Australia Investment Banking Review First Quarter 2021 - Refinitiv Deals Intelligence
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Australia Investment Banking Review First Quarter 2021 Refinitiv Deals Intelligence 1
QUARTERLY HIGHLIGHTS
AUSTRALIA INVESTMENT BANKING ACTIVITY
HIGHLIGHTS
M&A FEES DOWN -9% M&A TOP FINANCIAL ADVISOR YTD
ECM FEES UP 120% Goldman Sachs & Co
DCM FEES DOWN -7% ECM TOP BOOK RUNNER YTD
Goldman Sachs & Co
LOAN FEES DOWN -25%
DCM TOP BOOK RUNNER YTD
ANY INV. M&A UP 184%
Citi
TARGET M&A UP 294%
M&A TOP TARGETED INDUSTRY
ECM PROCEEDS UP 59%
Energy and Power
DCM PROCEEDS DOWN -16%
DCM TOP ISSUING ECM TOP ISSUING
Click on any of the above arrows to
go straight to the analysis. INDUSTRY INDUSTRY
Financials Financials
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2 An LSEG businessREPORT
SUMMARY
Investment Banking Fees
Australian investment banking activities generated US$478.4 million during the first quarter of 2021, a 14.8% increase compared to the first quarter of 2020. Completed M&A advisory fees amounted to
US$87.2 million, an 8.7% decline from the first quarter of last year. ECM underwriting fees, which accounted for 40% of the Australian investment banking fee pool so far this year, totaled US$191.9
million and grew 120.4% from the same period last year, making it the highest first quarter period since 2015. DCM underwriti ng fees fell 7.4% to US$121.7 million from a year ago. Syndicated lending
fees dropped by 24.5% to US$77.6 million. JP Morgan currently takes the top spot in Australia’s investment banking fee league tables with $36.6 million in related fees and a 7.6% wallet share.
Mergers & Acquisitions
Overall Australian involvement announced M&A activity reached a six-year high with US$37.3 billion worth of deals during the first quarter of 2021, a 183.9% increase compared to the first quarter of
2020. Outbound M&A totaled US$11.9 billion, up 116.2% in value compared to the first quarter of last year, the highest start since 2018. By value, Spain takes the top as most targeted nation for
Australian acquisitions which accounted for 49.9% market share, while United States saw highest number of acquisitions from Australia with 9 deals worth US$2.8 billion or 23.3% market share.
Australian inbound activity totaled US$12.6 billion so far this year, up 436.8% from the first quarter of 2020, the highest first quarter period since 2009. This was driven by acquisitions from United
States and Canada which captured 69.5% and 16.6% market share, respectively, of Australia’s inbound activity. Domestic M&A amounted to US$11.1 billion, up 203.1% from a year ago.
Majority of the deal making activity involving Australia targeted the Energy & Power sector which totaled US$13.2 billion in deal value, a significant increase from a year ago and captured 35.4%
market share. Media & Entertainment and Financials followed behind, accounting for 18.7% and 17.8% market share, in terms of value. Blackstone Group planned to acquire the remaining 90%
interest, which it did not already own, in Crown Resorts Ltd, a Southbank-based casino hotel operator, for US$6.2 billion. The deal is currently the biggest private equity buyout in Australia’s Media &
Entertainment industry. Goldman Sachs currently leads the any Australian involvement announced M&A league tables, with US$10.3 billion in related deal value capturing 27.6% market share.
Equity Capital Markets
Australian equity capital markets (ECM) raised US$6.3 billion so far this year, up 59.5% in proceeds compared to the first quarter of 2020. This is the highest start to a year since 2018 by proceeds,
and the busiest-ever by number of ECM issuances. Initial public offerings (IPO) by Australian companies raised US$329.9 million, more than a seven-fold increase from a year ago. Follow-on offerings
reached US$4.6 billion in proceeds, up 17.9% from last year’s first quarter period. Afterpay priced a US$1.2 billion convertible bond offering, making it the biggest Australian ECM deal so far this year,
while DDH1 Limited issued the biggest IPO by an Australian company with US$115.6 million. Australian issuers from the Financials industry accounted for 40.9% of the ECM market share and raised
US$2.6 billion in proceeds. Materials (US$1.8 billion) and Energy & Power (US$934.8 million) followed with 27.9% and 14.9% market share, respectively. Goldman Sachs currently leads the ranking
for Australia ECM underwriting with US$1.5 billion in related proceeds and 24.3% market share.
