全球投行市場前景及投資研究報告-培訓(xùn)課件外文版2024.4

INDUSTRIES

&

MARKETSInvestmentbankingCHAPTER

01OverviewGlobalmarketshareofrevenueofleadinginvestmentbanksasofJuly2023Marketshareofrevenueofleadingglobalinvestmentbanks2023Globalmarketshare4%0%1%2%3%5%6%7%8%9%JPMorganGoldmanSachsBofASecuritiesMorganStanleyCiti8.5%6.7%6.3%5.2%4%Barclays3.3%UBS2.8%RBCCapitalMarketsBNPParibasWellsFargo2%2%1.9%3Description:JPMorganwastheleadinginvestmentbankgloballyasofJuly2023intermsofmarketshareofrevenue.BetweenJanuaryandJuly2023,therevenueofJPMorganaccountedfor8.5percentoftheglobalinvestmentbankingrevenue.GoldmanSachsfollowed,withamarketshareof6.7percent.ReadmoreNote(s):Worldwide;July2023;Referstoyear-to-dateSource(s):Dealogic;WallStreetJournalLeadingbanksworldwidein2023,byrevenuefrominvestmentbanking(inmillionU.S.dollars)Largestbanksglobally2023,byrevenuefrominvestmentbankingRevenueinmillionU.S.dollars3,00001,0002,0004,0005,0006,0005,8717,000JPMorganGoldmanSachsBofASecuritiesMorganStanleyCiti4,915.24,0553,637.42,791.9Barclays2,063.51,710.41,405.9UBSWellsFargoRBCCapitalMarketsJefferiesLLC1,390.91,372.34Description:JPMorganwastheworld'sleadingbankintermsofinvestmentbankingrevenuein2023.In2023,thebankgeneratedaninvestmentbankingrevenueofaround5.8billionU.S.dollars.JPMorganwasalsothelargestbankintheUnitedStatesbytotalassets,followedbyBankofAmericaandWellsFargoBank.ReadmoreNote(s):Worldwide;JanuarytoDecember2023Source(s):Dealogic;WallStreetJournalLargestIPOsworldwideasof2023(inbillionU.S.dollars)LargestIPOsworldwideasof2023DealsizeinbillionU.S.dollars051015202530SaudiAramco*(2019)AlibabaGroup**(2014)SoftBankCorp(2018)NTTMobile(1998)25.621.7721.3518.117.8617.78Visa(2008)AIA(2010)ENELSpA(1999)Facebook(2012)GeneralMotors(2010)ICBCBank-H(2006)16.4516.0115.7713.96DeutscheTelekom(1996)RivianAutomotive(2021)AlibabaGroup-HongKongExchange(2019)13.0311.9311.245Description:Theinitialpublicoffering(IPO)ofSaudiAramco,theSaudiArabianmultinationalpetroleumandnaturalgascompany,ontheTadawulinDecember2019,wasthelargestpublicofferinggloballyeverasofDecember2023.TheIPOofSaudiAramcoraisedapproximately25.6billionU.S.dollars.ReadmoreNote(s):Worldwide;asof2023;*SaudiAramcoexercisedthegreenshoeoptiontosellanadditional450millionshares,raisingthesizeofitsinitialpublicoffering(IPO)toarecord29.4billionU.S.dollars.**Alibabaexcerciseditsgreenshoeoption[...]

