BSDZ咨询-2004年第一季度投资银行与资本市场报告

EQUITIES UNDERWRITING AND ADVISORY BUSINESS CONTINUED TO BENEFIT FROM UPSWING IN STOCK MARKETS
Equities underwriting and advisory businesses continued to improve in the first quarter 2004
•Global equity origination grew 10% from last quarter, while announced M&A advisory accelerated by 26% globally pushed by several large deals
Low interest rates still supported debt markets. However, volumegains were mainly driven by financial issuers who locked in low rates before an expected interest rate hike later this year
•Global debt origination grew by 31 percent from last quarter, while corporate debt issuance decreased slightly
•Winners in the first quarter 2004:
•Merrill Lynch performed strongly in the US advisory market effectively doubling its market share
•Morgan Stanley benefited most from equity issues activity. It was particularly strong in Europe, where it led several big share offers after the downturn
•Lehman Brothers moved into the top 10 in European equity underwriting for the first time in the company’s history. The bank followed its stated international revenue growth target of 50 percent
•JP Morgan Chase’s acquisition of Bank One strengthened its position as leading debt
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