ECM offers and banks of 2021
Equity markets had a banner year in 2021 as the EMEA economy reopened after the pandemic and global equities experienced a bull run, helped by massive support from central banks.
Issuance became difficult in the second half of the year, due to a sharp rotation in growth stocks, which left many of the region’s biggest IPOs of the year underwater. This led to a difficult environment to execute trades in the fourth quarter. Many companies, including airlines, have been able to take advantage of the economic recovery to raise capital, after struggling to survive at the start of the pandemic.
In this complex and sometimes difficult context, GlobalCapital has chosen the winners of our 2021 Equity Capital Markets Awards.
As in previous years, we invited market participants to vote for the year’s outstanding deals in the equity capital markets, across all product categories, including IPOs, rights issues and bonds. convertible. Investment banks voted for both the best deals they worked on and the ones they didn’t.
The best non-bank players in the market were also selected by the survey.
Based on the poll results, the GlobalCapital editorial team chose 12 outstanding ECM deals of 2021. The most popular deal of all in the presentations and our poll is our Global Equity Capital Markets Deal of the Year .
The IPO of All Fundsthe Spanish fund consolidator, was widely regarded as the most notable IPO of the last year, not only for its significant size at 2.16 billion euros, but also for the way the company and its global coordinators BNP Paribas, Citigroup, Credit Suisse and Morgan Stanley gathered an impressive list of leading investors and how well the deal traded in the secondary market and in the weeks and months following the listing, despite a turbulent market backdrop at the time following Deliveroo’s disastrous IPO earlier in April.
Allfunds was crowned Equity Capital Markets Deal of the Year.
The main investors were BlackRock, Jupiter Asset Management, Mawer Investment Management, Janus Henderson Investors and Lazard Asset Management.
For the Best Banks of the Year Awards, GlobalCapital uses a different system. The awards are decided by our editorial team, based on market knowledge and market research, including presentations from many market leading banks.
Goldman Sachs won our Equity Capital Markets Bank of the Year award. It had an outstanding year 2021 across the board, seeing all its main rivals take the top spot in the EMEA ECM rankings for the second year in a row.
Goldman reached an 8.2% market share in 2021, after completing 142 deals, according to Dealogic data.
This impressive tally included leading roles in Volvo Cars’ IPO and Wise’s direct listing, both recognized as the year’s standout deals.
In the block trade market, Goldman dominated, so it also won the Block Trade Bank of the Year award. The bank completed more blocks last year than any other investment bank in EMEA, having achieved 70 accelerated book builds, reaching a market share of 10.7%, well ahead of its closest competitor Morgan Stanley with 8.5%.
Goldman has conducted a series of momentous block transactions in the Greek banking sector, including Bank of Piraeuscapital increase of 1.4 billion euros in April last year. This trade was extremely popular and was seen by many market participants as an important step in Greece’s successful economic rehabilitation after the financial crisis. It was also named an exceptional case.
Morgan Stanley won the IPO Bank of the Year award, continuing its steady run as one of the benchmark banks for new stock market listings in Europe.
The bank avoided last year’s highest-profile IPO blasts, including Deliveroo, but won leading roles in many of the biggest IPOs, including Volvo Cars, Vantage Towers, Wise , AutoStore and Acciona Energia. Morgan Stanley also led Allfunds as global coordinator.
Equity-linked bonds have proven to be a hugely competitive space in 2021, with a cadre of three banks all vying for the top prize. The EMEA market had its best year of issuance in many years as technology companies took advantage of the bull market to sell options.
At the same time, many issuers whose businesses had been badly damaged by the pandemic, such as airlines, found the convertible market was there for them when needed.
The past year has also seen the proliferation of the asset class in new markets, such as the UK, where boards have traditionally avoided dilutive instruments, and the Middle East, where there has been several landmark transactions, including Adnocthe giant exchangeable bond from, the first transaction of its kind in the Gulf region and one of the exceptional transactions of the year, and the smallest convertible from the Turkish polyester company Sasa – the very first on Borsa Istanbul .
HSBC was voted Equity-linked Bank of the Year for his role in expanding the product beyond its traditional borders in the UK and the Middle East, while leading nearly every trade in the travel and leisure sector last year, including WH Smith, Jet2 and IAG, the parent company of British Airways. HSBC also led Sasa alongside BNP Paribas as global coordinator.
From a strong start, HSBC has transformed in recent years into a leading equity-linked franchise in EMEA, finishing third in 2019, sixth in 2020 and in the top three last year. The bank increased its market share to 10.1% from 5.9% in 2020.
HSBC has also led every air transaction in EMEA since the start of the pandemic.
JP Morgan won the ECM Bank of the Year award for M&A capital raises.
Last year was a busy year for mergers and acquisitions in Europe as companies continued to grow after the economic disruption caused by the pandemic.
Business combinations kept banks busy throughout the year. JP Morgan has always been in the mix, having underwritten many of the largest M&A rights issues and other capital raises, including Vonovia’giant €8bn rights issue to finance its takeover of Deutsche Wohnen in December – another exceptional deal of the year.
For the full list of GlobalCapitalfor 2021 ECM Awards winners, click here.