HONG KONG: Goldman Sachs led underwriting rankings in Asia ex-Japan equity capital markets (ECM) in 2014, preliminary data released by Thomson Reuters showed. Total ECM deal volumes for the region rose 18 percent from 2013 to $215.8 billion, according to the data.
Proceeds from initial public offerings led the ECM expansion, surging 47 percent to $66.6 billion on increased activity in Hong Kong and Australia and as new listings resumed in China after a hiatus of more than a year.
Following is a list of the region's top ECM underwriters in 2014 and the estimated fees earned on deals.
Bank Deal volume Change Rank Rank
(in $ mln) from 2013 2014 2013
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Goldman Sachs 16,664 -4.0 pct 1 2
Morgan Stanley 15,519 98.3 pct 2 4
UBS 13,229 -40.2 pct 3 1
Citigroup 8,361 50.5 pct 4 8
Deutsche Bank 8,348 29.3 pct 5 6
CITIC 8,049 90.5 pct 6 12
Bank of America 7,860 66.8 pct 7 11
Macquarie 7,057 22.0 pct 8 7
Credit Suisse 6,797 -16.7 pct 9 3
JPMorgan 6,645 -6.1 pct 10 5
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INDUSTRY TOTAL 215,765 17.8 pct
Source: Thomson Reuters
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Bank 2014 fees Change
(in $ mln) from 2013
---------------------------------------------------------------
UBS 262.3 13.2 pct
Morgan Stanley 241.5 83.4 pct
Goldman Sachs 240.2 32.1 pct
CITIC 220.2 95.2 pct
Credit Suisse 211.5 28.6 pct
JPMorgan 190.9 22.2 pct
Citigroup 164.2 85.5 pct
Deutsche Bank 152.3 53.3 pct
Bank of America 144.2 136.8 pct
Guotai Junan Securities 143.0 105.2 pct
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INDUSTRY TOTAL 5,192.6 53.0 pct
Source: Thomson Reuters/Freeman Consulting
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