mena investment banking review full year 2020

1

Refinitiv Deals Intelligence

MENA Investment Banking Review

Full Year 2020

2

Saudi Arabia

ECM TOP ISSUING

NATION

United Arab

Emirates

DCM TOP ISSUING

NATION

United Arab Emirates

M&A TOP TARGETED NATION

Standard Chartered PLC

DCM TOP BOOK RUNNER 2020

ECM TOP BOOK RUNNER 2020

Citi

M&A TOP FINANCIAL ADVISOR 2020

Morgan Stanley

DCM PROCEEDS UP 15%

ECM PROCEEDS DOWN -86%

TARGET M&A DOWN -52%

ANY INV. M&A DOWN -47%

LOAN FEES DOWN -11%

DCM FEES UP 8%

ECM FEES DOWN -61%

M&A FEES UP 7%

ANNUAL HIGHLIGHTSMENA INVESTMENT BANKING ACTIVITY

HIGHLIGHTS

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REPORTSUMMARY

INVESTMENT BANKING FEES

Investment banking fees generated in the Middle East and North Africa (MENA) reached an estimated US$1.2 billion during the full year of 2020, down 12% from 2019 and representing the

fourth-highest total since our records began in 2000. US$441.2 million worth of advisory fees were earned from completed M&A transactions throughout 2020, up 12% from 2019 and the

second-highest year in fees since 2000, second only to 2007 with US$447.3 million. Debt capital markets saw an increase in fees reaching a record US$282.3 million, up 10% compared to

2019. This represents the highest annual fees total since our records began in 2000. Meanwhile, equity capital market underwriting fees declined 61% to $86.9 million, marking the lowest full-

year equity fees total since 2016. Syndicated loans also fell 8% to a three-year low of US$410.4 million. Government and Agencies contributed the most fees with US$450.7 million,

representing 37% of total fees, up from 22% in 2019. The United Arab Emirates along with Saudi Arabia represented two-thirds of Investment banking fees in MENA generating US$433.9

million and US$382.9 million, respectively. HSBC earned the most investment banking fees in MENA during 2020, a total of US$104.8 million or an 8.6% share of the total fee pool.

MERGERS & ACQUISITIONS

The value of announced M&A transactions with any MENA involvement reached US$70.3 billion during 2020. this makes 2020 the fourth highest annual total of all time, despite falling 47% in

value from the record high achieved last year with Saudi Aramco’s agreement to buy a stake in Saudi Basic Industries Corp for US$69.1 billion. US$52.0 billion worth of target M&A deals were

announced from 550 deals, making it the second-highest year in deal value. Inbound M&A in MENA saw a record year of US$24.1 billion in deal volume and 260 deals announced, a 41%

increase in deal volume and 64% increase in number of deals from 2019. Despite the records, domestic M&A registered a 69% decline from 2019 to US$27.9 billion, largely due to the

Aramco/Sabicdeal. Outbound M&A also declined by 32% to US$10.3 billion. The financial sector was most active in 2020, with deals targeting financial companies accounting for 39% of total

M&A in MENA, followed by Energy & Power with 26%. The United Arab Emirates was the most targeted nation, followed by Saudi Arabia and Egypt. Morgan Stanley topped the any MENA

involvement announced M&A financial advisor league table with 37% market share and MENA Target M&A league table with 49% market share in 2020.

EQUITY CAPITAL MARKETS

MENA equity and equity-related issuance totalled US$4.6 billion in 2020, down 86% from 2019 and a four year low in ECM proceeds. The largest ECM issuance in MENA was the US$1.2

billion follow on from Mobile Telecommunications Co Saudi in October 2020. The Largest IPO of 2020 in MENA was the IPO of Dr Sulaiman Al-Habib Med Svcs raising US$699.7 million in

proceeds. The Energy sector was the best forming sector with US$1 billion in equity proceeds. Citi Bank takes the top spot in the MENA ECM league table in 2020 with a 15% market share,

closely followed by First Abu Dhabi Bank PJSC with 14%.

DEBT CAPITAL MARKETS

MENA debt issuance reached record levels of US$120.7 billion in 2020, up 15% from 2019 and the highest total on record. Investment Grade issuance also reached its highest total in 2020

with US$60.2 billion generated in proceeds. The largest DCM issuance in 2020 was from the Ministry of Finance Qatar in April, with US$10.0 billion in proceeds. The United Arab Emirates and

Saudi Arabia were the most active issuer nations during 2020 with US$40.6 billion and US$31.4 billion in bond proceeds, respectively. Governments and Agencies was the top-performing

industry with the highest bond proceeds throughout 2020. Standard Chartered PLC took the top spot in the MENA bond underwriter rankings in 2020 with US$21.4 billion of related proceeds or

an 18% market share.




