Increase In EMEA Sovereign Debt Origination Helps European Investment Banks Gain Market Share

by Trefis Team
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The overall recovery in debt capital market volumes over the first quarter of 2017, coupled with a sizable improvement in sovereign debt activity in the EMEA (Europe, Middle East and Africa) region helped the five largest European investment banks report a sharp increase in debt origination volumes just $200 billion in the previous quarter to almost $340 billion now. [1] This helped their market share increase to above 19% from an average figure of 16% for 2016.

IB_QA_EU_DCMShare_17Q1

Debt origination volumes for individual banks were taken from Thomson Reuters’ latest investment banking league tables. 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.

Barclays topped the list among European investment banks in terms of total deals for the third consecutive quarter. The U.K.-based banking giant also ranked #4 globally for the period after JPMorgan, Citigroup and Bank of America, largely thanks to its strong performance in global high-yield debt origination. The chart below captures Barclays’ total advisory & underwriting deal volume, which includes the total volume of M&A, equity underwriting and debt origination deals the bank closes in a particular year. You can see how changes to this figure affects our estimate for Barclays’ share price by making modifications here.

See full Trefis analysis for Barclays | Credit Suisse | Deutsche Bank | HSBC | UBS

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Notes:
  1. Global Debt Capital Markets Q1 2017, Thomson Reuters Deals Intelligence []
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