In an increasingly volatile equity market - when it seems that the time of easy pickings among stocks is behind us, with markets falling, previously blue-chip companies struggling to raise capital, and carnage among TMT newcomers - the qualities needed to meet the needs of issuers and investors are changing.
UBS Warburg is one that seems to have the attributes - strong research, balance sheet capacity, combined institutional and retail distribution - that suit it to the new conditions. As joint global heads of equity capital markets for UBS Lucinda Riches and James Garvin put it: "The past 12 months have seen substantial changes in equity markets. Difficult market conditions have persisted throughout the period." It is against this background that UBS Warburg has made great strides, making gains in primary and equity-linked markets and receiving many plaudits for the quality of its research.
UBS Warburg's success has been based on strong performance in several areas. First, the bank has achieved the feat of becoming a major equity player throughout the world, in Asia, the Americas and Europe. UBS has lead-managed equity offerings in all three regions, with impressive success. Groundbreaking deals included Hong Kong's first ever privatization - the initial public offering for the Hong Kong metro system, MTRC.