4

MENA

INVESTMENT BANKING FEES VOLUMES

INVESTMENT BANKING FEES BY ASSET CLASS

TOP FEE PAYING INDUSTRIES

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0

200

400

600

800

1,000

1,200

1,400

1,600

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

US

$ M

illio

n

Annual Fees

0

100

200

300

400

500

600

700

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

US

$ M

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BONDS EQUITY LOANS MA

22%

30%27%

5%

16%37%

28%

16%

7%

3%

9%

34%

36%

4%5%4%

17%36%

31%

11%

8%

5%

9%

• Outer Rim: 2020

• Inner Rim: 2019

Government and Agencies

Energy and Power

Financials


Saudi Arabia

Egypt

Qatar

Oman

OtherOther

Industrials

High Technology

INVESTMENT BANKING FEES

TOP FEE PAYING COUNTRIES

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ANY INVOLVEMENT M&A VOLUMES & NUMBER OF DEALS

TARGET M&A VOLUMES & NUMBER OF DEALS

TOP TARGETED COUNTRIESTOP TARGETED INDUSTRIES

-

100

200

300

400

500

600

700

800

900

1,000

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

US

$ M

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n

Full Year Volumes (US$ Mil) #Deals

-

100

200

300

400

500

600

0

20,000

40,000

60,000

80,000

100,000

120,000

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

US

$ M

illio

n

YTD Volumes Full Year Volumes #Deals

15%

76%

2%6%

39%

26%

11%

8%

6%

10%

21%

68%

2%9%

46%

40%

4%2%

2%6%

• Outer Rim: 2020

• Inner Rim: 2019

Financials

Energy and Power

Industrials

Consumer Staples

Real Estate

Other


Saudi Arabia

Egypt

Iran

Oman

Other


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INBOUND M&A DOMESTIC M&A OUTBOUND M&A

INBOUND M&A VOLUMESTOP TARGETED / TOP ACQUIRING NATIONS

DOMESTIC M&A VOLUMESTOP TARGETED / TOP ACQUIRING NATIONS

OUTBOUND M&A VOLUMESTOP TARGETED / TOP ACQUIRING NATIONS

-

50

100

150

200

250

300

0

5,000

10,000

15,000

20,000

25,000

30,000

12 13 14 15 16 17 18 19 20

US

$ M

illio

n


-

50

100

150

200

250

300

350

0

20,000

40,000

60,000

80,000

100,000

12 13 14 15 16 17 18 19 20

US

$ M

illio

n


-

50

100

150

200

250

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

12 13 14 15 16 17 18 19 20

US

$ M

illio

n


15,651

3,958

1,036

0 10,000 20,000

United ArabEmirates

Saudi Arabia

Iran

US$ Million

14,621

3,021

2,232

0 10,000 20,000

United States ofAmerica

Hong Kong

Unknown

US$ Million

16,711

8,495

1,087

0 10,000 20,000

Saudi Arabia

United ArabEmirates

Egypt

US$ Million

16,775

8,226

1,000

0 10,000 20,000

Saudi Arabia

United ArabEmirates

Qatar

US$ Million

5,221

1,650

1,250

0 2,000 4,000 6,000

United States ofAmerica

India

Singapore

US$ Million

4,897

3,076

1,060

0 2,000 4,000 6,000

United ArabEmirates

Saudi Arabia

Bahrain

US$ Million


Domestic M&A declined 69% from last year, accounting for

US$27.9 billion.Outbound M&A declined 32% from last year, accounting

for US$10.3 billion.

Inbound M&A increased 41% from last year, accounting for

US$24.1 billion.

