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*Products Included: M&A (closed deals), ECM (IPO, Follow-On, Convertibles, Rights, Block Trades, ABB), DCM (ABS/MBS, High Grade and High Yield Bonds), Syndicated Loans
MERGERS & ACQUISITIONS - Middle Eastern M&A, based on target nation, reached US$8.5 billion during the second quarter of 2012, an increase of 45% on
the previous quarter, and marking the strongest quarter since 1Q 2010. The strong second quarter took total Middle Eastern M&A during the first half of 2012 to
US$14.3 billion, an increase of 137% over the same period in 2011 when activity totaled US$6.0 billion. Financials is the most targeted industry in the Middle
East with US$4.3 billion or 30% of the activity so far during 2012, followed closely by Telecoms with 29%. Egypt is the most active Middle Eastern country, based
on target, with US$4.0 billion for 28% of first half activity. Credit Suisse topped the Any Middle Eastern Involvement M&A Ranking during the first half of 2012 with
US$4.78 billion, while HSBC took second place with US$4.13 billion. HSBC topped the Middle Eastern target M&A Ranking, controlling 29% of the market. The
largest Middle Eastern targeted deal so far this year was National Bank of Kuwait’s US$2.1 billion offer for Kuwaiti Islamic lender, Boubyan Bank in June.
EQUITY CAPITAL MARKETS - Equity capital markets issuance reached US$4.0 billion during the second quarter of 2012, nearly four times the value seen
during the previous quarter. Equity capital markets activity so far during 2012 totaled US$ 5.0, down 40% from the first 6 months of 2011. Follow-ons totaled
US$ 2.7 billion and accounted for 67% of first half activity. The top Middle Eastern ECM transaction was a US$1.9 billion follow-on from Qatari telecoms company
Qtel. Bolstered by this deal, Telecoms was the most active sector in the Middle East during the first half of 2012 with 44%, followed by the Financials sector with
26%. As sole-lead bookrunner for Qtel's follow-on offering, Qatar National Bank topped the Middle Eastern Equity Capital Markets ranking.
DEBT CAPITAL MARKETS - Middle Eastern debt issuance reached US$6.0 billion during the second quarter of 2012, a 45% decline from the strong first quarter
total of US$10.9 billion. It took first half 2012 activity to U$16.9 billion, up 51% on the same period in 2011. Investment grade corporate debt accounted for 70%
of all Middle Eastern DCM activity so far during 2012. Islamic debt issuance reached US$14.5 billion from 34 issues, an increase of 25% from the same period in
2011, and the strongest first six month total since 2008. The top Islamic issuer nation during the first half of 2012 is Malaysia with 45% of the activity, while the
strongest industry is the financials sector. HSBC took the top spot in the Islamic bond ranking for the first half of 2012 with 10 issues, which raised US$1.9 billion.
SYNDICATED LENDING - Middle Eastern syndicated lending during the first half of 2012 reached just US$186.8 million, a 98% decrease from
the same period in 2011 (US$10.2 billion), and the slowest first half in more than a decade. As book runner on Citadel Capital's US$175 million refinancing loan
in January, Citi took the top spot in the Middle Eastern Loan Bookrunner ranking for first half 2012.
DEALS INTELLIGENCE - FIRST HALF 2012
MIDDLE EASTERN IB FEE VOLUMES ($Mil)
MIDDLE EASTERN IB ANALYSIS
MAIN BULLETS
INVESTMENT BANKING FEES - Middle Eastern fees reached US$234.8 million during the first half of 2012, a 5% increase from the first six months of 2011
when fees reached US$223.7 million. M&A fees totaled $59.6 million during the first half, accounting for 25% of the overall fee pool. M&A fees were down 19%
compared to the same period in 2011 (US$74.0 million). Middle Eastern debt capital markets fee activity during the first half of 2012 totaled US$54.9 million,
more than double the US$25.1 million seen during the first half of 2011. Fees from syndicated lending and equity capital markets totaled US$61.3 million and
US$59.0 million, respectively. Deutsche Bank topped the Middle Eastern DCM fee rankings for the first half of 2012, earning 10% of the fees. HSBC topped the
Middle Eastern M&A fee rankings with US$5.3 million, while Qatar National Bank and Saudi British Bank topped the equity capital markets and syndicated
lending fee league tables, respectively.
