Middle East M&A activity doubles to US$ 15.7 billion in first nine months of 2012
(MENAFN Press) Thomson Reuters today released its investment banking analysis for the Middle East region for the first nine months of 2012.
According to the report, Middle Eastern M&A activity recorded US15.7 billion during the first nine months of 2012, more than double the activity seen during the same period in 2011 (US7.5 billion), and the strongest first nine months since 2008.
Russell Haworth, Managing Director, Middle East & North Africa at Thomson Reuters, commented: "In respect to M&A activity during the first nine months of 2012, Telecoms was the most targeted industry in the Middle East with US6.4 billion.
The United Arab Emirates was the most active Middle Eastern country with US4.0 billion of the total M&A activity so far during 2012."
"Investment banking has seen strong activity across Middle Eastern markets during the third quarter of 2012.
This is clearly evident by the fees generated from the equity capital markets underwriting which reached US81.5 million.
This marks the strongest first nine months for fees in the region since 2008," he added.
Mr. Haworth said: "Islamic debt issuance reached US23.4 billion from 63 issues during the first nine months of 2012, an increase of 50% from the same period last year, and the strongest first nine months since 2008.
The top Islamic issuer nation during the first half of 2012 is Malaysia with 57% of the activity, while the strongest industry is the financial sector."
In respect to investment banking, Middle Eastern fees reached US402.2 million during the first nine months of 2012, a 23% increase from the first nine months of 2011 when fees reached US327.5 million.
Middle Eastern debt capital markets fees during the first nine months of 2012 reached US81.9 million, nearly double the US41.9 million seen during the same period in 2011.
M&A fees recorded 103.3 million during the first nine months of 2012, down 14% from the same period last year (US120.3 million).
Fees from syndicated lending reached US135.5 million, up 38% over the first nine months of 2011 and accounting for 34% of the overall fee pool.
Fees from equity capital markets underwriting recorded US81.5 million, marking the strongest first nine months for fees in the region since 2008.
RBS topped the Middle Eastern completed M&A fee rankings for the first nine months of 2012, earning 12.2% of the fee pool.
Qatar National Bank topped the Middle Eastern ECM fee rankings with US16.0 million, followed closely by Saudi Fransi Capital with US15.9 million.
Deutsche Bank and Saudi British Bank topped the debt capital markets and syndicated lending fee league tables, respectively.
In respect to M&A activity, Goldman Sachs topped the Middle Eastern Involvement M&A Ranking during the first nine months of 2012 with US5.9 billion, while Credit Suisse took second place with US4.8 billion.
HSBC topped the Middle Eastern target M&A Ranking, controlling 26% of the market.
The largest Middle Eastern deal so far this year was Qtel's US2.2 billion offer for the Kuwait-based telecommunications operator, Wataniya, in August.
Equity capital markets issuance reached US2.5 billion during the third quarter of 2012, down 39% from the previous quarter.
ECM activity during the first 9 months of 2012 totaled US7.5 billion, down 16% from the same period last year.
Follow-ons accounted for 76% of ECM activity during the first nine months of 2012, while IPOs accounted for 22%.
The largest Middle Eastern ECM transaction during the third quarter was a US1.6 billion a follow-on from Mobile Telecommunications Co Saudi Arabia.
Bolstered by this deal, and Qtel's US1.9 billion follow-on in May, Telecoms was the most active sector in the Middle East during the first nine months of 2012 with 42%.
Qatar National Bank topped the Middle Eastern Equity Capital Markets ranking during the first nine months of 2012.
Middle Eastern debt issuance reached US6.3 billion during the third quarter of 2012, a 6% decline from the second quarter total of US6.7 billion.
It took activity during the first nine months of 2012 to U23.9 billion, up 52% on the same period in 2011. Investment grade corporate debt accounted for 70% of all Middle Eastern DCM activity during the third quarter.
HSBC took the top spot in the Middle Eastern bond ranking for the first nine months of 2012 with a 14% share of the market.
About Thomson Reuters
Thomson Reuters is the world's leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial and risk, legal, tax and accounting, intellectual property and science and media markets, powered by the world's most trusted news organization. With headquarters in New York and major operations in London and Eagan, Minnesota, Thomson Reuters employs approximately 60,000 people and operates in over 100 countries. Thomson Reuters shares are listed on the Toronto and New York Stock Exchanges. For more information, go to http://thomsonreuters.com.About Thomson Reuters Deals Intelligence Thomson Reuters Deals Intelligence, a part of Thomson Reuters Investment Banking division, brings up to the minute market intelligence to clients and the financial media through a variety of research reports including Daily Deals Insight, weekly Investment Banking Scorecard, monthly Deals Snapshots and industry-leading quarterly reviews highlighting trends in M&A and Capital MarketsA copy of the Thomson Reuters Deals Intelligence Middle Eastern Investment Banking Analysis (first nine months of 2012) is attached in pdf format.Middle East includes the following countries: Bahrain, Egypt, Iraq, Iran, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, Syria, United Arab Emirates and Yemen.Deal fees are calculated using Freeman Consulting's proprietary algorithm where spreads or fees are not disclosed. Deal fees are on a gross basis before all expenses. Each underwriter or advisor is allocated its share of deal fees using Freeman Consulting's allocation methodology, based on the number of underwriters or advisors on the deal and their role. No fees are allocated to syndicated members. Industry totals include fees on deals with undisclosed advisors.
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