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MENA BACK TO

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ANY INVOLVEMENT M&A TOP DEALS 2020

Ranking

Value ($Mil)Status

Rank

DateTarget Name

Target

NationTarget Industry Target Advisors Acquiror Name

Acquiror

Nation

Acquiror

IndustryAcquiror Advisors

15,630.9 Pending 06/25/2020 Samba Financial Group

SJSC Saudi Arabia Financials Morgan Stanley

National Commercial

Bank SJSCSaudi Arabia Financials JP Morgan & Co Inc

10,100.0 Completed 06/23/2020 ADNOC Gas Pipeline

Assets LLC Utd Arab Em

Energy and

Power

Bank of America Sec JAP

First Abu Dhabi Bank PJSC

Mizuho Securities Co Ltd

Moelis & Co

Investor Group United States Financials

Rothschild & Co

Morgan Stanley

Citi

4,680.0 Completed 03/06/2020 Borealis AG Austria Materials - OMV AG AustriaEnergy and

PowerBarclays

2,998.0 Completed 05/22/2020 Pinehill Co Ltd Saudi Arabia Consumer

Staples -

PT Indofood CBP Sukses

MakmurHong Kong

Consumer

Staples

Somerley

Deutsche Bank

2,717.9 Completed 02/17/2020 DP World PLC Utd Arab Em Industrials Rothschild & Co Port & Free Zone World

FZEUtd Arab Em Industrials

Citigroup Global Markets Ltd

Deutsche Bank

Aktiengesellschaft London

Branch

2,700.0 Completed 09/02/2020 Abu Dhabi Ppty Ls Hldg

RSC Ltd Utd Arab Em Real Estate

HSBC Holdings PLC

Moelis & Co Investor Group United States Financials

2,100.0 Pending 10/15/2020 ADNOC Gas Pipeline

Assets LLC Utd Arab Em

Energy and

Power

BofA Securities Inc

Moelis & Co Investor Group Utd Arab Em Financials

Rothschild & Co

Deloitte & Touche LLP (other

than Spain)

2,002.7 Completed 09/10/2020 Rmz Corp-Coml Asts

Portfolio India Real Estate Morgan Stanley

Brookfield Pvt Capi (DIFC)

LtdCanada Financials

1,250.0 Completed 11/11/2020 Equis Cntrl Svcs (S) Pte

Ltd Singapore

Energy and

Power - Investor Group Utd Arab Em Financials Credit Suisse

1,131.5 Completed 02/03/2020 Abu Dhabi National

Energy Co Utd Arab Em

Energy and

Power

Citi

Rothschild & Co

JP Morgan

Abu Dhabi Power Corp Utd Arab EmEnergy and

PowerErnst & Young LLP


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ECM PROCEEDS

ECM PROCEEDS BY ISSUE TYPE

TOP ISSUING COUNTRIES

TOP ISSUING INDUSTRIES

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

US

$ M

illio

n

Annual Proceeds (US$ Million)

EQUITY CAPITAL MARKETS

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

US

$ M

illi

on

IPO Follow-On Convertible

$3,229.3

$1,300.2

$83.3

$25.9

$30,459.1

$53.5

$72.3

$349.8

Saudi Arabia


Morocco

Egypt

2020 Proceeds (US$ Mil) 2019 Proceeds (US$ Mil)

$1,019.3

$835.8

$585.1

$522.3

$29,676.1

$110.6

$-

$1,499.8

Energy and Power

Healthcare

Retail

Financials

2020 Proceeds (US$ Mil) 2019 Proceeds (US$ Mil)

9

MENA

DCM PROCEEDS

DCM PROCEEDS BY ISSUE TYPE

TOP ISSUING COUNTRIES

TOP ISSUING INDUSTRIES

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0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

US

$ M

illio

n

Agency, Supranational, Sovereign Investment Grade CorporateMBS ABSFederal Credit Agency High Yield Corporate

DEBT CAPITAL MARKETS

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

US

$ M

illi

on

Annual Proceeds (US$ Million)

20%

-4%

40%

85%

-38%

-60%

-40%

-20%

0%

20%

40%

60%

80%

100%

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

United ArabEmirates

Saudi Arabia Qatar Bahrain Egypt

US

$ M

illi

on

2020 Proceeds 2019 Proceeds YoY Proceeds Change (%)

10%

39%

-8%

-74%

0%

-100%

-80%

-60%

-40%

-20%

0%

20%

40%

60%

0

10,000

20,000

30,000

40,000

50,000

60,000

Government andAgencies

Financials Energy andPower

Industrials Materials

US

$ M

illi

on

2020 Proceeds 2019 Proceeds YoY Proceeds Change (%)

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ECM TOP DEALS YTD

DCM TOP DEALS YTD

EQUITY & DEBT CAPITAL MARKETS TOP DEALS

Issue DateProceeds

($ mil)Issue Type Issuer Nation Industry Mid Industry

Primary

Exchange

10/29/2020 1,199.9 Follow-On Mobile Telecommun Co Saudi Saudi Arabia Telecommunications Telecommunications