32% 27%
30%
38%
27% 36%
40%
36%
39%
22%
36%
29%
48%
0%
10%
20%
30%
40%
50%
60%
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 YTD 2012
Syn Loans
DCM
ECM
M&A
ECM & DCM as a % of Total IB Fees
Source: Thomson Reuters/Freeman Consulting
MIDDLE EASTERN IB FEE RANKINGS
MIDDLE EASTERN IB ANALYSIS
MIDDLE EASTERN IB FEE RANKINGS
DEALS INTELLIGENCE - FIRST HALF 2012
Rk Manager Fees Mkt Shr % Rk Manager Fees Mkt Shr %
1 Deutsche Bank 5.5 10.0% 1 HSBC Holdings PLC 5.8 23.2%
2 UBS 4.3 7.8% 2 Deutsche Bank 2.8 11.3%
3 Bank of America Merrill Lynch 4.0 7.2% 3 BNP Paribas SA 1.7 6.7%
4 JP Morgan 3.4 6.2% 4 Standard Chartered PLC 1.7 6.7%
5 RBS 3.4 6.1% 5 Emirates NBD PJSC 1.5 6.2%
6 Barclays 3.3 6.0% 6 Morgan Stanley 1.5 6.0%
7 Citi 3.3 6.0% 7 Byblos Bank SAL 1.1 4.3%
8 HSBC Holdings PLC 3.0 5.5% 8 National Bank of Abu Dhabi 0.9 3.7%
9 Standard Chartered PLC 2.7 5.0% 9 Barclays 0.9 3.5%
10 Commerzbank AG 2.3 4.1% 10 Societe Generale 0.9 3.5%
Total $54.9 Total $25.1
Rk Manager Fees Mkt Shr % Rk Manager Fees Mkt Shr %
1 HSBC Holdings PLC 5.3 8.9% 1 Santander 12.2 16.4%
2 Houlihan Lokey 4.0 6.7% 2 Deutsche Bank 7.6 10.3%
3 Blackstone Group LP 4.0 6.7% 3 Morgan Stanley 7.1 9.6%
4 Bank of America Merrill Lynch 4.0 6.6% 4 RBS 6.8 9.2%
5 Citi 3.7 6.3% 5 FT Advisors Ltd 4.9 6.6%
6 Rothschild 3.6 6.1% 6 Citi 4.5 6.1%
7 Evercore Partners 3.5 5.8% 7 Kuwait Finance House 3.7 5.0%
8 Moelis & Co 3.2 5.4% 8 Goldman Sachs & Co 3.6 4.9%
9 BBVA 3.0 5.1% 9 Bridgepoint Capital Ltd 3.2 4.3%
10 Goldman Sachs & Co 2.5 4.2% 10 PrinceRidge Group LLC 2.9 4.0%
Total $59.6 Total $74.0
Source: Thomson Reuters/Freeman Consulting
First Half 2012 First Half 2011
Middle Eastern DCM Fee League Tables ($Mil)
Middle Eastern M&A Fee League Tables ($Mil)
First Half 2012 First Half 2011
Rk Manager Fees Mkt Shr % Rk Manager Fees Mkt Shr %
1 Qatar National Bank 16.0 27.2% 1 Bank of America Merrill Lynch 10.9 19.5%
2 Saudi Fransi Capital 14.6 24.8% 2 Deutsche Bank 8.8 15.8%
3 Sambacapital 6.3 10.6% 3 Morgan Stanley 8.8 15.8%
4 Saudi Hollandi Bank 2.9 4.9% 4 BiladCapital 6.2 11.1%
5 Deutsche Bank 2.5 4.3% 5 Al Rajhi Banking & Investment 4.9 8.7%
6 Gulf Investment Corp 2.1 3.5% 6 Bank Al Bilad 2.6 4.6%
7 Credit Agricole CIB 2.1 3.5% 7 JP Morgan 2.5 4.5%
8 SHUAA Capital Plc 2.0 3.4% 8 National Bank of Abu Dhabi 2.2 3.9%
9 Numis 2.0 3.4% 9 HSBC Holdings PLC 2.1 3.7%
10 Oman Arab Bank SAO 1.5 2.5% 10 ABG Sundal Collier 1.6 2.9%
Total $59.0 Total $55.8
Rk Manager Fees Mkt Shr % Rk Manager Fees Mkt Shr %
1 Saudi British Bank 4.6 7.6% 1 HSBC Holdings PLC 6.3 9.1%
2 Riyadh Bank Ltd 4.4 7.2% 2 Citi 4.2 6.1%
3 National Commerical Bank 4.1 6.7% 3 Samba Financial Group 3.5 5.1%
4 Saudi Hollandi Bank 4.1 6.6% 4 Saudi British Bank 2.7 3.9%
5 BNP Paribas SA 3.8 6.2% 5 BNP Paribas SA 2.5 3.7%
6 Samba Financial Group 3.7 6.1% 6 Banque Saudi Fransi 2.4 3.5%
7 Banque Saudi Fransi 3.5 5.7% 7 Malayan Banking Bhd 2.2 3.2%
