Investment industry bottoming out ten institutions underwriting global securities Half

Global investment banking, beset by financial crises, is "bottoming out". Global IPO and new debt issuance increased to $1.94 trillion trillion in the second quarter of 2009, up 9% from $1.8 trillion in the first quarter, according to Dealogic, the financial institution.　　But it fell 0.5% from the second quarter of 2008, and the global IPO and new debt issued in the first half of 2009 was more than twice times the first half of the 2008 issue. "In order to repay the U.S. government investment, financial institutions have issued new shares, coupled with a large rally in the stock market, spurred the second-quarter securities underwriting volume in the first quarter warmer. "The continuous development of investment banking is an inevitable trend," said a senior executive at a large domestic brokerage.　　The data show that global equity and bond underwriting amounted to $3.6967 trillion trillion in the first half of 2009.　　JPMorgan, which underwriting 358.8 billion of billions of dollars and 9.7% per cent of the market, followed Barclays Capital underwriting $254.7 billion, which accounted for 6.9% of the market, and Citigroup in third place, underwriting 247.6 billion dollars and accounting for 6.7% per cent of the market. The remaining seven investment banks were: BofA $225.1 billion, market share 6.1%, Goldman Sachs 206.1 billion, market share 5.6%, Deutsche Bank 187.9 billion, market share 5.1%, Morgan Stanley 184.6 billion, market share 5%, HSBC 174.9 billion dollars,　　Market share 4.7%; Royal Bank of Scotland 163.7 billion USD, market share 4.4%, BNP Paribas 147.1 billion USD, market share 4%.　　It is clear that the top ten investment banks account for 58.2% of global equity and bond underwriting shares. A bank analyst said that while there were negative reports surrounding BofA's acquisition of Merrill Lynch, two companies had become more powerful than they had been, by virtue of the strength of BofA's underwriting bonds and Merrill's stock sales business.　　JPMorgan's dominance in the retail banking and brokerage markets began to dominate after a difficult takeover of Bear Stearns and Washington Mutual. "Investment banking is expected to continue to grow in the third to fourth quarter of this year," he said.　　"The top executives believe that while most stock and bond sales in the second quarter were aimed at reducing the level of corporate indebtedness, the" deleveraging trend "continued into the second half.　　Despite encouraging growth in U.S. investment banking data in the second quarter, many in the market remain sceptical about the future growth of investment banking.　　The second-quarter growth, they say, was nothing more than a financial institution's investment in repaying the US government, issuing new shares and a massive rebound in equities, which spurred a rebound in second-quarter securities underwriting over the first quarter, but still slightly below the level of a year ago. "In the second quarter, big US banks were selling new shares or rights offerings in the market after receiving government stress tests, raising capital ratios through financing," the banking analysts said. After that, the 10 big banks in the United States were allowed to return the government bailout money also in the market caused a burst of matchStock boom. Clearly, these have spurred a surge in US investment banking. Li Xi, an investment bank analyst at Dealogic, said that one of the core businesses of the investment bank, corporate mergers and acquisitions consulting, was underperforming.　　And the total global mergers and acquisitions market this year is only half of last year, showing that at least the merger market is still far from returning to pre-crisis levels. However, there are a number of market participants optimistic about the development of investment banking in the next period of time, the senior managers of the securities said: "From the current market development situation, the investment industry has indeed improved." Whether the IPO or the merger and acquisition of corporate assets, the second quarter is significantly better than the first quarter. Tyler Dickson, head of Citigroup's global capital Markets project, also believes that, as big U.S. banks return to government bailout money, financial institutions are likely to reduce their offerings in the open market, but investment banking will continue to grow in the third to fourth quarter of this year.