Investment banks: World's best investment banks 2000

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

GOLDMAN SACHS

Goldman has cemented its position as the dominant corporate finance bank in Europe by taking first place in mergers and acquisitions last year and first in the equity and IPO league tables so far this year. Goldman advised on eight of the 10 biggest mergers-and 23 of the 30 largest-in Europe between January 1999 and May 2000. Goldman's biggest coup was advising on Vodafone's $195 billion acquisition of Mannesmann. That deal also led to a $30 billion bank loan, a $5 billion bond offering, and several other transactions that Goldman helped arrange.

CHASE MANHATTAN

Chase Manhattan Bank's supremacy in the European syndicated lending market is backed up by the bank's role in a string of telecom financings, among others. In May, Chase provided $2.3 billion in term loans and revolving credit to UKbased telecom player NTL for the acquisition of Cablecom. As a book manager participant Chase helped provide a $3.6 billion reducing revolving credit to NTL for the acquisition of CWC assets. Chase also provided a $1.1 billion financing for the leveraged buyout of Mark IV Industries by BC Partners and Interbanca.

SALOMON SMITH BARNEY (CITIGROUP)

Salomon grabbed a dominating 24% share of the European mortgage and asset-backed debt issue market though August 2000. Salomon advised on 39 issues, raising $8.8 billion, according to Thomson Financial Securities. That easily topped the $3.5 billion that Morgan Stanley Dean Witter and J.P Morgan each raised for clients. Salomon is also a leader in securitizing mutual fund fees. It helped complete the first ever private placement on both sides of the Atlantic.

J.P MORGAN

J.P. Morgan leads the market for derivatives services in Europe, which this year has undergone a shift to corporate demand from institutional demand. "On the back of single currency, there has been an explosion of demand for hedging projects for public financing or financial risk management," says Eric Bertrand, J.P Morgan's managing director for derivatives in Europe and Asia.

MORGAN STANLEY

DEAN WITTER

Consistently accurate forecasts on a multitude of European market topics put Morgan Stanley DeanWitter in the top research team position for the region. In January, MSDW predicted European equity markets would toughen before the end of the first quarter and advised an underweighting in telecoms. And in July the team was among the first to cut European growth forecasts, confirmed recently when business and consumer surveys in the region began to descend.

Acre

GOLDMANSACHS

Goldman Sachs leads the league tables with 16 issues totaling $6.1 billion for a 17% market share.The firm beat out China International Capital's three deals totaling $4.9 billion as well as BNP Paribas's $4.1 billion in 37 deals. More than half of Goldman's dollar volume came in two offerings: a $2.9 billion issue for PetroChina and a $1 billion issue for Taiwan Semiconductor.

MERRILL LYNCH

MERRILL Lynch, last year's equity market leader in Asia, is this year's leader in debt underwriting, with 81 issues totaling $9.9 billion for a 13% market share. Merrill was joint lead manager of $1.6 billion in subordinated notes for National Australia Bank. Investor interest and participation was broad, with 93 investors resulting in a well oversubscribed order book and a slight increase in the original issue size,