8 Al Rajhi Banking & Investment 3.1 5.1% 8 Bank of America Merrill Lynch 2.2 3.2%
9 Societe Generale 2.4 3.9% 9 Mitsubishi UFJ Financial Group 1.9 2.8%
10 General Electric Co 2.2 3.7% 10 National Bank of Abu Dhabi 1.8 2.6%
Total $61.3 Total $68.8
Source: Thomson Reuters/Freeman Consulting Source: Thomson Reuters/Freeman Consulting
Middle Eastern ECM Fee League Tables ($Mil)
First Half 2012 First Half 2011
Middle Eastern Syn Loan Fee League Tables ($Mil)
First Half 2012 First Half 2011
DEALS INTELLIGENCE - FIRST HALF 2012
TOP 10 MIDDLE EASTERN TARGET M&A DEALS - FIRST HALF 2012
MIDDLE EASTERN M&A ANALYSIS
M&A FUNDAMENTALS
MIDDLE EASTERN TARGETED M&A - QUARTERLY VOLUMES TOP 5 MIDDLE EASTERN TARGET INDUSTRY BREAKDOWN
TOP 10 ANY INVOLVEMENT MIDDLE EASTERN M&A DEALS - FIRST HALF 2012
TOP 5 ANNOUNCED M&A FINANCIAL ADVISOR RANKINGS - FIRST HALF 2012
4.6 4.8 4.9 2.5 0.9 1.5 6.7 8.6 3.1 3.7 2.7 4.0 2.0 1.6 2.4 5.8 8.5
102 110
84 86 78
91 93
114 125 124 125
114 114
99 111
123 116
0
20
40
60
80
100
120
140
$0
$1
$2
$3
$4
$5
$6
$7
$8
$9
Q2'08 Q2'09 Q2'10 Q2'11 Q2'12
Value ($ bln)
# of Deals
$14.3
$6.0
137%
First Half 2011 First Half 2012
28.1
22.4 16.9
11.7
7.7 5.2
4.9 2.9
TOP 10 MIDDLE EASTERN TARGETS Egypt (28.1%)
United Arab Emirates (22.4%)
Kuwait (16.9%)
Iraq (11.7%)
Saudi Arabia (7.7%)
Oman (5.2%)
Qatar (4.9%)
Lebanon (2.9%)
Bahrain (0.2%)
Jordan (0%)
27.7
21.0 17.9
14.2
10.4
6.4 1.3 1.2
TOP 10 MIDDLE EASTERN ACQUIRORS Qatar (27.7%)
Kuwait (21%)
United Arab Emirates (17.9%)
Egypt (14.2%)
Saudi Arabia (10.4%)
Oman (6.4%)
Bahrain (1.3%)
Lebanon (1.2%)
22.3
20.9
14.3 14.0
11.6 5.4
3.9 3.4
1.2 1.0
TOP 10 ACQUIRORS OF ME TARGETS Qatar (22.3%)
Kuwait (18%)
France (14.3%)
Egypt (14%)
Saudi Arabia (11.6%)
Oman (5.4%)
United Arab Emirates (3.9%)
Norway (3.4%)
United States of America (1.2%)
Turkey (1%)
17.0
14.7
12.8
12.4
9.4
6.6
5.2 4.8
4.5 3.5
TOP 10 TARGETED NATIONS BY ME ACQUIRORS United Arab Emirates (17%)
Kuwait (14.7%)
Brazil (12.8%)
Egypt (12.4%)
Iraq (9.4%)
United Kingdom (6.6%)
France (5.2%)
Oman (4.8%)
Turkey (4.5%)
Qatar (3.5%)
$4.33 $4.20
$1.47 $1.26 $1.20
$0.62
$0.30
$0.85
$0.03
$2.32
$0
$1
$2
$3
$4
$5
Financials Telecommunications Industrials Retail Real Estate
First Half 2012 ($ bln) First Half 2011 ($ bln)
Value ($mil) Rank Date Target Name Target Nation Sector Acquiror Name Target Advisors Acquiror Advisors
2,075.71 6/14/2012 Boubyan Bank KSC Kuwait Financials National Bank of Kuwait SAK Protiviti Inc -
2,000.00 3/26/2012 Centennial Asset Brazilian Brazil Materials Mubadala Development Co PJSCCredit Suisse Group
Banco Itau-BBA SA
Goldman Sachs & Co
Citi
1,932.36 2/13/2012 Egyptian Co for Mobile Svcs Egypt Telecommunications MT Telecom SCRLCairo Financial
Investments Co
Lazard
HSBC Holdings PLC
Societe Generale
1,470.00 6/5/2012 Asiacell Telecommunication LLC Iraq Telecommunications Qtel Credit Suisse Group Morgan Stanley
