DOHA: Middle Eastern investment banking fees recorded $143.5m in Q1 2013, marking the best first quarter for fees in the region since 2008.
In its investment banking analysis for the Middle East for the Q12013 released yesterday, Thomson Reuters noted the region’s first quarter fees of the investment banking recorded a 49 percent increase over the same period last year.
Year-on-Year fee increases were seen across asset classes. Completed M&A fees totaled $47.6m, up 81 percent from the first quarter of 2012 and accounting for 33 percent of the overall fee pool. Fees from debt capital markets underwriting in the region hit $44.1m, up 48 percent from the $29.8m seen during the first quarter of 2012.
JP Morgan topped the Middle Eastern completed M&A fee ranking during the first quarter of 2013, earning 21 percent of the fee pool. ANB Invest look first place in the Middle Eastern ECM fee ranking with a 40 percent cut. HSBC topped both the debt capital markets and syndicated lending fee league tables during the first quarter.
The value of announced M&A transactions with Middle Eastern targets reached $5.1bn during the first quarter of 2013, 10 percent less than the $5.7bn witnessed in the region during the same period last year. Egypt was the most active Middle Eastern country, being both the most target and the most acquisitive country in the region so far this year. China was the most popular target for outbound Middle eastern M&A transactions, followed by Greece, while the UK registered the highest value of inbound M&A deals targeting the Middle East.
Citi topped the Q12013 announced any Middle Eastern involvement M&A ranking with $2.6bn, followed closely by Barclays with $2.5bn. Advisors on the Orascom deal (Barclays, Citi, CI Capital, Allen & Co, and Rabobank) shared first place in the Middle eastern target M&A ranking.
Equity issuance by the region’s companies raised $2.3bn from 6 issues during the Q12013, more than five times the amount raised during the same period in 2012, and marking the ebst annual start since 2008.
Middle Eastern debt issuance reached $12bn during the first quarter of 2013, a 14 percent increase over the same period last year, and the strongest annual start in the region on record. International Islamic debt issuance reached $11.5bn from 23 issues during the first quarter, an increase of 40 percent from the previous quarter, and 57 percent from the same period in 2012.HSBC took the top spot in the Middle Eastern bond ranking so far this year with a 15 percent share of the market.