What Was The Share Of Major U.S. Investment Banks In Global Equity Underwriting For Q2 2016?

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Global equity capital markets saw lukewarm activity levels for the second quarter of the year, with companies around the globe raising just $178 billion through IPOs and FPOs for the quarter. [1] Taken together with the dismal $111 billion in equity capital market deals for the first quarter, this made the first half of the year the worst period for the equity underwriting business since 2012. The U.S. equity market was hurt exceptionally badly, as U.S. equity deal volumes over H1 2016 fell to the lowest level since H1 2009.

Despite poor conditions in the U.S., the country’s largest banks garnered a strong 33% share of the global equity underwriting market in terms of total deal volumes for Q2 2016 – something that can be attributed to their investment banking strength internationally.

IB_QA_US_ECMShare_16Q2

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Equity underwriting volumes for individual banks were taken from Thomson Reuters’ latest investment banking league tables. It should be noted that the largest equity capital market deals (IPOs and FPOs) employ more than one investment bank, so the market share figures are not exclusive.

Notably, Morgan Stanley reported a larger market share than any other bank globally for Q2 2016 – up from the 3rd position in the previous quarter when both JPMorgan and Goldman Sachs did better. You can see how changes in Morgan Stanley’s share of the equity underwriting industry impact our price estimate for the bank’s shares by making changes to the chart below.

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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Notes:
  1. Global Equity Capital Markets Q2 2016, Thomson Reuters Deals Intelligence []