Morgan Stanley swallowed the market whole this year. There was precious little transaction activity that its investment bankers didn’t play a key role in.
The firm topped the rankings in Asia-Pacific mergers and acquisitions, advising on 79 completed deals worth $182.7 billion, according to Dealogic. In Asia ex-China equity capital markets, it helped to complete 42 deals – more than any other bank – worth $5.4 billion, in a poor year for ECM in Asia and worldwide.
And it ranked second in debt capital markets – by the narrowest of margins – in Asia ex-China, completing 419 deals worth $46.2 billion. Where Morgan Stanley was strong, was where it likes to be strong for itself and its clients: in advisory work, ECM, DCM and high yield.
Advisory was front and centre in Asia this year. For the first time in more than a decade, the big story in Asia was not China but ex-China, and in this context, it was Morgan Stanley’s longstanding presence across the region that in large part helped it win this award.