Best bank
Bank Austria Creditanstalt Best debt house
Deutsche Bank
Best equities house
JPMorgan
Best M&A house
JPMorgan
Bank Austria Creditanstalt made a clever move in 2003. The bank holds e13 billion of assets in central and eastern Europe and made the region a key part of its growth strategy. Its positive view of those countries was mirrored by investors in advance of new members joining the EU this year. So when the bank launched its e958 million IPO, it was nicely timed.
That IPO was the highlight for the bank in 2003, as well as being the biggest bank IPO globally since July 2002. Other key measures also stand out. The bank?s net income rose by 43% on the previous year, to a record e442 million, and the cash return on equity rose by nearly one-fifth to 12.4%. Losses on loans and advances are persistent but shrinking.
The bank holds 18% of the retail market and has even stronger links with corporates ? it has business relationships with 81% of the country?s largest firms. Local corporates generate the largest slice of its net income, at e235 million.
Partly in recognition of its joint bookrunner role in the Bank Austria Creditanstalt IPO, this year?s best equity house is JPMorgan. It leads the league tables for the number and volume of equity capital markets deals in Austria, and it has worked with some of the country?s highest profile firms. It was joint bookrunner on an accelerated bookbuild for Telekom Austria and last July was joint bookrunner on a e325 million exchangeable into the same firm.
JPMorgan showed the strengths of its equity and M&A businesses with the work it did for voestalpine, which was sold by the government?s privatization agency in 2003. The bank was the sole financial adviser in the deal and it was a joint bookrunner in both a secondary equity offering and an exchangeable for the firm. It also advised two local breweries.
CSFB, UBS and ABN Amro all had great years in debt in Austria, particularly CSFB. But this year?s best debt house, Deutsche Bank, did more deals than any of them, including the only public tier 1 issue of 2003 ? a deal for RZB. Deutsche Bank also lead managed a e1 billion covered bond for Kommunalkredit Austria. Its corporate bond highlight was a e750 million benchmark for the sovereign?s real-estate holding company.