1,206.56 6/27/2012 Vela International Marine Ltd Utd Arab Em Industrials National Shipping Co of Saudi HSBC Saudi Arabia Ltd JP MOrgan Saudi Arabia Co
1,069.21 5/31/2012 EFG-Hermes Holdings SAE Egypt Financials Planet IB Ltd - -
987.32 3/28/2012 Damas International Ltd Utd Arab Em Retail Golden Investments Co LtdNomura International PLC
PricewaterhouseCoopersEFG Hermes
807.45 3/21/2012 KanAm-Office Buildings(2) France Real Estate Qatar Investment Authority - -
781.64 1/20/2012 Orascom Telecom Media Egypt Telecommunications Shareholders
Lazard
UBS Investment Bank
Morgan Stanley
Citi
Goldman Sachs & Co
Deutsche Bank
Bank of America Merrill
Lynch
Credit Suisse Group
-
715.44 4/25/2012 HSBC Bank Middle East Ltd Oman Financials Oman International Bank SAOG HSBC Holdings PLC PricewaterhouseCoopers
Source: Thomson Reuters
Value (mil) Rank Date Target Name Target Nation Sector Acquiror Name Target Advisors Acquiror Advisors
2,075.7 6/14/2012 Boubyan Bank KSC Kuwait Financials National Bank of Kuwait SAK Protiviti Inc -
1,932.4 2/13/2012 Egyptian Co for Mobile Svcs Egypt Telecommunications MT Telecom SCRLCairo Financial
Investments Co
Lazard
HSBC Holdings PLC
Societe Generale
1,470.0 6/5/2012 Asiacell Telecommunication LLC Iraq Telecommunications Qtel Credit Suisse Group Morgan Stanley
1,206.6 6/27/2012 Vela International Marine Ltd Utd Arab Em IndustrialsNational Shipping Co of
SaudiHSBC Saudi Arabia Ltd JP MOrgan Saudi Arabia Co
1,069.2 5/31/2012 EFG-Hermes Holdings SAE Egypt Financials Planet IB Ltd - -
987.3 3/28/2012 Damas International Ltd Utd Arab Em Retail Golden Investments Co LtdNomura International PLC
PricewaterhouseCoopersEFG Hermes
781.6 1/20/2012 Orascom Telecom Media Egypt Telecommunications Shareholders
Lazard
UBS Investment Bank
Morgan Stanley
Citi
Goldman Sachs & Co
Deutsche Bank
Bank of America Merrill
Lynch
Credit Suisse Group
-
715.4 4/25/2012 HSBC Bank Middle East Ltd Oman FinancialsOman International Bank
SAOGHSBC Holdings PLC PricewaterhouseCoopers
476.8 4/24/2012 Abu Dhabi Commercial Bank PJSC Utd Arab Em FinancialsAbu Dhabi Commercial Bank
PJSC- -
460.0 5/21/2012 NPS Energy DMCC Utd Arab Em Energy and Power Aker Solutions ASAEmirates Investment Bank
PJSC-
Source: Thomson Reuters
Rank Financial Advisor Value ($ mln) Mkt. Shr. # of deals Rank Financial Advisor Value ($ mln) Mkt. Shr. # of deals
1 Credit Suisse ▲ 12 4,776.3 22.9 5 1 HSBC Holdings PLC = 4,134.4 28.8 5
2 HSBC Holdings PLC ▲ 11 4,134.4 19.8 5 2 Lazard - 2,714.0 18.9 2
3 Citi ▲ 6 3,657.3 17.5 4 3* Morgan Stanley - 2,251.6 15.7 3
4 Goldman Sachs & Co ▼ -2 3,138.3 15.1 5 3* Credit Suisse ▼ -2 2,251.6 15.7 3
5 Lazard - 2,714.0 13.0 3 5* Cairo Financial Investments Co - 1,932.4 13.5 1
6 Morgan Stanley ▼ -2 2,251.6 10.8 4 5* Societe Generale - 1,932.4 13.5 1
Source: Thomson Reuters
ANNOUNCED ANY MIDDLE EASTERN INVOLVEMENT M&A ANNOUNCED MIDDLE EASTERN TARGET M&A
YoY Rk Chg. YoY Rk Chg.
