, the largest IPO in 2007. UBS completed the most equity transactions and IPOs globally last year of any bank, according to Dealogic. The addition of UBS Pactual in 2006 has given it a leading franchise in Latin America.
Garanti Securities, an affiliate of Garanti Bank, is part of the Dogus Group, a major Turkish conglomerate owned by the Sahenk family. Garanti securities is the leading brokerage house in Turkey, and it also advises on mergers and acquisitions and securities offerings. It was joint global coordinator along with Deutsche Bank for the $1.9 billion initial public offering in May of a 15% stake in Turk Telekom, the biggest-ever Turkish IPO.
The London-based joint venture of JPMorgan and Cazenove is one of the top investment banks in the United Kingdom. The firm is a major distributor of UK and Irish equity to institutional investors in Europe and globally. JPMorgan Cazenove is also a leading M&A adviser in the UK. It was joint financial adviser to Tata Motors on its acquisition of Jaguar and Land Rover from Ford Motor for about $2.3 billion. JPMorgan Cazenove was joint broker and joint financial adviser to Reuters on its merger this year with Canadian publisher Thomson.
Macquarie Group, formerly known as Macquarie Bank, is the leading investment bank in Australia through its Macquarie Capital Advisers unit, which offers advisory services advisory services
advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal aligned into industry groups, including infrastructure and utilities, resources and telecommunications. Among its major transactions last year, it was an investor in the mining-machinery manufacturer Boart Longyear, as well as adviser, global equity coordinator and joint lead manager of the consortium's $1.9 billion IPO. This was the largest IPO in Australia in nine years. Macquarie also was co-adviser to Wesfarmers on its $17 billion acquisition of retailer Coles Group, the largest M&A transaction ever in Australia.
CHINA / HONG KONG
China International Capital
Headed by Levin Zhu, the son of former Chinese premier Zhu Rongji, China International Capital (CICC CICC Custom Integrated Circuits Conference
CICC Center for the Improvement of Child Caring (Studio City, CA)
CICC China International Capital Corp. ) is the first joint venture investment bank in China. Earlier this year Morgan Stanley decided against selling its 34.3% stake after private equity bidders lowered their offers. In November 2007 CICC was lead underwriter of PetroChina's $8.9 billion record A-share IPO. China Citic Securities and UBS also were lead underwriters of the offering, which generated big investment demand. In February 2008 CICC managed Sinopec's $4.2 billion Ashare convertible offering, the largest convertible issue ever in Asia.
ICICI Securities is a subsidiary of India's largest and most innovative private bank. It is a leader in corporate finance and offers a full range of services. Earlier this year ICICI postponed the planned IPO of ICICI Securities in light of a steep decline in the country's stock markets. Its US subsidiary is a member of the National Association of Securities Dealers National Association of Securities Dealers (NASD)
Nonprofit organization formed under the joint sponsorship of the investment bankers' conference and the SEC to comply with the Maloney Act, which provides for the regulation of the OTC market. and offers corporate advisory services, as well as research and investment advice. ICICI Securities offers similar services in the United Kingdom and Singapore.
Mandiri Sekuritas, a subsidiary of Bank Mandiri, Indonesia's largest bank, has the most capital of any investment bank in the country. The firm was joint lead underwriter of the largest new issue on the Jakarta Stock Exchange Jakarta Stock Exchange
Established in 1977, the largest securities exchange in Indonesia. last year: the IPO privatization of PT Jasa Marga Marga can refer to:
In currencies, this is the abbreviation for the Polish Zloty.
The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. (Persero), which included a 10-year sukuk tranche. Mandiri Sekuritas offers brokerage and trading services for both debt and equity securities and is one of the most active firms on the Jakarta and Surabaya stock exchanges.