ReadmoreSource(s):RenaissanceCapitalLeadingglobalinvestmentbanksspecializinginmergersandacquisitionsin2023,byfees(inmillionU.S.dollars)LeadingglobalM&Ainvestmentbanks2023,byfeesFeesinmillionU.S.dollars05001,0001,5002,0002,5003,0003,500GoldmanSachs&CoJPMorgan2,891.522,286.85MorganStanleyBofaSecuritiesIncEvercorePartnersCentreviewPartnersLLCLazard1,978.741,333.531,172.081,014.31,013.97987.41CitiUBS884.7843.12Barclays6Description:Amongtheleadingglobalinvestmentbanksspecializinginmergersandacquisitions,GoldmanSachs&Cowastheonewiththelargestvalueoffeeasof2023.Inthatyear,thefeesofGoldmanSachsamountedtoroughly2.8billionU.S.dollars.JPMorganrankedsecond,withfeesamountingtoalmost2.2billionU.S.dollars.ReadmoreNote(s):Worldwide;January01toDecember29,2023Source(s):FinancialTimes;ThomsonReutersCHAPTER

02IndustryleadersLeadingglobalinvestmentbanksspecializinginmergersandacquisitionsin2023,byfees(inmillionU.S.dollars)LeadingglobalM&Ainvestmentbanks2023,byfeesFeesinmillionU.S.dollars05001,0001,5002,0002,5003,0003,500GoldmanSachs&CoJPMorgan2,891.522,286.85MorganStanleyBofaSecuritiesIncEvercorePartnersCentreviewPartnersLLCLazard1,978.741,333.531,172.081,014.31,013.97987.41CitiUBS884.7843.12Barclays8Description:Amongtheleadingglobalinvestmentbanksspecializinginmergersandacquisitions,GoldmanSachs&Cowastheonewiththelargestvalueoffeeasof2023.Inthatyear,thefeesofGoldmanSachsamountedtoroughly2.8billionU.S.dollars.JPMorganrankedsecond,withfeesamountingtoalmost2.2billionU.S.dollars.ReadmoreNote(s):Worldwide;January01toDecember29,2023Source(s):FinancialTimes;ThomsonReutersLeadingglobalinvestmentbanksspecializinginloansin2023,byfees(inmillionU.S.dollars)Leadingloaninvestmentbanksglobally2023,byfeesFeesinmillionU.S.dollars1,0000JPMorgan5001,5002,0002,5002,169.95BofaSecuritiesIncBankofChinaLtdCiti1,556.511,224.05907.73890.03GoldmanSachs&CoMizuhoFinancialGroupWellsFargo&Co877.18827.18SumitomoMitsuiFinlGrpIncMitsubishiUFJFinancialGroupBarclays756.79735.99700.429Description:Amongtheleadingglobalinvestmentbanksspecializinginloans,JPMorganwastheonewiththelargestvalueoffeesasof2023.Inthatyear,thefeesofJPMorganamountedtoapproximately2169.95millionU.S.dollars.

ReadmoreNote(s):WorldwideSource(s):FinancialTimes;ThomsonReutersLeadingglobalinvestmentbanksspecializinginbondsin2023,byfees(inmillionU.S.dollars)Leadingglobalbondinvestmentbanks2023,byfeesFeesinmillionU.S.dollars600

80002004001,0001,2001,4001,6001,6101,800JPMorganBofaSecurityincCiti1,4031,216Barclays1,025989977952938GoldmanSachs&CoMorganStanleyCITICBNPParibasSAHSBCHoldingsPLCDeutscheBank86580210Description:Asof2023,thefeesofJPMorganwerebyfarthehighestamongtheleadingglobalinvestmentbanksspecializinginbonds.Inthatyear,thefeesofJPMorganamountedtoapproximately1,610millionU.S.dollars.BofaSecurityIncfollowedwithavalueofapproximately1,403millionU.S.dollars.ReadmoreNote(s):WorldwideSource(s):FinancialTimes;ThomsonReutersLeadingglobalinvestmentbanksspecializinginequitiesin2023,byfees(inmillionU.S.dollars)Leadingequityinvestmentbanksglobally2023,byfeesFeesinmillionU.S.dollars400

60002008001,0001,200JPMorganGoldmanSachs&CoMorganStanleyBofaSecuritiesIncCITIC1,029.021,002.72772.19720.6591.16Citi481.3ChinaSecuritiesCoLtdNomura416.88332.58JefferiesLLC322.95309.75HaitongSecuritiesCoLtd11Description:Amongtheleadingglobalinvestmentbanksspecializinginequities,JPMorganhadbyfarthelargestvalueoffeesin2023.Inthatyear,thefeesofJPMorganamountedtoapproximately1029millionU.S.dollars.

