MENA Investment Banking Review First Nine Months 2020

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Refinitiv Deals Intelligence

MENA Investment Banking Review

First Nine Months 2020

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DCM PROCEEDS UP 8%

ECM PROCEEDS DOWN -7%

ANY INV. M&A DOWN -52%

TARGET M&A DOWN -54%

LOAN FEES DOWN -8%

DCM FEES UP 2%

ECM FEES DOWN -20%

M&A FEES UP 23%

Standard Chartered PLC

DCM TOP BOOK RUNNER YTD

First Abu Dhabi Bank PJSC

ECM TOP BOOK RUNNER YTD

M&A TOP FINANCIAL ADVISOR YTD

Morgan Stanley

QUARTERLY HIGHLIGHTS

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REPORTSUMMARY

INVESTMENT BANKING FEES

Investment banking fees generated in the Middle East and North Africa reached an estimated US$895.7 million during the first nine months of 2020, up 4% from the same period in 2019 to the highest year-to-date

total since 2008. US$361.4 million worth of advisory fees were earned from completed M&A transactions in the region during the first nine months of 2020, up 23% from last year to the highest year-to-date total

since our records began in 2000. Debt capital markets underwriting fees also increased from last year, up 2% to US$211.7 mil lion, the second highest year-to-date total since our records began. Meanwhile, equity

capital markets underwriting fees declined 20% to US$44.6 million, marking the lowest first nine-month total for equity fees in the region in four years, and syndicated lending fees fell 8% to a five-year low of

US$278.0 million. Government & Agency fees accounted for 35% of total investment banking fees earned in the region during the first nine months of 2020, up from 24% during the same period last year. The United

Arab Emirates generated the most fees, a total of US$361.0 million accounting for 40%, followed by Saudi Arabia with US$268.3 million.

HSBC earned the most investment banking fees in the region during the first nine months of 2020, a total of US$91.1 million or a 10% share of the total fee pool.

MERGERS & ACQUISITIONS

The value of announced M&A transactions with any MENA involvement reached US$58.0 billion during the first nine months of 2020. It marked the third highest year-to-date total of all-time, despite falling 52% in

value from the record high achieved last year with Saudi Aramco’s agreement to buy a stake in Saudi Basic Industries Corp for $69.1 billion. US$6.3 billion worth of deals were announced during the third quarter of

2020, down 82% from the previous quarter which was boosted by two mega deals - Saudi Arabia’s National Commercial Bank announced plans to acquire Samba Financial Group for US$15.6 billion and a

consortium of investors agreed to buy ADNOC gas pipeline assets for US$10.1 billion.

Despite scoring the second highest first nine-month total of all-time, domestic M&A registered a 71% decline from last year to US$25.2 billion, again due to the Aramco / Sabic deal. Inbound M&A, involving an

acquiror from outside of the region, increased 36% to an all-time year-to-date high of US$22.5 billion, while outbound M&A declined 47% to US5.0 billion.

The financial sector was most active, with deals targeting financial companies accounting for 40% of total M&A in the region during the first nine months of 2020, followed by Energy & Power with 21%. Saudi Arabia

was the most targeted nation, followed by The United Arab Emirates and Egypt.

Morgan Stanley topped the any MENA involvement announced M&A financial advisor league table during the first nine months of 2020 with a 45% market share.

EQUITY CAPITAL MARKETS

MENA equity and equity-related issuance totaled US$2.6 billion during the first nine months of 2020, 7% less than the value recorded during the same period last year and a three-year low after less than US$80

million was raised during the second quarter. Third quarter issuance reached US$1.7 billion as Abu Dhabi National Oil Co sold US$1 billion worth of shares in ADNOC Distribution, and Dubai-based social

networking and entertainment platform Yalla Group raised US$139.5 million through its New York listing.

First Abu Dhabi Bank PJSC takes first place in the MENA ECM league table during the first nine months of 2020, followed by Citi.

DEBT CAPITAL MARKETS

MENA debt issuance reached US$92.4 billion during the first nine months of 2020, up 8% from the value recorded during the same period in 2019 and an all-time year-to-date high. After a strong start, with over

US$9 billion raised in both January and February, March issuance slowed to just US$572.0 million. US$52.4 billion was recorded during the second quarter of 2020, an all-time quarterly high in the region, followed

by US$20.5 billion during the third quarter. The United Arab Emirates and Saudi Arabia were the most active issuer nations during the first nine months of 2020 with US$34.7 billion and US$21.9 billion in bond

proceeds, respectively.

Standard Chartered took the top spot in the MENA bond underwriter ranking during the first nine months of 2020 with US$16.5 billion of related proceeds, or an 18% market share.