Debt Capital Markets
Primary bond offerings from Australia-domiciled issuers raised US$28.7 billion so far this year, a 15.8% decline compared to the first quarter of last year, making it the lowest first quarter period since
2008. Australian companies from the Financials sector captured 53.5% market share and raised US$15.3 billion, down 33.6% compared to the first quarter of 2020. Government & Agencies accounted
for 27.5% market share with US$7.9 billion in proceeds, down 10.1% from a year ago. Citi takes the lead in the Australian bonds underwriting league table with US$4.4 billion in related proceeds,
capturing 15.5% market share.
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AUSTRALIA HIGHLIGHTS
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INVESTMENT BANKING FEES
INVESTMENT BANKING FEES VOLUMES TOP FEE PAYING INDUSTRIES (by Market Share)
YTD Fees
700 • Outer Rim: 2021
• Inner Rim: 2020
600
500 18%
US$ Million
400
300 27% 36%
4%
200
5% 46%
100
1%
0
12 13 14 15 16 17 18 19 20 21 8%
8%
5%
INVESTMENT BANKING FEES BY ASSET CLASS 13%
BONDS EQUITY LOANS MA
350
29%
300
250
US$ Million
200
150 Financials Materials Energy and Power
100 Healthcare High Technology Other
50
0
12 13 14 15 16 17 18 19 20 21
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MERGERS & ACQUISITIONS
ANY INVOLVEMENT M&A VOLUMES & NUMBER OF DEALS TOP TARGETED INDUSTRIES (Any Involvement)
YTD Volumes Rest of Year Volumes #Deals
180,000 500 • Outer Rim: 2021
160,000 450 • Inner Rim: 2020
140,000 400
350 14%
120,000
US$ Million
300
100,000
250 7%
80,000 4%
200 8%
60,000 35%
150
40,000 100
20,000 10% 43%
50 18%
0 -
12 13 14 15 16 17 18 19 20 21
TARGET M&A VOLUMES & NUMBER OF DEALS
YTD Volumes Rest of Year Volumes #Deals 1% 23%
18%
120,000 400
350 19%
100,000
300
80,000
US$ Million
250
60,000 200
150 Energy and Power Media and Entertainment
40,000
100 Financials Telecommunications
20,000
50
Industrials Other
0 -
12 13 14 15 16 17 18 19 20 21
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MERGERS & ACQUISITIONS
INBOUND M&A DOMESTIC M&A OUTBOUND M&A
Inbound M&A is up 436.8% from YTD last year, Domestic M&A is up 203.1% from YTD last year, Outbound M&A is up 116.2% from YTD last year,
accounting for US$12.6 Bn so far this year. reaching US$11.1 Bn so far this year. totaling US$11.9 Bn so far this year.