TOP MIDDLE EASTERN ECM ISSUES - FIRST HALF 2012
DEALS INTELLIGENCE - FIRST HALF 2012
MIDDLE EASTERN ECM ANALYSIS
ECM FUNDAMENTALS
MIDDLE EASTERN ECM - ANNUALLY MIDDLE EASTERN ECM - QUARTERLY
TOP 5 ECM BOOKRUNNER RANKINGS - FIRST HALF 2012
0.2 0.0 3.1 0.7 0.8 5.2 11.7 21.2 36.2 6.8 6.9 10.1 5.0
1 1 3 5 7 20
39
57
105 99
87
67
34
0
20
40
60
80
100
120
$0
$5
$10
$15
$20
$25
$30
$35
$40
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 YTD 2012
Value ($bln)
# Issues
$5.0
$8.3
-39.6% First Half 2011
First Half 2012
$2,198.9
$1,314.3
$406.1 $354.2 $289.1 $93.3
$6,601.4
$207.4 $0.0 $7.8 $0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
Telecommunications Financials Industrials Retail Materials
TOP 5 MIDDLE EASTERN INDUSTRY BREAKDOWN
First Half 2012 Value $ mln
First Half 2011 Value $ mln
40.3
36.1
8.6
8.3
4.9 1.6
MIDDLE EASTERN ECM ISSUERS - FIRST HALF 2012
Qatar
Saudi Arabia
Oman
Kuwait
United Arab Emirates
Jordan
$2.2 $1.3 $1.9 $1.4 $2.0 $2.6 $0.7 $1.6 $1.3 $7.0 $0.7 $1.1 $1.0 $4.0
95%
5%
49%
67% 68%
77%
10%
25% 22%
66% 61%
81%
89%
67%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
$0
$1
$2
$3
$4
$5
$6
$7
$8
Q1 2009
Q2 2009
Q3 2009
Q4 2009
Q1 2010
Q2 2010
Q3 2010
Q4 2010
Q1 2011
Q2 2011
Q3 2011
Q4 2011
Q1 2012
Q2 2012
ECM Value $bln
FOs as a % of Total ECM
Rank Financial Advisor YoY Rk Chg. Value ($ mln) Mkt. Shr. # of deals Rank Financial Advisor YoY Rk Chg. Value ($ mln) Mkt. Shr. # of deals
1 Citi ▲6 25,519.7 9.0 149 1 Qatar National Bank - 1,885.6 51.6 1
2 Goldman Sachs & Co ▼1 24,293.4 8.6 113 2 Saudi Fransi Capital - 743.1 20.4 3
3 Morgan Stanley ▲1 23,233.9 8.2 124 3 Sambacapital - 364.8 10.0 1
4 JP Morgan ▼1 23,186.4 8.2 149 4 Deutsche Bank ▼1 206.5 5.7 1
5 Bank of America Merrill Lynch ▼3 21,230.8 7.5 135 5 Oman Arab Bank SAO - 159.0 4.4 1
Source: Thomson Reuters
MIDDLE EASTERN ECM RANKINGGLOBAL ECM RANKING
Proceeds ($ mil) Date Issuer Nation SectorIssue
Type
All Exchanges
Where Issuer's
Stock Trades
Bookrunner(s)
1,885.6 5/24/2012 Qtel Qatar Telecommunications FO Qatar Exch Qatar National Bank
471.4 5/5/2012 Banque Saudi Fransi Saudi Arabia Financials FO Saudi Exch Not Applicable
364.8 5/28/2012 Al Tayyar Travel Group Saudi Arabia Industrials IPO Saudi Exch Sambacapital
354.2 6/14/2012 Saudi Catering Co Saudi Arabia Retail IPO Saudi Exch Saudi Fransi Capital
313.3 3/31/2012 Etihad Atheeb Saudi Arabia Telecommunications FO Saudi Exch Saudi Fransi Capital
234.8 3/25/2012 Kuwait Finance & Investment Co Kuwait Financials FO Kuwait Not Applicable
226.7 5/12/2012 Najran Cement Co Saudi Arabia Materials IPO Saudi Exch CALYON Saudi Fransi Ltd
Gulf Investment Group206.5 4/2/2012 NMC Health Plc Utd Arab Em Healthcare IPO London Deutsche Bank AG (London)
200.9 5/27/2012 A'ayan Leasing & Investment Co Kuwait Financials FO Kuwait Not Applicable
200.2 1/10/2012 Oman Oil Co SAOC Oman Energy and Power FO Oman Not Applicable