Services TADAW

09/14/2020 1,004.0 Follow-On Abu Dhabi Natl Oil Co For Utd Arab Em Energy and Power Oil & Gas AD DH

03/03/2020 699.7 IPO Dr Sulaiman Al-Habib Med Svcs Saudi Arabia Healthcare Healthcare Providers

& Services (HMOs) SAUDI

10/12/2020 585.1 IPO Bindawood Hldg Co Saudi Arabia Retail Other Retailing TADAW

09/02/2020 200.4 Follow-On The Saudi British Bank Saudi Arabia Financials Brokerage TADAW

Issue DateProceeds

($ mil)Issue Type Issuer Nation Industry Mid Industry Currency

04/07/2020 9,988.1 Agency, Supranational,

Sovereign Ministry of Finance Qatar Qatar Government and Agencies National Agency U.S. Dollar

11/17/2020 7,939.1

Emerging Market

Corporate

Investment Grade

Corporate

Saudi Arabian Oil Co Saudi Arabia Energy and Power Oil & Gas U.S. Dollar


Sovereign Saudi Arabia Saudi Arabia Government and Agencies National Government U.S. Dollar


Sovereign Goverment of Abu Dhabi Utd Arab Em Government and Agencies City Government U.S. Dollar


Sovereign Egypt Egypt Government and Agencies National Government U.S. Dollar

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INVESTMENT BANKING FEES LEAGUE TABLE

INVESTMENT BANKING FEES LEAGUE TABLE (US$MIL)

8.6%

7.1%6.3% 6.2%

5.7%

4.4%3.8% 3.5% 3.4% 3.1%

0

20

40

60

80

100

120

140

0 1 2 3 4 5 6 7 8 9 10 11

Fees

US

$ M

illio

n

Rank

HSBC Holdings PLC JP Morgan Citi Standard Chartered PLC First Abu Dhabi Bank PJSC

Morgan Stanley Bofa Securities Inc BNP Paribas SA Mizuho Financial Group Moelis & Co

2020 2019 BANK NAMEFEES

(US$Mil)

FEES YOY

CHANGE (%)SHARE (%)

SHARE YOY

CHANGE (%)#DEALS

#DEALS YOY

CHANGE (%)

1 1 HSBC Holdings PLC 104.8$ -12.9% 8.6% -0.3% 79 -4.8%

2 2 JP Morgan 86.5$ -13.2% 7.1% -0.3% 41 5.1%

3 4 Citi 76.6$ 38.0% 6.3% 2.2% 48 9.1%

4 6 Standard Chartered PLC 75.4$ 57.3% 6.2% 2.6% 107 64.6%

5 9 First Abu Dhabi Bank PJSC 69.1$ 77.7% 5.7% 2.8% 47 -7.8%

6 5 Morgan Stanley 54.0$ 6.9% 4.4% 0.7% 9 -60.9%

7 7 Bofa Securities Inc 46.5$ 1.1% 3.8% 0.4% 9 -30.8%

8 8 BNP Paribas SA 43.0$ 3.8% 3.5% 0.5% 20 -31.0%

9 21 Mizuho Financial Group 41.1$ 98.7% 3.4% 1.8% 30 87.5%

10 17 Moelis & Co 37.6$ 70.6% 3.1% 1.5% 3 0.0%

TOTAL 1,220.9$ -10.1% 361 -5.2%

INVESTMENT BANKING FEE LEAGUE TABLES

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M&A FEES LEAGUE TABLE (US$MIL)

ECM FEES LEAGUE TABLE (US$MIL)


(US$Mil)

FEES YOY

CHANGE (%)SHARE (%)

SHARE YOY

CHANGE (%)#DEALS

#DEALS YOY

CHANGE (%)

