Deutsche Bank’s Asian ascent
Firm’s role in AIA offering shows it is a player to reckon with in the region.
Can Deutsche Bank sustain its remarkable run in Asia-Pacific investment banking in the first half of 2009 and secure a permanent standing as a top-three player across debt, equities and M&A?
It has been traditionally regarded as a solid debt house with strong flow business that dabbles in equities and mergers. The German bank was 11th on the Dealogic table for Asia-Pacific equity bookrunners in the Euromoney awards period of April 1 2008 to March 31 2009, and while rivals describe it as a credible competitor, none would rank it in their top five. Yet in the first half of this year the firm has won a plum IPO mandate, secured a joint venture with Shanxi Securities that should stand it in good stead to participate in the expected flood of China IPOs to come, and moved from 10th place to second in the Dealogic rankings for Asia-Pacific core investment banking revenues.
Deutsche Bank has beaten its more vaunted rivals to join Morgan Stanley as one of two global coordinators on the forthcoming IPO of American International Assurance (AIA), the Asian arm of troubled US insurer AIG. The deal, industry insiders say, will secure the two firms extremely generous fees and was the most sought-after mandate in the region in the first half of 2009.