YTD Volumes Rest of Year Volumes #Deals YTD Volumes Rest of Year Volumes #Deals YTD Volumes Rest of Year Volumes #Deals
60,000 150 60,000 250 50,000 100
50,000 50,000 200 40,000 80
US$ Million
US$ Million
US$ Million
40,000 100 40,000
150 30,000 60
30,000 30,000
100 20,000 40
20,000 50 20,000
10,000 50 10,000 20
10,000
0 - 0 - 0 -
14 15 16 17 18 19 20 21 14 15 16 17 18 19 20 21 14 15 16 17 18 19 20 21
INBOUND M&A VOLUMES OUTBOUND M&A VOLUMES
TOP ACQUIRING NATIONS TOP TARGETED NATIONS
US$ Million US$ Million
0 2,000 4,000 6,000 8,000 10,000 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000
8,742 5,954
United States Spain
279 55
2,087 2,785
Canada United States
23 4,421
300 2,395
Singapore New Zealand
615 0
294 356
South Africa United Kingdom
0 437
283 275
China Canada
390 37
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MERGERS & ACQUISITIONS
ANY INVOLVEMENT M&A TOP DEALS YTD
Rank Value Acquiror Ultimate
Status Rank Date Target Name Target Nation Acquiror Name Acquiror Nation Acquiror Ultimate Parent Name
(US$Mil) Parent Nation
6,244.3 Pending 3/22/2021 Crown Resorts Ltd Australia Blackstone Group Inc United States Blackstone Group Inc United States
5,894.9 Intended 1/26/2021 Naturgy Energy Group SA Spain Global InfraCo O (2) Sarl Luxembourg Industry Super Holdings Pty Australia
3,479.9 Pending 2/8/2021 Vocus Group Ltd Australia Investor Group Australia Investor Group Australia
2,335.2 Pending 3/15/2021 Tilt Renewables Ltd New Zealand Pisa Obligor Co 1 Pty Ltd Australia Australia Australia
2,065.4 Pending 1/19/2021 Bingo Industries Ltd Australia Bingo Industries Ltd SPV Australia Bingo Industries Ltd SPV Australia
1,920.8 Pending 2/2/2021 Enwave Energy Corp-US Business United States Investor Group Australia Investor Group Australia
Australian Unity Healthcare Property
1,817.6 Pending 2/26/2021 Australia Investor Group Canada Investor Group Canada
Trust
1,314.8 Pending 2/25/2021 Qube Holdings Ltd-Logistics Assets Australia Logos Australia Group Pty Ltd Australia Logos Australia Group Pty Ltd Australia
1,062.7 Pending 2/26/2021 AMP Ltd-Private Markets Businesses Australia Ares Management Corp United States Ares Management Corp United States
1,042.6 Pending 2/22/2021 Members Equity Bank Ltd Australia Bank of Queensland Ltd Australia Bank of Queensland Ltd Australia
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EQUITY CAPITAL MARKETS
ECM PROCEEDS TOP ISSUING INDUSTRIES
YTD Proceeds Rest of Year Proceeds # of Issues
50,000 250 YTD Proceeds YTDLY Proceeds YoY Proceeds Change (%)
45,000 3,000 1200%
40,000 200 1092%
2,500 962% 1000%
35,000
US$ Million
30,000 150 800%
2,000
US$ Million
25,000 600%
20,000 100 1,500
441% 400%
15,000 1,000
10,000 50 171% 200%
5,000 500 0%
-65% -87%
0 0
12 13 14 15 16 17 18 19 20 21
0 -200%
Financials Materials Energy and High Healthcare Other
ECM PROCEEDS BY ISSUE TYPE Power Technology
IPO Follow-On Convertible
9,000
8,000
7,000
6,000
US$ Million
5,000
4,000
3,000
2,000
1,000
0
12 13 14 15 16 17 18 19 20 21
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DEBT CAPITAL MARKETS
DCM PROCEEDS TOP ISSUING INDUSTRIES
YTD Proceeds Rest of Year Proceeds # of Issues
200,000 100 YTD Proceeds YTDLY Proceeds YoY Proceeds Change (%)
180,000 90 25,000 80%
160,000 80 66%
60%
140,000 70 20,000
US$ Million
