The Global Corporate Finance Business Division comprises client coverage for all business divisions in Corporate Banking & Securities, advisory, equity capital markets , credit trading and debt products .
In 2003, Global Corporate Finance enjoyed strong revenue growth and increased market share, while maintaining strict cost management. Despite minimal growth in the global mergers and acquisitions market, we secured leading advisory roles in high profile transactions worldwide. Notable cross-border advisory mandates included those for a leading global energy and utilities company, and a major European telecoms player.
In Asia/Pacific, Deutsche Bank ranked number one in the announced M&A deal league table for the first time. We acted as financial advisor on the largest transactions in the region: the restructuring of a financial institution in Japan; the largest ever M&A transaction in New Zealand which was for a UK financial institution and the first major acquisition outside China for a Chinese power generation company.
Amid increased competition, Deutsche Bank maintained its number one position in Germany in equity capital markets and M&A. In M&A, we enjoyed a market share of almost 30%. This was recognized by Euromoney when it named us Best Bank in Germany.
We were the clear leader in European equity capital markets business in 2003. Deutsche Bank was ranked number one in rights issues and played key roles in some of the year’s most prominent equity-linked transactions, including the largest convertible bond issue in Europe. International Financing Review recognised our achievements by awarding us their top equity-linked accolade.
In a lack-lustre year for initial public offerings (IPOs), Deutsche Bank played key parts in a number of successful transactions. They included the advisory mandate in the year’s largest IPO for a Chinese life insurance company. Deutsche Bank’s IPO for a UK utility was named Global IPO of the Year.
In the U.S.A. and Europe, Deutsche Bank’s high yield business enjoyed impressive growth. In Europe, we were the clear leader with a market share in excess of 21%. This performance was acknowledged by the accolade of European High-Yield Bond House of 2003. We had leading roles in the first simultaneous issue of equity, high-yield bond and syndicated loan for a European corporate. Deutsche Bank’s distressed debt franchise produced record trading revenues in 2003.
Globally, Deutsche Bank remained a leading underwriter of commercial mortgage-backed securitizations in 2003. Further progress was also made in real estate investment banking . We participated in a real estate financing which received the award of Securitisation Deal of the Year in 2003 due to its size and structure.