1 1 JP Morgan 53.5$ -10.9% 12.1% -2.5% 6 -25.0%

2 2 HSBC Holdings PLC 45.7$ -19.0% 10.4% -3.3% 7 -12.5%

3 6 Morgan Stanley 39.8$ 56.3% 9.0% 2.8% 1 -80.0%

4 5 Bofa Securities Inc 37.9$ 15.8% 8.6% 0.7% 2 -71.4%

5 7 Moelis & Co 37.6$ 70.6% 8.5% 3.2% 3 0.0%

6 12 Citi 29.6$ 232.1% 6.7% 4.5% 3 -40.0%

7 13 Jefferies LLC 24.3$ 316.7% 5.5% 4.1% 1 -50.0%

8 4 Goldman Sachs & Co 19.2$ -48.6% 4.4% -4.7% 2 -60.0%

9 - Mizuho Financial Group 17.2$ - 3.9% - 1 -

9 - First Abu Dhabi Bank PJSC 17.2$ - 3.9% - 1 -

TOTAL 441.2$ 7.1% 73 -27.7%


(US$Mil)

FEES YOY

CHANGE (%)SHARE (%)

SHARE YOY

CHANGE (%)#DEALS

#DEALS YOY

CHANGE (%)

1 5 Citi 11.1$ -0.9% 12.7% 7.8% 3 0.0%

2 16 First Abu Dhabi Bank PJSC 10.4$ 161.4% 12.0% 10.2% 2 100.0%

3 16 Riyadh Bank Ltd 7.5$ 89.4% 8.7% 6.9% 2 100.0%

4 9 National Commercial Bank SJSC 7.3$ -19.4% 8.4% 4.4% 2 0.0%

5 6 Morgan Stanley 6.6$ -40.5% 7.6% 2.7% 1 -50.0%

6 - Jadwa Investment Co 5.0$ - 5.8% - 1 -

6 13 EFG Hermes 5.0$ -28.0% 5.8% 2.7% 1 -75.0%

8 7 Goldman Sachs & Co 4.3$ -58.4% 5.0% 0.4% 3 0.0%

9 16 GIB Capital 4.2$ 6.2% 4.9% 3.1% 1 0.0%

10 - Al Mal Capital 3.6$ - 4.1% - 0 -

TOTAL 86.9$ -61.5% 15 -16.7%

INVESTMENT BANKING FEE LEAGUE TABLES

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DCM FEES LEAGUE TABLE (US$MIL)

LOANS FEES LEAGUE TABLE (US$MIL)


(US$Mil)

FEES YOY

CHANGE (%)SHARE (%)

SHARE YOY

CHANGE (%)#DEALS

#DEALS YOY

CHANGE (%)


2 2 HSBC Holdings PLC 31.2$ 15.6% 11.1% 0.7% 61 10.9%

3 4 Citi 23.2$ -3.6% 8.2% -1.0% 34 41.7%

4 3 JP Morgan 19.1$ -24.8% 6.8% -3.0% 28 12.0%

5 7 BNP Paribas SA 15.0$ 29.5% 5.3% 0.9% 11 -26.7%

6 8 First Abu Dhabi Bank PJSC 14.7$ 34.2% 5.2% 1.0% 31 3.3%

7 9 Credit Agricole CIB 13.2$ 23.9% 4.7% 0.6% 33 153.8%

8 5 Deutsche Bank 10.6$ -18.1% 3.8% -1.2% 14 -17.6%

9 10 National Commercial Bank SJSC 7.8$ -23.2% 2.8% -1.1% 3 0.0%

10 11 Morgan Stanley 7.6$ -6.8% 2.7% -0.4% 7 -53.3%

TOTAL 282.4$ 8.1% 212 30.9%


(US$Mil)

FEES YOY

CHANGE (%)SHARE (%)

SHARE YOY

CHANGE (%)#DEALS

#DEALS YOY

CHANGE (%)

1 3 Sumitomo Mitsui Finl Grp Inc 28.4$ 34.5% 6.9% 2.3% 9 28.6%

2 1 HSBC Holdings PLC 27.9$ 8.5% 6.8% 1.2% 11 -35.3%

3 2 First Abu Dhabi Bank PJSC 26.8$ 11.8% 6.5% 1.3% 13 -35.0%


5 6 BNP Paribas SA 17.8$ 8.9% 4.3% 0.8% 4 -33.3%

6 8 Mitsubishi UFJ Financial Group 17.5$ 10.3% 4.3% 0.8% 5 -16.7%

7 7 Mizuho Financial Group 17.1$ 7.8% 4.2% 0.7% 4 -50.0%

8 26 Emirates NBD PJSC 15.3$ 152.6% 3.7% 2.4% 10 -33.3%

9 13 Credit Agricole CIB 13.6$ 13.7% 3.3% 0.7% 5 -16.7%

10 4 Arab Banking Corporation 13.6$ -28.0% 3.3% -0.8% 11 0.0%

TOTAL 410.4$ -10.7% 61 -39.0%

MENAINVESTMENT BANKING FEE LEAGUE TABLES

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ANY INVOLVEMENT M&A LEAGUE TABLE (US$MIL)