120,000 60 40%
US$ Million
100,000 50 15,000 20%
80,000 40
60,000 30 0% 0% 0%
10,000
40,000 20 -10%
20,000 10 -20%
5,000 -34%
0 0 -40%
12 13 14 15 16 17 18 19 20 21 -46%
DCM PROCEEDS BY ISSUE TYPE 0 -60%
Financials Government Energy and Materials Real Estate Other
Investment Grade Corporate Agency, Supranational, Sovereign MBS and Agencies Power
High Yield Corporate ABS Emerging Market Corporate
Federal Credit Agency
2021
YTD
2020
YTD
0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000
US$ Million
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EQUITY & DEBT CAPITAL MARKETS TOP DEALS
ECM TOP DEALS YTD
Proceeds Primary
Issue Date Issuer Issue Type Nation Industry Mid Industry
(US$ mil) Exchange
2/25/2021 1,180.8 Afterpay Ltd Convertible Australia Financials Other Financials SINGP
3/10/2021 1,059.9 Bank of Queensland Ltd Follow-On Australia Financials Banks AUSLA
IT Consulting &
3/25/2021 634.3 Computershare Ltd Follow-On Australia High Technology AUSLA
Services
3/5/2021 603.5 Santos Ltd Follow-On Australia Energy and Power Oil & Gas AUSLA
2/28/2021 376.5 Genworth Mtg Ins Australia Follow-On Australia Financials Insurance AUSLA
DCM TOP DEALS YTD
Proceeds
Issue Date Issuer Issue Type Nation Industry Mid Industry Currency
(US$ mil)
Commonwealth Bank of
3/2/2021 2,750.0 Investment Grade Corporate Australia Financials Banks U.S. Dollar
Australia
Agency, Supranational, Government and
1/29/2021 2,281.7 Queensland Treasury Corp Australia National Agency Australian Dollar
Sovereign Agencies
Agency, Supranational, Government and
1/20/2021 1,936.5 Treasury Corp of Victoria Australia Regional Agency Australian Dollar
Sovereign Agencies
3/9/2021 1,648.7 APT Pipelines Ltd Investment Grade Corporate Australia Energy and Power Pipelines EURO
FMG Resources(August
3/18/2021 1,500.0 High Yield Corporate Australia Materials Metals & Mining U.S. Dollar
2006)Pty
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INVESTMENT BANKING FEE LEAGUE TABLES
INVESTMENT BANKING FEES LEAGUE TABLE
JP Morgan Citi Goldman Sachs & Co UBS Canaccord Genuity Grp Inc
Commonwealth Bank of Australia Credit Suisse Macquarie Group Westpac Banking National Australia Bank
45
40
7.6%
35
Fees in US$ millions
30 6.1% 6.1% 6.0% 5.9%
25
20 4.3%
3.9% 3.8%
3.4% 3.2%
15
10
5
0
0 1 2 3 4 5 6 7 8 9 10 11
Rank
INVESTMENT BANKING FEES LEAGUE TABLE (US$MIL)
FEES FEES YOY SHARE YOY #DEALS YOY
1Q 2021 1Q 2020 BANK NAME SHARE (%) #DEALS
(US$Mil) CHANGE (%) CHANGE (%) CHANGE (%)
1 6 JP Morgan $ 36.6 71.7% 7.6% 2.5% 10 -28.6%
2 8 Citi $ 29.3 71.6% 6.1% 2.0% 18 38.5%
3 3 Goldman Sachs & Co $ 29.0 23.5% 6.1% 0.4% 10 -16.7%
4 2 UBS $ 28.6 16.8% 6.0% 0.1% 13 -27.8%
5 19 Canaccord Genuity Grp Inc $ 28.3 417.7% 5.9% 4.6% 30 100.0%
6 11 Commonwealth Bank of Australia $ 20.4 53.9% 4.3% 1.1% 23 27.8%
7 10 Credit Suisse $ 18.6 26.7% 3.9% 0.4% 4 -33.3%
8 1 Macquarie Group $ 18.0 -40.0% 3.8% -3.4% 11 -35.3%
9 7 Westpac Banking $ 16.4 -20.7% 3.4% -1.5% 18 -14.3%
10 5 National Australia Bank $ 15.4 -29.0% 3.2% -2.0% 23 -8.0%
TOTAL $ 478.4 14.8% 341 18.4%
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AUSTRALIA HIGHLIGHTS
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INVESTMENT BANKING LEAGUE TABLES
ANY INVOLVEMENT M&A LEAGUE TABLE (US$MIL)
RANK VALUE
RANK VALUE SHARE YOY #DEALS YOY