ReadmoreNote(s):WorldwideSource(s):FinancialTimes;ThomsonReutersCHAPTER

03MarketleadersLeadingglobalinvestmentbanksspecializinginbondsin2023,byfees(inmillionU.S.dollars)Leadingglobalbondinvestmentbanks2023,byfeesFeesinmillionU.S.dollars600

80002004001,0001,2001,4001,6001,6101,800JPMorganBofaSecurityincCiti1,4031,216Barclays1,025989977952938GoldmanSachs&CoMorganStanleyCITICBNPParibasSAHSBCHoldingsPLCDeutscheBank86580213Description:Asof2023,thefeesofJPMorganwerebyfarthehighestamongtheleadingglobalinvestmentbanksspecializinginbonds.Inthatyear,thefeesofJPMorganamountedtoapproximately1,610millionU.S.dollars.BofaSecurityIncfollowedwithavalueofapproximately1,403millionU.S.dollars.ReadmoreNote(s):WorldwideSource(s):FinancialTimes;ThomsonReutersLeadingglobalinvestmentbanksspecializinginequitiesin2023,byfees(inmillionU.S.dollars)Leadingequityinvestmentbanksglobally2023,byfeesFeesinmillionU.S.dollars400

60002008001,0001,200JPMorganGoldmanSachs&CoMorganStanleyBofaSecuritiesIncCITIC1,029.021,002.72772.19720.6591.16Citi481.3ChinaSecuritiesCoLtdNomura416.88332.58JefferiesLLC322.95309.75HaitongSecuritiesCoLtd14Description:Amongtheleadingglobalinvestmentbanksspecializinginequities,JPMorganhadbyfarthelargestvalueoffeesin2023.Inthatyear,thefeesofJPMorganamountedtoapproximately1029millionU.S.dollars.

ReadmoreNote(s):WorldwideSource(s):FinancialTimes;ThomsonReutersLeadingglobalinvestmentbanksspecializinginmergersandacquisitionsin2023,byfees(inmillionU.S.dollars)LeadingglobalM&Ainvestmentbanks2023,byfeesFeesinmillionU.S.dollars05001,0001,5002,0002,5003,0003,500GoldmanSachs&CoJPMorgan2,891.522,286.85MorganStanleyBofaSecuritiesIncEvercorePartnersCentreviewPartnersLLCLazard1,978.741,333.531,172.081,014.31,013.97987.41CitiUBS884.7843.12Barclays15Description:Amongtheleadingglobalinvestmentbanksspecializinginmergersandacquisitions,GoldmanSachs&Cowastheonewiththelargestvalueoffeeasof2023.Inthatyear,thefeesofGoldmanSachsamountedtoroughly2.8billionU.S.dollars.JPMorganrankedsecond,withfeesamountingtoalmost2.2billionU.S.dollars.ReadmoreNote(s):Worldwide;January01toDecember29,2023Source(s):FinancialTimes;ThomsonReutersLeadingglobalinvestmentbanksspecializinginloansin2023,byfees(inmillionU.S.dollars)Leadingloaninvestmentbanksglobally2023,byfeesFeesinmillionU.S.dollars1,0000JPMorgan5001,5002,0002,5002,169.95BofaSecuritiesIncBankofChinaLtdCiti1,556.511,224.05907.73890.03GoldmanSachs&CoMizuhoFinancialGroupWellsFargo&Co877.18827.18SumitomoMitsuiFinlGrpIncMitsubishiUFJFinancialGroupBarclays756.79735.99700.4216Description:Amongtheleadingglobalinvestmentbanksspecializinginloans,JPMorganwastheonewiththelargestvalueoffeesasof2023.Inthatyear,thefeesofJPMorganamountedtoapproximately2169.95millionU.S.dollars.