TARGET M&A LEAGUE TABLE (US$MIL)

2020 2019 BANK NAMERANK VALUE

(US$ Mil)

RANK VALUE

YOY CHANGE

(%)

SHARE (%)SHARE YOY

CHANGE (%)#DEALS

#DEALS YOY

CHANGE (%)

1 6 Morgan Stanley 25,809.2$ -66% 37% -35% 3 -70%

2 2 JP Morgan 18,362.4$ -79% 26% -60% 6 -63%

3 10 Rothschild & Co 16,163.4$ 241% 23% 539% 13 44%

4 7 Moelis & Co 15,328.8$ 47% 22% 176% 4 -20%

5 4 Citi 13,949.4$ -83% 20% -68% 3 -82%

6 5 BofA Securities Inc 12,200.0$ -84% 17% -70% 3 -73%

7* - Mizuho Financial Group 10,100.0$ - 14% - 1 -

7* - First Abu Dhabi Bank PJSC 10,100.0$ - 14% - 1 -

9 9 Barclays 5,791.9$ 1% 8% 91% 4 -20%

10 17 Deutsche Bank 5,715.9$ 430% 8% 913% 2 -33%

TOTAL 70,312.5$ -47% 780 6%

2020 2019 BANK NAMERANK VALUE

(US$ Mil)

RANK VALUE

YOY CHANGE

(%)

SHARE (%)SHARE YOY

CHANGE (%)#DEALS

#DEALS YOY

CHANGE (%)

1 6 Morgan Stanley 25,730.9$ -65% 49% -26% 2 -60%

2 3 JP Morgan 17,146.1$ -79% 33% -56% 3 -70%

3 13 Rothschild & Co 16,132.6$ 980% 31% 2114% 9 125%

4 7 Moelis & Co 15,328.8$ 52% 29% 216% 4 0%

5 4 Citi 13,949.4$ -82% 27% -63% 3 -63%

6 5 BofA Securities Inc 12,200.0$ -84% 23% -66% 2 -67%

7* - Mizuho Financial Group 10,100.0$ - 19% - 1 -

7* - First Abu Dhabi Bank PJSC 10,100.0$ - 19% - 1 -

9 14 Deutsche Bank 5,715.9$ 430% 11% 1000% 2 100%

10 1 HSBC Holdings PLC 4,590.6$ -95% 9% -89% 7 -13%

TOTAL 52,091.0$ -52% 550 21%

MENAINVESTMENT BANKING LEAGUE TABLES

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ECM LEAGUE TABLE (US$MIL)

DCM LEAGUE TABLE (US$MIL)

2020 2019 BANK NAMEPROCEEDS

(US$Mil)

PROCEEDS

YOY CHANGE

(%)

SHARE (%)SHARE YOY

CHANGE (%)#DEALS

#DEALS YOY

CHANGE (%)

1 4* Citi 709.8$ -44% 15% 303% 3 0%

2 10* First Abu Dhabi Bank PJSC 638.1$ -46% 14% 283% 2 100%

3 10* Riyadh Bank Ltd 433.2$ -63% 9% 158% 2 100%

4 4* Goldman Sachs & Co 354.1$ -72% 8% 100% 3 0%

5 - ANB Invest Co 306.6$ - 7% - 2 -

6 6* National Commercial Bank SJSC 262.2$ -79% 6% 50% 2 0%

7* 1 EFG Hermes 233.2$ -84% 5% 11% 1 -80%

7* - Jadwa Investment Co 233.2$ - 5% - 1 -

9* 9 Banque Saudi Fransi 200.0$ -84% 4% 13% 1 -50%

9* - Alinma Bank 200.0$ - 4% - 1 -

TOTAL 4,638.6$ -86% 16 -16%

2020 2019 BANK NAMEPROCEEDS

(US$Mil)

PROCEEDS

YOY CHANGE

(%)

SHARE (%)SHARE YOY

CHANGE (%)#DEALS

#DEALS YOY

CHANGE (%)

