What were the highs and lows of full year 2017? Our Global Markets Reviews for Q4 2017 look at key trends across investment banking, M&A, ECM, DCM, Leveraged Finance, and Loans, according to Dealogic figures. Read the 2017 global highlights from our annual report.
Global Q4 2017 highlights
On a Q4 basis, global IB revenue decreased 2% from $19.3bn in Q4 2016 to $18.9bn in 2017, impacted by a decline in M&A (20%) and syndicated lending (16%) revenues, with $5.6bn and $3.6bn, respectively.
IB – 2017 global IB revenue hit a 3-year high of $81.2bn in 2017, recovering from the 4-year low of $75.7bn set in 2016. US IB revenue reached a record high of $39.7bn.
M&A – Q4 2017 was the fifth biggest quarter for global M&A on record ($1.16tr), despite total 2017 global M&A volume ($3.69tr) declining amid economic and political uncertainty.
ECM – Global ECM volume totaled $864.6bn in 2017, up 19% from 2016. US-listed IPO volume of $49.3bn (via 190 deals) was double the $24.3bn (via 111 deals) priced in 2016.
DCM – Global high-yield bond issuance hit a new record high this year ($507.2bn), up 49% from 2016. US-marketed corporate bond issuance increased 12% to an all-time high of $1.15tr.
Loans – 2017 was a slow year for multi-billion dollar M&A transactions. Combined with lower interest rates, this resulted in a year dominated by refinancing activity and limited new money.
Deals – The four largest M&A deals of 2017 were all announced during Q4, notably Broadcom’s $130.3bn hostile bid for Qualcomm, in line to be the third-largest deal on record.
Global 2017 rankings
| Global Investment Banking Revenue by Bank – Full Year 2017 league table | ||||
|---|---|---|---|---|
| Rank | Bank | Revenue | Share | 2016 |
| 1 | JPMorgan | $6.61bn | 8.1% | 1 |
| 2 | Goldman Sachs | $5.84bn | 7.2% | 2 |
| 3 | Bank of America Merrill Lynch | $4.99bn | 6.1% | 3 |
| 4 | Morgan Stanley | $4.74bn | 5.8% | 4 |
| 5 | Citi | $4.36bn | 5.4% | 5 |
| 6 | Credit Suisse | $3.69bn | 4.6% | 6 |
| 7 | Barclays | $3.47bn | 4.3% | 7 |
| 8 | Deutsche Bank | $2.63bn | 3.2% | 8 |
| 9 | UBS | $1.81bn | 2.2% | 11 |
| 10 | RBC Capital Markets | $1.78bn | 2.2% | 10 |
For more global 2017 league tables, please contact us.
Read the regional 2017 highlights
Data source: Dealogic, as of January 1, 2018