1Q 2021 1Q 2020 BANK NAME YOY CHANGE SHARE (% ) #DEALS
(US$ Mil) CHANGE (% ) CHANGE (% )
(% )
1 1 Goldman Sachs & Co $ 10,267.3 107% 28% -27% 10 100%
2 12 UBS $ 9,624.5 876% 26% 244% 5 67%
3 10 Credit Suisse $ 9,374.7 799% 25% 219% 4 100%
4* - BNP Paribas SA $ 5,894.9 - 16% - 1 -
4* 2 Citi $ 5,894.9 77% 16% -38% 1 -75%
4* - Ind Super Hldg Pty Ltd $ 5,894.9 - 16% - 1 -
4* - Duff & Phelps $ 5,894.9 - 16% - 1 -
8 4* Morgan Stanley $ 5,420.0 86% 15% -35% 6 500%
9 13 Macquarie Group $ 3,038.7 238% 8% 19% 9 80%
10 6 BofA Securities Inc $ 3,029.7 126% 8% -21% 5 0%
TOTAL $ 37,268.9 184% 432 -1%
TARGET M&A LEAGUE TABLE (US$MIL)
RANK VALUE
RANK VALUE SHARE YOY #DEALS YOY
1Q 2021 1Q 2020 BANK NAME YOY CHANGE SHARE (% ) #DEALS
(US$ Mil) CHANGE (% ) CHANGE (% )
(% )
1 4 UBS $ 9,624.5 876% 41% 148% 5 67%
2 5 Goldman Sachs & Co $ 7,182.1 680% 30% 98% 8 167%
3 - Morgan Stanley $ 5,420.0 - 23% - 6 -
4 3 Credit Suisse $ 3,479.9 234% 15% -16% 3 50%
5 6 Macquarie Group $ 1,090.5 21% 5% -69% 6 50%
6 17 Luminis Partners Pty Ltd $ 1,042.6 1494% 4% 300% 2 100%
7 14 BofA Securities Inc $ 694.5 402% 3% 26% 3 50%
8 31* Gresham Partners $ 317.0 - 1% - 2 0%
9 - Kidder Williams Ltd $ 251.1 - 1% - 1 -
10 2 Grant Samuel $ 191.1 -83% 1% -96% 3 -25%
TOTAL $ 23,683.4 294% 336 -1%
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AUSTRALIA HIGHLIGHTS
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INVESTMENT BANKING LEAGUE TABLES
ECM LEAGUE TABLE (US$MIL)
PROCEEDS
PROCEEDS SHARE YOY #ISSUES YOY
1Q 2021 1Q 2020 BANK NAME YOY CHANGE SHARE (% ) #ISSUES
(US$ Mil) CHANGE (% ) CHANGE (% )
(% )
1 2 Goldman Sachs & Co $ 1,525.5 76% 24% 10% 7 75%
2 1 UBS $ 1,118.8 13% 18% -30% 5 -17%
3 7 Canaccord Genuity Grp Inc $ 565.4 347% 9% 181% 29 107%
4 3 JP Morgan $ 514.7 -17% 8% -48% 3 -40%
5 - Citi $ 504.9 - 8% - 3 -
6 - Morgan Stanley $ 301.7 - 5% - 1 -
7 11 Morgans Financial Ltd $ 182.7 410% 3% 222% 13 160%
8 6 Bell Financial Group Ltd $ 172.4 0% 3% -36% 16 60%
9 13 Shaw & Partners Ltd $ 134.0 347% 2% 163% 7 75%
10 - Euroz Ltd $ 124.2 - 2% - 21 -
TOTAL $ 6,274.5 59% 230 78%
DCM LEAGUE TABLE (US$MIL)
PROCEEDS
PROCEEDS SHARE YOY #ISSUES YOY
1Q 2021 1Q 2020 BANK NAME YOY CHANGE SHARE (% ) #ISSUES
(US$ Mil) CHANGE (% ) CHANGE (% )
(% )
1 2 Citi $ 4,434.6 37% 16% 63% 14 40%
2 6 Commonwealth Bank of Australia $ 3,832.1 61% 13% 91% 17 70%
3 3 National Australia Bank $ 3,315.1 18% 12% 40% 21 11%
4 4 ANZ Banking Group $ 2,159.1 -17% 8% -3% 12 -8%
5 1 Westpac Banking $ 2,133.5 -56% 8% -47% 13 -13%
6 5 BofA Securities Inc $ 1,990.4 -16% 7% 0% 8 -27%
7 7 HSBC Holdings PLC $ 1,533.9 -27% 5% -13% 7 -22%
8 16 Morgan Stanley $ 1,453.3 191% 5% 240% 5 150%
9 11 JP Morgan $ 1,324.7 -12% 5% 5% 5 -17%
10 8 UBS $ 1,066.1 -49% 4% -40% 6 -33%
TOTAL $ 28,650.5 -16% 43 -17%
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CONTACTS / GLOSSARY HIGHLIGHTS
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ABOUT REFINITIV MERGERS & ACQUISITIONS
Refinitiv, an LSEG (London Stock Exchange Group) business, is one of the world’s largest providers of The Refinitiv Mergers & Acquisitions database tracks changes in economic ownership at ultimate parent level in going
financial markets data and infrastructure. With $6.25 billion in revenue, over 40,000 customers and business concerns. All deals involving a purchase of at least a 5% stake, or 3% with a value of at least US$1 million are