ReadmoreNote(s):WorldwideSource(s):FinancialTimes;ThomsonReutersLeadingbanksworldwidein2023,byrevenuefrominvestmentbanking(inmillionU.S.dollars)Largestbanksglobally2023,byrevenuefrominvestmentbankingRevenueinmillionU.S.dollars3,00001,0002,0004,0005,0006,0005,8717,000JPMorganGoldmanSachsBofASecuritiesMorganStanleyCiti4,915.24,0553,637.42,791.9Barclays2,063.51,710.41,405.9UBSWellsFargoRBCCapitalMarketsJefferiesLLC1,390.91,372.317Description:JPMorganwastheworld'sleadingbankintermsofinvestmentbankingrevenuein2023.In2023,thebankgeneratedaninvestmentbankingrevenueofaround5.8billionU.S.dollars.JPMorganwasalsothelargestbankintheUnitedStatesbytotalassets,followedbyBankofAmericaandWellsFargoBank.ReadmoreNote(s):Worldwide;JanuarytoDecember2023Source(s):Dealogic;WallStreetJournalCHAPTER

04IPOsLargestunderwritersofSPACIPOsworldwideasof2023,bybookrunnervalue(inmillionU.S.dollars)LargestunderwritersofSPACIPOsgloballybybookrunnervalue2023ValueinmillionU.S.dollars3000100200400500600700CitigroupEFHutton664.2586CantorFitzgeraldBTIG541.7313.8Chardan198UBS166.7166.7152.5138129126.5103.597.8CastleOakSecuritiesWellsFargoCreditSuisseMaximI-BankersSecuritiesLadenburgThalmannBrooklineCapitalMarketsWilliamBlair76.776.7RothCapitalPartners19/statistics/892890/largest-underwriters-of-spac-ipos-worldwideThelargestunderwriterofSPACIPOsworldwidein2023wasCitigroup,withabookrunnervaluereachingaround664millionU.S.dollars.EFHuttonandCantorFitzgeraldfollowed,withabookrunnervalueof586and541.7millionU.S.dollars,respectively.ReadmoreNote(s):Worldwide;Asof2023Source(s):Website()LargestunderwritersofSPACIPOsworldwideasof2023,bynumberofdealsLargestunderwritersofSPACIPOsgloballybydealcountNumberofdeals401235678910EFHuttonB.RileyFBR99WestparkSecuritiesBrooklineCapitalMarketsCantorFitzgeraldCitigroup86433ChardanBTIGMaximI-BankersSecuritiesLadenburgThalmannIBCapitalRevereSecuritiesUBSCastleOakSecurities2222221120Description:TheunderwriterwiththehighestnumberofSPACIPOdealsworldwideasof2023wasEFHutton,followedbyB.RileyFBRandWestparkSecurities.EFHuttonhadbythenbeentheunderwriterof9SPACIPOs,whileB.RileyFBRalsohadnine,andWestparkSecuriteseight.ReadmoreNote(s):Worldwide;2023Source(s):Website()UnderwritersoflargestIPOsintheUnitedStatesasof2023(inmillionU.S.dollars)UnderwritersoflargestIPOsintheU.S.2023DealsizeinmillionU.S.dollars1005152025CreditSuisse(Alibaba,09/18/14)21.76JPMorgan(Visa,03/18/08)MerrillLynch(ENELSpA,11/01/99)17.8616.451615.77MorganStanley(Facebook,05/17/12)MorganStanley(GeneralMotors,11/17/10)Goldman(DeutscheTelekom,11/17/96)MorganStanley(RivianAutomotive,11/09/21)Goldman(AT&TWirelessGroup,04/26/00)CreditSuisse(KraftFoods,06/12/01)13.0311.9310.628.68MorganStanley(Uber,05/09/19)8.1MerrillLynch(FranceTelecom,10/17/97)CreditSuisse(TelstraCorporation,11/17/97)WarburgDillonRead(Swisscom,10/04/98)7.295.645.5821Description:Atalmost22billionU.S.dollarsindealsize,Alibaba`sIPOin2014,underwrittenbyCreditSuisse,wasthelargestinitialpublicoffering(IPO)intheUnitedStates,followedbyVisa's2008IPO,underwrittenbyJPMorgan.?HowbigisAlibaba?TheAlibabaGroupHolding,ahugelyprofitableChinesecompanyoperatinginthee-commercesector,debutedontheNewYorkStockExchange.ThiswasacriticalIPObecauseitgaveprivateinvestorsachancetoreachintotheChinesemarket.Thecompany[...]