Source: Thomson Reuters
DEALS INTELLIGENCE - FIRST HALF 2012
TOP 5 DCM BOOKRUNNER RANKINGS - FIRST HALF 2012
TOP MIDDLE EASTERN DCM ISSUES - FIRST HALF 2012
ISLAMIC DCM VOLUMES
MIDDLE EASTERN DCM ANALYSIS
DCM FUNDAMENTALS
MIDDLE EASTERN DCM- QUARTERLYMIDDLE EASTERN DCM - ANNUALLY
ISLAMIC DCM RANKING
$0.6 $15.5 $7.7 $5.6 $7.7 $8.8 $14.8 $5.7 $5.5 $3.6 $15.0 $10.9 $6.0
77%
44%
5%
58%
31% 14%
14%
0%
29% 35%
44%
9%
26% 23%
51%
95%
33%
51%
86%
70%
23%
71% 65%
30%
81%
70%
0%
20%
40%
60%
80%
100%
$0
$2
$4
$6
$8
$10
$12
$14
$16
$18
Q1 2009
Q2 2009
Q3 2009
Q4 2009
Q1 2010
Q2 2010
Q3 2010
Q4 2010
Q1 2011
Q2 2011
Q3 2011
Q4 2011
Q1 2012
Q2 2012
Value ($ bln)
AgSov as a % of DCM
IG Corp as a % of DCM
$16.9
$11.2
51%
First Half 2011
First Half 2012
$4.6 $7.1 $5.6 $5.9 $1.8 $4.4 $5.1 $3.0 $3.5 $8.2 $4.0 $17.9 $7.3 $7.2
16 17
16
19
9
15
16
12 10
14
17 19
14
20
5
10
15
20
25
$0
$2
$4
$6
$8
$10
$12
$14
$16
$18
$20
Q1 2009
Q2 2009
Q3 2009
Q4 2009
Q1 2010
Q2 2010
Q3 2010
Q4 2010
Q1 2011
Q2 2011
Q3 2011
Q4 2011
Q1 2012
Q2 2012
Value $bln
# of Issues
$4.4 $5.0 $4.2 $2.7 $8.4 $14.5 $30.9 $30.6 $15.3 $39.7 $36.9 $29.7 $16.9
18 11
17 9
20
33
69
59
36
45 49
36 35
0
10
20
30
40
50
60
70
80
$0
$5
$10
$15
$20
$25
$30
$35
$40
$45
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 YTD 2012
Value ($ bln)
# of Issues
6,551.3
3,354.0
3,064.9
1,250.0 220.8
ISLAMIC DCM TOP ISSUERS - FIRST HALF 2012
Malaysia Saudi Arabia United Arab Emirates Cayman Islands Indonesia
9,507.0 1,299.3
1,011.6
945.2 924.9
ISLAMIC DCM TOP 5 INDUSTRIES - FIRST HALF 2012
Financials Industrials Energy and Power Materials Telecommunications
Rank Financial Advisor YoY Rk Chg. Value ($ mln) Mkt. Shr. # of deals Rank Financial Advisor YoY Rk Chg. Value ($ mln) Mkt. Shr. # of deals
1 JP Morgan = 207,530.0 7.7 778 1 HSBC Holdings PLC = 2,234.8 13.4 12
2 Barclays = 188,345.7 7.0 599 2 Standard Chartered PLC ▲2 1,583.2 9.5 12
3 Deutsche Bank = 184,702.8 6.9 683 3 Deutsche Bank ▼1 1,580.4 9.5 6
4 Citi ▲1 155,788.7 5.8 577 4 Citi - 1,327.7 8.0 9
5 Bank of America Merrill Lynch ▼1 133,580.3 5.0 548 5 JP Morgan ▲12 924.7 5.5 7
Source: Thomson Reuters
MIDDLE EASTERN DCM RANKINGGLOBAL DCM RANKING
Proceeds
($ mil)Date Issuer Nation Sector Maturity Date Issue Type Description BookRunners
1,750 3/28/2012 Saudi Elec Global Sukuk Co Saudi Arabia Mtg Securities 4/3/2022 Investment Grade CorporateDeutsche Bank
HSBC Holdings PLC (United Kingdom)
1,498 6/27/2012 Bahrain Bahrain National Gov't 7/5/2022 Agency, Supranational, Sovereign
Citi
JP Morgan & Co Inc
Standard Chartered Capital Markets Ltd
Gulf International Bank
1,000 2/7/2012 Dolphin Energy Ltd (DEL) Utd Arab Em Oil/Gas Pipeline 12/15/2021 Investment Grade Corporate
RBS
BNP Paribas SA
Mitsubishi UFJ Securities International Plc
Societe Generale SA
Abu Dhabi Commercial Bank Ltd
996 2/14/2012 QNB Finance LtdCayman
IslandsMtg Securities 2/22/2017 Investment Grade Corporate