Nomura once again led the league tables for financial advisers on Japanese mergers and acquisitions in the first half of 2008, according to Thomson Reuters. Nomura advised on 60 transactions in the period with a rank value of $25.5 billion. second-place UBS advised on 11 deals valued at $5.2 billion. Nomura also was the leader in both Japanese equity and initial public offering volume in the first half of this year. Nomura securities joined the Japanese version of second Life in July, establishing an information center in this virtual world.
Samsung Securities, South Korea's leading brokerage firm, has developed strong investment banking capabilities. It offers underwriting and advisory services in mergers and acquisitions, initial public offerings and structured finance. The firm focuses on wealth management and offers mutual funds and derivatives. A number of new securities firms are expected to enter the crowded South Korean market this year, but Samsung securities' high-net-worth clients likely will remain loyal to the firm.
Chinatrust Commercial Bank, one of the largest privately owned commercial banks in Taiwan, has an extensive international network and fills an important niche in the global market for syndicated loans. It also was the leading bond underwriter in the domestic corporate market in 2007. Chinatrust's equity platform offers a full range of primary and secondary market services. Chinatrust is eager to purchase a stake in a Chinese bank as relations improve between China and Taiwan. It has urged Taiwan's government to allow local banks to invest directly in Chinese counterparts.
Merrill Lynch made an extraordinary effort to build up its investment bank in Argentina last year. It strengthened its fixed-income and research teams and added equity and derivatives trading, becoming the largest equity trader after only four months. Merrill Lynch was the local bookrunner for the initial public offering of Grupo Clarin, Argentina's largest media company. It was the joint bookrunner for the IPO of online auctioneer MercadoLibre. Merrill also was exclusive financial adviser and lender, as well as equity co-investor, in the acquisition of Farmacity, the country's largest pharmaceutical chain, by private equity firm Pegasus.
Banco Itaú has a strong presence in the Brazilian debt and equity capital markets. It is also the leading local bank in advising on mergers and acquisitions in Brazil. The bank conducts its corporate and investment operations through its Banco Itaú BBA BBA
Bachelor of Business Administration subsidiary. Itaú BBA is Brazils largest wholesale bank. Itaú USA securities, the New York-based securities arm of Banco Itaú, distributes Brazilian stocks to institutional investors. Itaú BBA has the largest team of research analysts in Brazil, with coverage of more than 130 listed companies.
Banamex, using the platform of Citi Markets & Banking, is the leading investment bank in Mexico in mergers and acquisitions, equity and syndicated loans. Citi advised Grupo Gigante last year on the sale of its $1.7 billion supermarket retail business to Monterrey-based rival Soriana. Citi also was exclusive adviser to the Mexican government on the sale of a 30-year concession to operate and maintain the largest toll-road network in western and central Mexico. Banamex's brokerage subsidiary, Accival, is the largest securities firm in Mexico, providing a strong distribution channel.
While Goldman Sachs was not immune to the credit crisis, the firm has weathered the storm better than most other investment banks and remains the clear leader in financial advisory services for mergers and acquisitions in North America. Cross-border acquisitions involving US-based target companies increased steadily throughout 2007, as the dollar weakened. Goldman Sachs is the bank of choice for guarding against unwanted takeovers.
Merrill Lynch was an underwriter of the IPO of Intrepid Potash in March, an offering that has displayed one of the best aftermarket performances so far this year. Intrepid Potash is the largest US-based supplier of potassium chloride potassium chloride, chemical compound, KCl, a colorless or white, cubic, crystalline compound that closely resembles common salt (sodium chloride). It is soluble in water, alcohol, and alkalies. , a key ingredient of crucial fertilizers. Merrill Lynch led the league table for IPOs of US-based companies in the first half of 2008. It was the bookrunner on six such offerings with combined proceeds of more than $3.6 billion.
Merrill Lynch was bookrunner for three of the largest debt offerings in the energy industry in the first of 2008, including a $2 billion offering of senior notes for XTO Energy. The offering was increased from $1.5 billion due to strong demand. Merrill Lynch also completed a $1.5 billion senior unsecured debt Unsecured debt
Debt that does not identify specific assets that the debtholder is entitled to in case of default. placement for Weatherford International, despite turbulent credit markets. The firm also completed a $500 million high-yield offering for Petrohawk Energy.
