Investment

Unprecedented year sets records for investment bankers

Published

4 years ago

January 5, 2021

Not only was this the strongest year on record for bankers, but the three largest quarters for banking fees all occurred last year.

The second quarter of 2020 led the way, setting the all-time fee record for a single quarter at US$35.7 billion.

Both debt and equity underwriting fees hit record levels in 2020.

Debt revenues rose 25% year over year, and equity fees jumped by 78%, “bolstered by a resurgent market for IPOs and record follow-on and convertible bond issuance,” Refinitiv said.

The strength in underwriting fees was tempered by a 4% decline in M&A advisory fees, and an 8% drop in syndicated lending revenues, the firm reported.

The financial sector was the biggest contributor to investment banking fees, representing 29% of global revenues (US$37.0 billion), which was up 13% from a year ago.

The industrials and tech sectors ranked second and third, respectively, at US$13.4 billion and US$11.3 billion, both up by around 30% from the previous year.

While the investment banking fee pie grew considerably last year, it was also increasingly concentrated. Refinitiv reported that the top five firms in the world increased their combined wallet share by 2.3 percentage points to 30%.

JP Morgan remained atop the industry league tables, generating US$9.2 billion in global fees (representing a 7.2% market share).

Goldman Sachs ranked second, with an estimated 6.5% of global share. BofA Securities placed third, followed by Morgan Stanley and Citi.

RBC Capital Markets remained the top-ranked Canadian firm, but it slipped to 14th place in Refinitiv’s overall rankings from 10th place last year.

Source: – Investment Executive

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Investment

S&P/TSX composite up more than 100 points, U.S. stock markets mixed

Published

3 weeks ago

October 16, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

S&P/TSX up more than 200 points, U.S. markets also higher

Published

4 weeks ago

October 11, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

Published

4 weeks ago

October 10, 2024

Anne Joseph

TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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