Barclays Capital Group
Citi
HSBC Holdings PLC (United Kingdom)
Qatar National Bank
Standard Chartered PLC
993 3/21/2012 Emirates NBD Bank PJSC Utd Arab Em Commercial Bank 3/28/2017 Investment Grade Corporate
Bank of America Merrill Lynch
Deutsche Bank
HSBC Holdings PLC (United Kingdom)
National Bank of Abu Dhabi
Emirates NBD PJSC
957 3/30/2012 Lebanon Lebanon National Gov't 10/12/2017 Agency, Supranational, SovereignBank of America Merrill Lynch
Byblos Bank SAL
800 6/19/2012 IDB Saudi Arabia Commercial Bank 6/26/2017 Investment Grade Corporate
BNP Paribas SA
CIMB Bank Bhd
HSBC Holdings PLC (United Kingdom)
NCB Capital Co
Standard Chartered Bank PLC
Source: Thomson Reuters
Rank Financial Advisor YoY Rk Chg. Value ($ mln) Mkt. Shr. # of deals
1 HSBC Holdings PLC ▲1 1,933.3 13.6 10
2 Malayan Banking Bhd ▲1 1,889.1 13.3 8
3 CIMB Group Sdn Bhd ▼2 1,704.1 12.0 11
4 Deutsche Bank ▲5 1,225.0 8.6 3
5 Citi ▲2 963.7 6.8 6
6 AMMB Holdings Bhd ▼1 822.4 5.8 6
7 Standard Chartered PLC ▼1 775.0 5.5 8
8 National Bank of Abu Dhabi - 713.7 5.0 5
9 Dubai Islamic Bank Ltd - 705.4 5.0 5
10 RHB ▼6 683.3 4.8 6
Source: Thomson Reuters
MIDDLE EASTERN LOANS ANALYSIS
LOANS FUNDAMENTALS
ISLAMIC LOAN VOLUMES
MIDDLE EASTERN LOANS- QUARTERLYMIDDLE EASTERN LOANS - ANNUALLY
TOP 5 MIDDLE EASTERN LOAN INDUSTRY BREAKDOWN
DEALS INTELLIGENCE - FIRST HALF 2012
TOP 5 LOANS BOOKRUNNER RANKINGS - FIRST HALF 2012
TOP MIDDLE EASTERN LOANS ISSUES - FIRST HALF 2012
$8.7 $19.5 $16.7 $13.4 $34.4
$56.7
$92.4 $128.8
$94.0
$16.0 $35.4
$16.1 $0.2
33 46 49
40
82
103 106
144
126
25
44 34
2
0
20
40
60
80
100
120
140
160
$0
$20
$40
$60
$80
$100
$120
$140
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 YTD 2012
Value ($ bln)
# of Issues
$0.2
$10.2
-98.2% First Half 2011 First Half 2012
$4.0 $12.3
$14.5
$0.6 $1.8 $2.0 $2.6 $0.6 $0.2 $1.2 $3.3 $1.9 $0.8 $3.4 $0.5 $0.1 $0.0 $0.7
14
21 21
6
4 4 3 3
4 4 3 3
6
9
2 1 4
5
10
15
20
25
$0
$2
$4
$6
$8
$10
$12
$14
$16
Q1 2008
Q2 2008
Q3 2008
Q4 2008
Q1 2009
Q2 2009
Q3 2009
Q4 2009
Q1 2010
Q2 2010
Q3 2010
Q4 2010
Q1 2011
Q2 2011
Q3 2011
Q4 2011
Q1 2012
Q2 2012
Value $bln
# of Issues
$0.2 $0.0 $0.0 $0.0 $0.0
$3.4
$0.2
$3.7
$1.5
$0.8
$0
$1
$1
$2
$2
$3
$3
$4
$4
Financials Consumer Products and Services
Telecommunications Energy and Power Real Estate
First Half 2012 $ bln
First Half 2011 $ bln
$15.8 $39.0 $32.3 $6.9 $2.3 $4.1 $6.4 $3.1 $9.3 $7.1 $7.7 $11.3 $5.0 $5.2 $2.8 $3.2 $0.2 $0.0
24
45
39
18
5 6 7 7 10 9
13 12 11 12
5 6
1 1 5
10
15
20
25
30
35
40
45
50
$0
$5
$10
$15
$20
$25
$30
$35
$40
$45
Q1 2008
Q2 2008
Q3 2008
Q4 2008
Q1 2009
Q2 2009
Q3 2009
Q4 2009
Q1 2010
Q2 2010
Q3 2010
Q4 2010
Q1 2011
Q2 2011
Q3 2011
Q4 2011
Q1 2012
Q2 2012
Value ($ bln)
# of Issues
Source: Thomson Reuters LPC Source: Thomson Reuters LPC
Source: Thomson Reuters LPC Source: Thomson Reuters LPC
Rank Financial AdvisorYoY Rk
Chg.Value ($ mln) Mkt. Shr.