Goldman Sachs was the leader in fees from mergers and acquisitions completed in the United States in the first half of 2008, with $612 million in revenue from 76 deals, according to Thomson Reuters/Freeman. Goldman Sachs also led the league tables for announced M&A deals in the Americas in the first half of this year, when it advised on 133 deals, valued at $472 billion. In March the firm created the role of head of M&A for the Americas and named Tim Ingrassia to fill the position. He previously was global head of the consumer retail group.
Deutsche Bank is the leading corporate finance bank in Europe as measured by fee income. It was a bookrunner for eight of the top 10 initial public offerings in the region last year. The bank has a significant presence in leveraged debt capital markets and commercial real estate, as well as in the German mid-cap market. Deutsche Bank is particularly strong in the design and execution of structured-financing.
JPMorgan is a leader in European equity underwriting, where it participated in the recent $15 billion rights issue by UBS. While JPMorgan's investment banking fee revenue of $1.7 billion slipped 9% from a year earlier in the second quarter of 2008, it still represented the bank's second-best quarter ever for these fees. Equity underwriting was the best performer at the bank, with a 6% rise in revenue to $542 million in the quarter ended June 30, 2008.
Deutsche Bank was involved in a number of innovative debt deals during 2007. Along with Goldman Sachs, it committed $5.6 billion of long-duration debt to Eurotunnel as part of its restructuring. Deutsche Bank also fully underwrote on a private basis a $1.57 billion project bond for an Austrian state, using a drawdown Drawdown
The peak to trough decline during a specific record period of an investment or fund. It is usually quoted as the percentage between the peak to the trough.
Notes: structure that was unique in the country. It arranged a $300 million private convertible bond for Suzlon Energy that allowed the India-based energy company to pre-fmance a competitive bid for Areva, the German windpower producer.
Deutsche Bank has a major global M&A business that advised on 10 of the top 25 M&A deals in 2007. It advised UK-based brewer Scottish & Newcastle on its acquisition by Carlsberg and Heineken. Deutsche Bank also advised Rio Tinto on its $44 billion acquisition of Alcan, The bank is also highly positioned in the M&A league tables in Germany, Russia and the Nordic region.
Citi is the leading capital markets underwriter in Asia, where it has offices in 17 countries in the region. The bank also is one of the leading M&A advisers in Asia. Citi advised South Korea-based Doosan Infracore on its $4.9 billion acquisition of the Bobcat bobcat: see lynx.
Bobtailed, long-legged North American cat (Lynx rufus) found in forests and deserts from southern Canada to southern Mexico. It is a close relative of the lynx and caracal. construction vehicle division and two other units of USbased conglomerate IngersollRand. The deal was the largest-ever cross-border acquisition in South Korea. Citi was the bookrunner on some of the biggest IPOs for companies in China, including China Citic Bank China CITIC Bank (Simplified Chinese: 中信银行; Traditional Chinese: 中信銀行; Pinyin: and China Railway Construction.
UBS raised the most proceeds and executed more deals than any of its competitors in Asian international equity offerings in 2007, according to Dealogic. The Swiss bank was a lead underwriter of the largest IPO globally last year, PetroChina's $8.9 billion A-share offering. UBS also led the largest single US listing by a China-based company, LDK LDK Lahn-Dill-Kreis (Germany)
LDK Lidhja Demokratike e Kosoves (Albanian: Democratic Party of Kosovo)
LDK Lemon Drop Kid (movie title, and musician) Solar's $486 million IPO on the New York Stock Exchange New York Stock Exchange (NYSE)
World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. .
Citi is the leading debt bank in Asia, where it underwrites offerings from all of the region's major issuers, from sovereign to high yield. The bank is consistently the leader in the private placement of bonds with hedge funds and institutional investors in Asia. Citi's fee income from private placements more than doubled last year.