ReadmoreNote(s):UnitedStates;asof2023Source(s):RenaissanceCapitalLeadingfinancialadvisorstoSPACacquisitionsintheUnitedStatesin2023,bytransactionvalue(inmillionU.S.dollars)Top20financialadvisorstoSPACacquisitionsintheU.S.2023,bydealvalueValueinmillionU.S.dollars0100200300400500600700GoldmanSachs&Co.JPMorganChase&CoMorganStanleyBofASecuritiesCitigroup631509.71477.21342.36340.23CenterviewPartnersLLCEvercore,Inc.244.74236.87BarclaysPlc135.18128.5113.5113.38102.7399.58RBCCapitalMarketsUBSGroupAGWellsFargo&Co.LazardJefferiesLLC22Description:In2023,GoldmanSachs&Co.wastheleadingfinancialadvisoronSPACacquisitionsintheUnitedStatesintermsofthetransactionvalueofdealscompleted.Theriseofspecialpurposeacquisitioncompany(SPAC)acquisitionsiscreatingnewbusinessformanyoftheworld'slargestinvestmentbanks,andtheU.S.wasthemostactiveregionforSPACIPOsgloballyin2023.ThetotalvalueofdealsGoldmanSachs&Coadvisedonexceeded631billionU.S.dollars.

ReadmoreNote(s):UnitedStates;OctobertoDecember2023Source(s):FactSetDistributionofinitialpublicoffering(IPO)proceedscompletedonselectedexchangesworldwideasof3rdquarter2023DistributionofIPOproceedsbystockexchangegloballyQ32023ShareofIPOproceeds0%5%10%15%20%25%30%ShanghaiShenzhen26%19%US(NASDAQ)USNYSE10%8%AbuDhabi(ADX)India4%4%Tokyo3%3%3%3%HongKongSaudiIndonesiaBucharest(BVB)Turkey2%2%Allotherexchanges13%23Description:BetweenJanuaryandSeptember2023,thestockexchangewiththehighestvalueofIPOproceedsgloballywastheShanghaiStockExchange,withIPOproceedsonthisstockexchangeaccountingfor26percentofglobalIPOproceeds.TheShenzhenStockExchangewashometothesecondhighestvalueofIPOproceedsgloballyduringthesameperiod.ReadmoreNote(s):Worldwide;Q32023Source(s):EYDistributionofinitialpublicofferings(IPOs)completedonselectedexchangesworldwideasof3rdquarter2023DistributionofIPOsworldiwdeasofQ32023,bystockexchangegloballyShareofIPOs0%2%4%6%8%10%12%14%16%18%20%IndiaNational(NSEandSME)andBombay(BSEandSME)Shenzhen(SZSEandChiNext)Shanghai(SSEandSTAR)15%12%9%USNasdaq8%Indonesia(IDX)7%Beijing(BSE)6%6%Tokyo(Prime,Growth,Standard,.REIT,ProMarket)SouthKorea(KRXandKOSDAQ)Turkey(MainandSTAR)5%4%4%HongKong(HKExandGEM)Thailand(SETandMAI)3%3%Saudi(TadawulandNomuParallelMarket)Allotherexchanges18%24Description:BetweenJanauryandSeptember2023,thestockexchangewiththemostIPOactivitygloballywastheIndiaNational(NSEandSME)andBombay(BSEandSME),accountingfor18percentofglobalIPOs.TheShenzhenStockExchangewashometothesecond-highestnumberofIPOsworldwide,with15percentofthetotalthroughoutthesameperiod.ReadmoreNote(s):Worldwide;asofQ32023Source(s):EYCHAPTER