# of
dealsRank Financial Advisor
YoY Rk
Chg.Value ($ mln) Mkt. Shr.
# of
deals
1 JP Morgan = 135,232.1 10.5 473 1 Citi = 175.0 93.7 1
2 Bank of America Merrill Lynch = 125,316.6 9.7 506 2 Societe Generale - 11.8 6.3 1
3 Citi = 88,102.0 6.8 253 - - - - -
4 Mizuho Financial Group ▲3 72,366.0 5.6 313 - - - - -
5 Wells Fargo & Co ▼1 69,204.2 5.4 378 - - - - -
Source: Thomson Reuters LPC
MIDDLE EASTERN LOAN RANKINGGLOBAL LOAN RANKING
Loan Package
Amt ($ mil)Date Borrower Nation Sector Maturity Date Use of Proceeds BookRunners
175 01/02/12 Citadel Capital SAE Egypt Other Finance 01/02/17 Refinancing Citi
12 02/05/12 AB Pharma Egypt Wholesale 02/05/18 Leveraged Buyout Societe Generale SA
Source: Thomson Reuters LPC
* ME/Middle East- includes the following countries: Bahrain, Egypt, Iraq, Iran, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia,
Syria, United Arab Emirates, Yemen
* ECM- Equity Capital Markets
* IPO- Initial Public Offering- companies first offering of shares to the public
* FO- Follow On- (a.k.a. secondary offering), is any common stock offering subsequent to a company’s Initial Public Offering (IPO).
* RIGHTS - Offering of common stock to existing shareholders who hold rights that entitle them to buy newly issued shares at a discount
from the price at which shares will later be offered to the public.
* CONVERTIBLE- where the issued securities may be exchanged for common stock under the terms described in the offering.
* DCM-Debt Capital Markets
* ASS- Agency, Supranational, Sovereign
* IG CORP-Investment Grade Corporate
*ISLAMIC FINANCE transactions are deals that prohibit the making or receiving of interest payments. Trade financing for these
transactions is obtained through the purchase of inventory that will be resold at a pre-determined price on a future date (or "Murabaha").
* M&A - Mergers & Acquisitions
* FEES- deal fees are calculated using Freeman & Co. proprietary algorithm where spreads or fees are not disclosed. Deal fees are on a gross
basis before all expenses. Each underwriter or advisor is allocated its share of deal fees using Freeman & Co. allocation methodology, based
on the number of underwriters or advisors on the deal and their role. No fees are allocated to syndicated members. Industry totals include fees
on deals with undisclosed advisors.
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media through a variety of research reports including Daily Deals Insight, weekly Investment Banking Scorecard, monthly Deals Snapshots and our industry-leading quarterly reviews highlighting trends in M&A and
Capital Markets.
Contact Information:
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Matthew Toole I (646)-223-7212 I [email protected]
EMEA:
Lucille Quilter I +44 (0) 207-542-4372 I [email protected]
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DEALS INTELLIGENCE - FIRST HALF 2012