UBS collected more fees from M&A deals completed in the Asia ex-Japan Asia Ex-Japan
The region of countries located in Southeast Asia, not including Japan. These countries are generally considered emerging markets and are of interest to investors looking for high-growth investment opportunities. region last year than any other bank, according to Thomson Reuters/Freeman.The bank's $209 million revenue total was an increase of 187% from a year earlier. UBS also led in announced M&A deals in the region in 2007, with 41 deals valued at $75.6 billion, an increase of 130%.
Italy-based UniCredit, one of Europe's largest banks, is boosting its operations in the fast-growing countries of Central and Eastern Europe (CEE), while cutting jobs in Western Europe. UniCredit already has the largest network of any bank in the CEE region, where it plans to open 1,300 new retail offices with the addition of 11,500 jobs by 2010. In July UniCredit named Alicja Kornasiewicz as head of the newly established Emerging Europe unit within the bank's markets and investment banking (MIB (1) (Management Information Base) The hierarchical database used by the simple network management protocol (SNMP) to describe the particular device being monitored. MIB objects are identified using ASN.1 syntax. See SNMP, RMON, OID and ASN.1. ) division. Previously she was responsible solely for MIB activities within Poland, where she joined UniCredit CAIB CAIB Columbia Accident Investigation Board (NASA)
CAIB Canadian Accredited Insurance Broker
CAIB Community Action Information Board
CAIB Caribbean Association of Indigenous Banks, Inc.
CAIB California Association of Independent Business, Inc. (formerly Creditanstalt Investment Banking) in 2000.
Deutsche Bank's acquisition of Russia-based United Financial Group in 2006 enhanced its presence in the CEE region, where it has significant operations in Russia, Poland, the Czech Republic and Ukraine. Deutsche Bank was joint global coordinator and joint bookrunner for the $8 billion IPO of Russia's VTB Bank in May 2007, which was the second-largest Russian IPO ever, second only to oil company Rosneft's $10.4 billion IPO in 2006. Deutsche Bank manages the Central Europe and Russia Fund, which is listed on the New York Stock Exchange.
UniCredit expects to concentrate its CEE expansion in retail banking, but its markets and investment banking (MIB) division also has plans for growth. UniCredit intends to concentrate on local fixed-income products and principal investments. It will expand client-driven structured credit, an area in which Germany-based HVB HVB Hervey Bay, Queensland, Australia (Airport Code)
HVB Hawaii Visitors Bureau
HVB Central-European International Bank (Hungary)
HVB High Volume Breeder (puppy mill) (acquired by UniCredit in 2005) has particular expertise. UniCredit has a local presence in 20 CEE countries and an international platform to deliver products and services.
Morgan Stanley has consistently been one of the leading advisers on M&A deals in emerging markets, particularly in Central and Eastern Europe. The bank topped the league tables for mergers completed in the CEE last year, with a total value of more than $26 billion, according to Thomson Reuters. Morgan Stanley advised Hungary-based oil and gas company MOL Magyar in its defense against an unsolicited offer from Austrian energy rival OMV OMV Open Market Value (automobiles)
OMV Orbital Maneuvering Vehicle
OMV Oblates of the Virgin Mary (religious order)
OMV Österr Mineralöl Verwaltung (Austrian Mineral Oil Administration) .
Citi is the leading investment bank in Latin America, with strength across all product categories. Last year Citi provided a $3.8 billion debt-financing package for Argentine steel producer Ternium to acquire Grupo IMSA IMSA Illinois Mathematics and Science Academy
IMSA International Motor Sports Association
IMSA Insurance Marketplace Standards Association
IMSA International Municipal Signal Association
IMSA Illinois Mini Storage Association
IMSA Institute of Marine Safety Auditors , Mexico's leading producer of coated steel. Citi also acted as M&A adviser to Ternium. Citi advised Ecopetrol, Colombia's largest company and its main oil producer, on its $2.8 billion privatization. The New York-based bank was joint bookrunner on the $2.45 billion IPO of Brazil-based Redecard, a credit-card transaction processor. The deal was the largestever IPO in the region.