400,000 end users across 190 countries, Refinitiv is powering participants across the global financial tracked, subject to criteria. League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders,
marketplace. We provide information, insights, and technology that enable customers to execute critical minority stake purchases and debt restructurings. League tables, commentary, and charts citing announced activity are
investing, trading and risk decisions with confidence. By combining a unique open platform with best-in- based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, and unconditional
class data and expertise, we connect people to choice and opportunity – driving performance, transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction.
innovation and growth for our customers and partners.
EQUITY CAPITAL MARKETS
Now, as part of LSEG we are underpinned by the strength and stability of a more than 300-year-old The Refinitiv Equity Capital Markets database covers domestic and international placements of equity offerings in addition
organisation, broadening our capacity to positively impact the financial community — be it in trading and to domestic and international equity-related transactions. This includes IPOs, follow-on offerings, accelerated book builds
banking, investment, wealth, customer and third-party risk, and enterprise data solutions. and block trades (with certain restrictions) and convertible bonds. Convertible Bonds with a minimum life of less than 360
For more information, go to www.refinitiv.com. days are excluded. Minimum life defined as the difference between the settlement date and the earliest maturity date or
first call/put option.
ABOUT DEALS INTELLIGENCE DEBT CAPITAL MARKETS
Refinitiv Deals Intelligence, a part of LSEG's Data & Analytics division, brings up to the minute market The Refinitiv Debt Capital Markets database covers underwritten debt with an issue size of over US$1 million, that
intelligence to the deal making community and the financial media through a variety of research reports matures in at least 360 days from settlement. It includes all internationally offered underwritten debt transactions in all
including Daily Deals Insight, weekly Investment Banking Scorecard, monthly Deals Snapshots and our currencies, Domestic issuance, Preferred Securities, High Yield and Emerging Market transactions that are offered in US
industry-leading quarterly reviews highlighting trends in M&A and Capital Markets. and Globally, Asset Backed Securities, Mortgage Backed Securities, Collateralized Debt Obligations (CDOs), MTN
For more insights, go to www.refinitiv.com/dealsintelligence takedowns and Certificate of Deposits, except in UK. Primary offerings only. All league tables are based on deal
proceeds (total issue amount multiplied by the issue price) unless otherwise stated. Full credit is given to the book
CONTACT INFORMATION runner, equal if joint books. In cases of underwriter consolidation, credit is given to the surviving/parent firm. Non-US
AMERICAS dollar denominated transactions are converted to the US dollar equivalent at the time of announcement.
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