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Investment banking: BarCap’s sovereign success shows Asia ambitions

Indonesia, Philippines, Vietnam debt mandates won; challenge of growing ECM, M&A in competitive field.

Asia Pacific IB Bank Revenue Ranking 2009
Pos. Bank Net revenue ($mln) % share
1 Nomura 1,372 11.3
2 UBS 754 6.2
3 Daiwa Capital Markets 633 5.2
4 Goldman Sachs 573 4.7
5 JPMorgan 559 4.6
6 Morgan Stanley 550 4.5
7 Mizuho 529 4.3
8 Mitsubishi UFJ Securities 479 3.9
9 Credit Suisse 474 3.9
10 Deutsche Bank 455 3.7
21 Barclays Capital 117 1.0
Source: Dealogic

Barclays Capital has started 2010 with a notable success in Asia-Pacific sovereign bonds, becoming the only bank to win mandates on all three deals so far this year. The bank, which was a bookrunner on the $1.5 billion Philippines and $2 billion Indonesia deals priced in January, has also been mandated on the $1 billion Vietnam deal, which was in the market at the time of writing and is expected to yield around 7%. "Credit to them, it’s been a great start to the year for BarCap," says a debt capital markets banker at a rival franchise.

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