Zurich-based Credit Suisse is one of a handful of truly global investment banks, with operations in 57 locations in 26 countries. It is particularly active in the equity markets of Latin America, where its analysts follow more than 150 companies. Credit Suisse is the leading underwriter of IPOs in Brazil, the largest economy in the region. After a record surge in 2007, IPOs in the country have been less frequent this year, but private placements are picking up, along with mergers and acquisitions, another area where the Swiss bank is strong.
Citi arranged debt-financing transactions in eight different Latin American countries in 2007, comprising various currencies and structures. In July 2007 Citi was sole manager of a $1.5 billion debt offering by Peru, which was the largest local currency issue by the country in the international capital markets. The notes were offered intermationally in the form of global depositary notes (GDNs). Citi also was joint bookrunner for $986 million of global notes for Petrobras and bookrunner for $251 million debentures for Brazilian power company CPFL CPFL Companhia Paulista de Força e Luz (Brazil)
CPFL Contingency Planning Facilities List Energia.
Citi was the top M&A adviser for Latin America as a whole in 2007, in terms of both announced and completed transactions, according to Thomson Reuters. Citi advised on 51 announced mergers in the region, totaling more than $32 billion in value. The bank advised Braskem on the acquisition, along with Petrobras and Grupo Ultra, of Grupo Ipiranga.The transaction was one of the largest ever in Brazil and brought further consolidation of the petrochemical industry. Citi also advised Mexicobased cement maker Cemex on the acquisition of Australian building materials firm Rinker.
SambaCapital, the investment bank subsidiary of Riyadh-based Samba Financial Group Samba Financial Group (formerly known as The Saudi American Bank) is a large banking firm in Saudi Arabia formed by the takeover of Citibank branches in Saudi Arabia by Royal Decree on February,12,1980. , began operating on January 1 with a capital of 500 million Saudi riyals ($134 million). It was incorporated to comply with a requirement of the Capital Market Authority that all banks in Saudi Arabia separate their banking and commercial services from securities operations. SambaCapital has the largest investment banking team in the country, and it has successfully managed some of the largest stock issues and corporate restructurings. It also advises on mergers and acquisitions and has steong project-management capabilities.
SambaCapital was appointed by Saudi Arabia mining company Maaden to lead manage its $2.5 billion IPO, which was completed in July. Samba Financial Group (which incorporated its investment bank as SambaCapital this year) has managed more than three-quarters of all IPOs in the kingdom since 2004. Last year it completed public offerings for Dar Al Arkan Real Estate, Kingdom Holding, Saudi Printing and Packaging and Saudi Kayan Petrochemical.
Deutsche Bank has continued to strengthen its position as lead arranger Lead arranger
The senior tier of arranger of debt financing Debt Financing
When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay for clients in the region. The bank led Dubai Ports' $1.5 billion 10-year sukuk and $1.73 billion 30-year bond, the largest long-dated bond by a Middle Eastern issuer to date. It also was joint underwriter and bookrunner of a $2.7 billion acquisition facility for Dubai World, the investment arm of the Dubai government, for the purchase of a stake in Las Vegas-based casino operator MGM Mirage. Deutsche Bank acquired a 51% stake last year in Algerian corporate finance bank Strategica Finance.
Citi was the leader in investment banking fees in the Middle East and Africa last year. The bank was sole adviser to Subic (Saudi Basic Industries), majority owned by the Saudi Arabian government, on its acquisition of GE Plastics for $11.6 in cash. This was the largest acquisition ever by a company based in the Middle East. Alberto Vernie, Citi's global co-head of investment banking, has relocated to Dubai from the banks London offices.
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