BEST INVESTMENT BANKS

Global Finance, Jun 2005 by Platt, Gordon, Hawser, Anita, Green, Paula L

EQUITY BANK

Morgan Stanley

Morgan Stanley finished in first place for global common stock offerings by US issuers during the first three months of 2005, with $4.3 billion raised from 15 issues, according to Thomson Financial. The public debate about the investment bank's future structure and leadership does not appear to have diminished its performance in the marketplace, as it held on to its top ranking from a year earlier. Morgan Stanley also ranked first for initial public offerings by US companies, with $1.7 billion in proceeds from seven issues in the first quarter of 2005. For the full year 2004. Morgan Stanley stood astride the league tables as the number-one investment bank in both categories. It beat out Goldman Sachs for the top position in global common stock issues by US companies, a position Goldman had held for five consecutive years.

DEBT BANK

Citigroup

Citigroup claimed the number-one spot as leading underwriter in the US investment-grade corporate debt markets in 2004 for the fifth consecutive year, with proceeds of $139 billion from 526 issues giving it a 20.2% market share, according to Thomson Financial. The bank maintained its top ranking in the first quarter of 2005. Citigroup offers a wide range of debt products, including a growing volume of peso-denominated bonds through its Banamex subsidiary in Mexico. In August 2004 Citigroup/Banamex announced the first issuance of peso-denominated investment-grade bonds to finance microfinance activities in Mexico. The proceeds of the bonds, issued on behalf of Financiera Compartamos, a Mexican microfinance institution, will be used to fund thousands of entrepreneurs, mainly women in rural communities.

M&A BANK

JPMorqan Chase

JPMorgan Chase leaped to the top of the league tables for US announced M&A in 2004, with a rise from the number-eight slot a year earlier, according to Thomson Financial. JPMorgan advised on 137 deals from a broad range of industries, with a total rank value of $270 billion of M&A transactions last year. The bank advised on Sprint's $36 billion agreement to buy mobile-phone company Nextel Communications and on Johnson & Johnson's $24.5 billion bid for Guidant, a manufacturer of medical devices. In February 2005 JPMorgan advised MCI, the US telecom that was the target of a bidding war between Qwest Communications International and Verizon Communications. It also advised the investor group in March that acquired SunGard Data Systems for $11 billion.

INVESTMENT BANK

Deutsche Bank

In the first part of this year, the German banking giant has steadily inched its way up the worldwide M&A league tables for deals announced, moving from 14th to llth spot. Last year it was the highest ranked (seventh) European bank, behind the leading US investment banks, in terms of any European involvement in M&A based on announced deals. One of the more memorable deals it advised on featured in last year's top 10 announced deals: Shell Transport & Trading's $80 billion merger with Royal Dutch Petroleum. Other deals it advised on include Gas Network's August $2.5 billion acquisition of Grid Transco's gas-distribution assets last August and Texas Pacific's $1.26 billion acquisition of British Vita in February this year.