05M&AdealsLeadingfinancialadvisorstomergerandacquisition(M&A)transactionsworldwidein2023,bydealvalue(inmillionU.S.dollars)LeadingfinancialadvisorstoM&Adealsworldwide2023,bydealvalueValueofM&AdealsinmillionU.S.dollars050100150200250300350400GoldmanSachs&Co.JPMorgan337318.4BankofAmericaMorganStanleyCenterviewPartnersCitiUBSInvestmentBankBarclaysGuggenheimPartnersBMOCapitalMarketsLazardRBCCapitalMarketsEvercore235.87204.78144.54134.57121.9103.77103.1893.3779.470.3569.9626Description:In2023,GoldmanSachsGroupwastheleadingfinancialadvisortomergerandacquisition(M&A)dealsworldwideandmanagedM&Adealsworth337millionU.S.dollars.InvestmentbankingisoneofGoldmanSachs'majorbusinesssegments,andtheirrevenuesfromthissegmenthaveincreasedbyroughly50percentoverthepastdecade.ReadmoreNote(s):Worldwide;2023Source(s):AcurisGlobal;DeloitteLeadingfinancialadvisorstomergerandacquisition(M&A)dealsworldwidefrom2019to2023,bynumberofdealsNumberofM&Adealsadvisedbyleadinginvestmentbanksworldwide2019-2023NumberofM&Adeals202330020222021400202020195000100200600700800900DeloittePwCKPMGRothschild&CoEYHoulihanLokeyGoldmanSachs&CoJPMorganBankofAmericaMorganStanley27Description:In2023,PwCwastheleadingfinancialadvisortomergersandacquisitions(M&A)globallyintermsofnumberofdeals.Theconsultingfirmactedasfinancialadvisorto236dealsglobally,belowthe703dealsinthepreviousyear.DeloitteandHoulihanLokeyfollowedbehindwith217and161deals,respectively.ReadmoreNote(s):Worldwide;2019to2023Source(s):AcurisGlobal;DeloitteLeadingfinancialadvisorstomergerandacquisitiondealsintheUnitedStatesin2023,byvalueofannounceddeals(inmillionU.S.dollars)LeadingfinancialadvisorstoM&AdealsintheU.S.2023,bydealvalueValueinmillionU.S.dollars0100,000200,000300,000400,000500,000600,000700,000GoldmanSachs&CoJPMorganChase&CoMorganStanleyBofASecuritiesCitigroup631,006509,712477,210342,369340,233CenterviewPartnersLLCEvercore,Inc244,745236,878BarclaysPlcRBCCapitalMarketsUBSGroupAG135,181128,506113,508113,386102,734WellsFargo&Co.LazardJefferiesLLCGuggenheimCapitalLLCMoelis&Co.99,58596,88075,93528/statistics/275533/10-leading-us-investment-banks-by-value-of-munda-dealsIn2023,theleadingfinancialadvisortomergerandacquisition(M&A)dealsintheUnitedStateswasGoldmanSachs.ThevalueofM&AdealsannouncedbyGoldmanSachs&Coduring2023amountedtonearly631millionU.S.dollars.ReadmoreNote(s):UnitedStates;OctobertoDecember,2023Source(s):FactSetLeadingfinancialadvisorstomergerandacquisition(M&A)transactionsinEuropefrom1sthalfof2022to1sthalfof2023,bydealvalue(inmillionU.S.dollars)Le