1 1 Standard Chartered PLC 21,448.1$ 75% 18% 52% 80 48%

2 2 HSBC Holdings PLC 15,081.5$ 38% 13% 20% 58 32%

3 4 Citi 11,727.8$ 17% 10% 1% 34 42%

4 3 JP Morgan 7,726.2$ -28% 6% -38% 27 13%

5 6 First Abu Dhabi Bank PJSC 7,067.6$ 29% 6% 13% 31 0%

6 9 Credit Agricole CIB 5,223.9$ 31% 4% 13% 23 109%

7 5 BNP Paribas SA 5,091.6$ -16% 4% -26% 9 -36%

8 8 Deutsche Bank 4,191.2$ -11% 4% -22% 12 -25%

9 7 Goldman Sachs & Co 3,760.1$ -25% 3% -35% 7 -13%

10 11 Morgan Stanley 3,663.4$ 21% 3% 3% 7 -22%

TOTAL 120,792.2$ 15% 157 24%

MENAINVESTMENT BANKING LEAGUE TABLES

16

CONTACTS / GLOSSARYBACK TO

HIGHLIGHTS

PAGE

MERGERS & ACQUISITIONSThe Refinitiv Mergers & Acquisitions database tracks changes in economic ownership at ultimate parent level in going

business concerns. All deals involving a purchase of at least a 5% stake, or 3% with a value of at least US$1 million are

tracked, subject to criteria. League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders,

minority stake purchases and debt restructurings. League tables, commentary, and charts citing announced activity are

based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, and unconditional

transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction.

EQUITY CAPITAL MARKETSThe Refinitiv Equity Capital Markets database covers domestic and international placements of equity offerings in addition

to domestic and international equity-related transactions. This includes IPOs, follow-on offerings, accelerated book builds

and block trades (with certain restrictions) and convertible bonds. Convertible Bonds with a minimum life of less than 360

days are excluded. Minimum life defined as the difference between the settlement date and the earliest maturity date or

first call/put option.

DEBT CAPITAL MARKETSThe Refinitiv Debt Capital Markets database covers underwritten debt with an issue size of over US$1 million, that

matures in at least 360 days from settlement. It includes all internationally offered underwritten debt transactions in all

currencies, Domestic issuance, Preferred Securities, High Yield and Emerging Market transactions that are offered in US

and Globally, Asset Backed Securities, Mortgage Backed Securities, Collateralized Debt Obligations (CDOs), MTN

takedowns and Certificate of Deposits, except in UK. Primary offerings only. All league tables are based on deal

proceeds (total issue amount multiplied by the issue price) unless otherwise stated. Full credit is given to the book

runner, equal if joint books. In cases of underwriter consolidation, credit is given to the surviving/parent firm. Non-US

dollar denominated transactions are converted to the US dollar equivalent at the time of announcement.

While Refinitiv has used reasonable endeavours to ensure that the information provided in this document is accurate and

up to date as at the time of issue, neither Refinitiv nor its third party content providers shall be liable for any errors,

inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or

opinions of any third party content provider. Refinitiv disclaims all warranties, express or implied, as to the accuracy or

completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by

law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and

does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any

recommendations or solicitations regarding particular financial instruments, investments or products, including the buying

or selling of securities. Refinitiv has not undertaken any liability or obligation relating to the purchase or sale of securities

for or by any person in connection with this document.

ABOUT REFINITIVRefinitiv, formerly the Financial & Risk business of Thomson Reuters, is one of the world’s largest

providers of financial markets data and infrastructure. Serving more than 40,000 institutions in over 190

countries, we provide information, insights, and technology that drive innovation and performance in

global markets. Our 160-year Reuters heritage of integrity enables customers to make critical decisions

with confidence, while our unique open platform, best-in-class data, and cutting-edge technology bring

greater opportunity to our customers. By advancing our customers, we drive progress for the entire

financial community. For more information, go to www.refinitiv.com.

ABOUT DEALS INTELLIGENCEDeals Intelligence, a part of Refinitiv Investing & Advisory division, brings up to the minute market

intelligence to the deal making community and the financial media through a variety of research reports

including Daily Deals Insight, weekly Investment Banking Scorecard, monthly Deals Snapshots and our

industry-leading quarterly reviews highlighting trends in M&A and Capital Markets.

CONTACT INFORMATIONAMERICAS

Matt Toole I +1 646 223 7212 I [email protected]

EMEA

Lucille Jones l +44 207 542 5204 l [email protected]

Saiem Jalil l +44 207 542 2865 l [email protected]

ASIA

Elaine Tan l +63 (2) 459 1567 l [email protected]

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