Best bank
Fortis Bank Best debt house
ABN Amro
Best equity house
UBS
Best M&A house
Petercam
Fortis Bank continued to show its local strength in Belgium in 2003, increasing its profit fourfold over 2002 to just over e2 billion. It also dragged its return on equity up from 4% to 19%. The improvement in the stock markets helped to boost its results further in the first quarter of 2004.
On the retail side, the bank maintains a successful business both to the general market and to high-net-worth clients. For small corporates, it has streamlined its relationship management processes.
Debt mandates have remained as vibrant as ever for Fortis, as the bank won a series of mandates from the country?s biggest firms. The best example of its flexibility was the e725 million syndicated bridge loan for Umicore, in which Fortis was sole MLA and bookrunner. This acquisition financing package was later refinanced by a mix of instruments including a retail bond and a syndicated loan.
In debt, Deutsche Bank was typically busy. But in recognition of its position at the top of the bond league tables and in particular of the sole-led securitization transaction for the Kingdom of Belgium, the debt award goes to ABN Amro.
That deal was the largest transaction of its kind for the sovereign. To complete it, ABN Amro bought a e2.8 billion mortgage portfolio from Credibe, the state-owned mortgage bank. It warehoused the portfolio until a securitization structure was in place and then sole led a e2.1 billion ABS issue.
UBS showed its commitment to the country by being involved in the only two notable equity transactions of the year ? the Belgacom IPO and an accelerated bookbuild for Umicore. The Belgacom deal in March 2004 was a highlight not just for Belgium but for the region as a whole. It was the largest ever Belgian IPO and the largest European IPO since 2001. UBS was the only foreign bank to act as a bookrunner in the Umicore deal.
M&A was fairly quiet, but local house Petercam easily tops the league tables with the largest number and greatest volume of deals. It was the partner to Morgan Stanley in the large Belgacom sale, and it maintains a strong hold on some of the country?s smaller deals.
