Investment banks: World's best investment banks 2000

Global Finance, Nov 2000 by List, Peter, Platt, Gordon, Rombel, Adam

BANC OF AMERICA SECURITIES

Banc of America Securities can claim 20% of the Latin American syndicated loan market, with more than a dozen deals.The bank was the syndication agent and joint bookrunner, along with ABN-AMRO and WestLB, on the largest syndicated loan in LatinAmerica to date-a $1.7 billion deal for BCP BofA Securities showed innovation when it used a creative yen structure on a $150 million term loan to Embratel, serving as a joint arranger and bookrunner with Unibanco.

MORGAN STANLEY

DEAN WITTER

Morgan Stanley Dean Witter led the Latin American securitization market with major financings for Pemex Finance, the special purpose company set up for Petr6leos de Mexico, the country's national oil company. MSDW tapped the capital markets in a $800 million, 9.03% issue due in 2004 and a $150 million, 7.80% bond due in 2009. The issuance brings the total amount raised by Pemex Finance since its inception 14 months ago to $5 billion.

J.P MORGAN

Derivatives services provided by J.P Morgan are tops in Latin America, where the returned liquidity in the market has led to a surge in demand. "What we have noticed in Latin America is that clients have been taking a far more sophisticated approach to overall risk management since the markets stabilized after the 1998 emerging market crisis. They are actively managing exposures in order to avoid future unexpected exchange rate shocks," says Robert Rossman,J.P Morgan's head of derivatives for the Americas.The bank has helped promote the longer tenor of deals throughout the region, particularly in Mexico and Brazil.

MERRILL LYNCH

Merrill Lynch combines solid global research, a global emerging market strategy team, and a local presence of analysts in Latin America to provide the best research on the region. Merrill's team of 55 professionals covers Latin American equity and credit markets as well as strategy and economics.The team has provided clients with comprehensive analysis and investment advice on key lucrative industries in Latin America over the past year, including oil and gas and telecommunications.

EUROPE

GOLDMAN SACHS

Goldman topped the European league tables during the first twothirds of this year by underwriting 49 issues worth $21 billion, according to Capital Data. Last year Goldman finished second. The firm has long seen great opportunity on the Continent, where equity capitalization as a percentage of GDP is generally much lower than in the United States or Britain. Goldman nearly quadrupled the size of its European workforce in the 1990s.

DEUTSCHE BANK

Deutsche Bank has a commanding lead in Europe's debt market, with 730 issues totaling $127.5 billion and a 10% market share. Among the largest transactions, Deutsche underwrote several sovereign bonds, including a $4.3 billion, 10-year issue for Belgium and $2.6 billion bond for Finland due in 2011. In the Pfandbrief arena, Deutsche Bank led a $2.5 billion issue carrying 5.75% for Deutsche Hypothekenbank Frankfurt/Hamburg due in 2010.

DEUTSCHE BANK

For a second consecutive year, Deutsche Bank has led Europe's forex market. The bank owes its strong regional presence in part to its extensive research operation covering Western and Eastern European markets. The acquisition of Bankers Trust along with Deutsche Bank's global online sales and trading platform, fxmarkets.com, forms the foundation of the bank's regional strengths.