How Have Debt Origination Deal Volumes For U.S. Investment Banks Changed In The Last 5 Quarters?

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Unusually strong levels of activity across global debt capital markets made Q2 2016 one of the best quarters since the economic downturn for U.S. investment banks in terms of total debt origination volumes. The five largest U.S. investment banks helped companies raise debt capital worth $479 billion for the quarter – representing gains of more than 20% year-on-year as well as quarter-on-quarter

IB_QA_US_DCMSizeChange_16Q2

Debt origination volumes for individual banks were taken from Thomson Reuters’ investment banking league tables for the last five quarters. The table below captures the respective market shares for each of these banks over this period. The green-to-yellow shading for figures in a quarter should help compare the relative standings of these 5 banking giants in a particular quarter.

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IB_QA_US_DCMShareChange_16Q2

It should be noted that the largest debt capital market deals employ more than one investment bank, so the market share figures are not exclusive.

Notably, the market share for these 5 banks has slid from a high of 31% in Q2 2015 to 25% now. This is primarily because of the fact that debt origination activity saw the largest quarter-on-quarter jump in emerging markets. As debt markets in emerging economies are highly fragmented with local players garnering a sizable share, this translated into a lower share of the global debt origination figure for the U.S. banking giants. That said, Citigroup has been able to leverage its presence in key emerging markets well to report the largest year-on-year growth its debt origination volumes among these banks.

See the links below for more information and analysis about the 5 largest U.S. investment banks:

See full Trefis analysis for Goldman SachsJPMorganMorgan StanleyBank of America | Citigroup

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