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MENA

INVESTMENT BANKING FEES

INVESTMENT BANKING FEES VOLUMES

INVESTMENT BANKING FEES BY ASSET CLASS

TOP FEE PAYING INDUSTRIES TOP FEE PAYING COUNTRIES

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0

200

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600

800

1,000

1,200

1,400

1,600

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US

$ M

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YTD Fees Rest of Year Fees

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600

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

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$ M

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BONDS EQUITY LOANS MA

24%

27%30%

5%0%

14%35%

34%

11%

8%

4%

8%

Government and Agencies Industrials

Energy and Power High Technology

Financials Other

38%

28%

6%

5%

18%

40%

30%

8%

7%

5%

10%

United Arab Emirates Qatar

Saudi Arabia Oman

Egypt Other

• Outer Rim: 2020

• Inner Rim: 2019

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MENA


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ANY INVOLVEMENT M&A VOLUMES & NUMBER OF DEALS

TARGET M&A VOLUMES & NUMBER OF DEALS

TOP TARGETED COUNTRIESTOP TARGETED INDUSTRIES

-

100

200

300

400

500

600

700

800

$0

$20

$40

$60

$80

$100

$120

$140

$160

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

YTD (US$ bil) Rest of Year (US$ bil) # Deals

-

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400

450

500

$0

$20

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00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20


69%

21%

0%

9%

43%

39%

8%

2%2%

6%

14%

78%

2%5%

40%

21%

10%

8%

7%

14%

• Outer Rim: 2020

• Inner Rim: 2019

Financials Consumer Staples

Energy and Power Real Estate

Industrials Other

Saudi Arabia Iran

United Arab Emirates Oman

Egypt Other

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MENA


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ANY INVOLVEMENT M&A MONTHLY VOLUMES

-

20

40

60

80

100

120

$0

$10

$20

$30

$40

$50

$60

$70

$80

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Value (US$ bil) # Deals

US$69b Saudi Aramco / SABIC

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MENA


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INBOUND M&A DOMESTIC M&A OUTBOUND M&A

INBOUND M&A VOLUMESTOP TARGETED / TOP ACQUIRING NATIONS

DOMESTIC M&A VOLUMESTOP TARGETED / TOP ACQUIRING NATIONS

OUTBOUND M&A VOLUMESTOP TARGETED / TOP ACQUIRING NATIONS

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50

100

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250

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350

$0

$10

$20

$30

$40

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00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20


Domestic M&A declined 71% YTD to US$25.2 billion.Inbound M&A increased 36% YTD to US$22.5 billion. Outbound M&A declined 47% YTD to US$5.0 billion.

$14.9

$3.7

$1.0

$1.0

$0.9

United ArabEmirates

SaudiArabia

Iran

Oman

Jordan

US$ Billion

$14.2

$3.0

$2.1

$1.0

$1.0

UnitedStates…

HongKong

Unknown

UnitedKingdom

Mauritius

US$ Billion

$19.1

$4.0

$1.0

$0.4

$0.4

Saudi Arabia

United ArabEmirates

Qatar

Egypt

Tunisia

US$ Billion

$16.7

$3.8

$3.2

$1.0

$0.4

Saudi Arabia

United ArabEmirates

Egypt

Qatar

Tunisia

US$ Billion

$3.6

$0.4

$0.3

$0.2

$0.1

UnitedStates…

India

Bermuda

Germany

UnitedKingdom

US$ Billion

$2.9

$0.7

$0.4

$0.4

$0.3

Saudi Arabia

Bahrain

United ArabEmirates

Qatar

Morocco

US$ Billion

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MENA


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ANY INVOLVEMENT M&A TOP DEALS YTD

Value ($Mil) Status Rank Date Target Name Target Nation Target Industry Acquiror NameAcquiror Parent

NationTarget Financial Advisor Acquiror Financial Advisor

15,630.9 Pending 6/25/2020 Samba Financial Group SJSC Saudi Arabia FinancialsNational Commercial Bank

SJSCSaudi Arabia Morgan Stanley JP Morgan & Co Inc

10,100.0 Completed 6/23/2020 ADNOC Gas Pipeline Assets LLC Utd Arab Em Energy and Power Investor Group United States

Bank of America Sec JAP

First Abu Dhabi Bank PJSC

Mizuho Securities Co Ltd

Moelis & Co

Rothschild & Co

Morgan Stanley

Citi

4,680.0 Pending 3/6/2020 Borealis AG Austria Materials OMV AG Austria Barclays

2,998.0 Completed 5/22/2020 Pinehill Co Ltd Saudi Arabia Consumer StaplesPT Indofood CBP Sukses

MakmurHong Kong

Somerley

Deutsche Bank

2,717.9 Completed 2/17/2020 DP World PLC Utd Arab Em Industrials Port & Free Zone World FZE Utd Arab Em Rothschild & Co

Citigroup Global Markets Ltd

Deutsche Bank Aktiengesellschaft

London Branch

2,700.0 Completed 9/2/2020 Abu Dhabi Ppty Ls Hldg RSC Ltd Utd Arab Em Real Estate Investor Group United StatesHSBC Holdings PLC

Moelis & Co

2,392.0 Pending 1/29/2020 Vodafone Egypt Telecommun SAE Egypt Telecommunications Saudi Telecom Co Sjsc Saudi Arabia Barclays

1,000.0 Completed 3/8/2020 Qatar Fertilizer Co PSC Qatar Materials Qatar Petroleum Corp Qatar

1,000.0 Pending 2/3/2020 Etihad Airways-Com Air Por(38) Utd Arab Em Industrials Altavair LP United States

1,000.0 Pending 6/30/2020 Jindal Shadeed Iron & Steel Oman Materials Templar Invests Ltd MauritiusAlpen Capital (ME) Ltd

Ernst & Young LLP

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MENA

EQUITY CAPITAL MARKETS

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ECM YTD PROCEEDS

ECM YTD PROCEEDS BY ISSUE TYPE

TOP ISSUING COUNTRIES

TOP ISSUING INDUSTRIES

$1.0

$0.8

$0.3

$0.2

$0.1

$0.0

$1.5

$0.7

Energy and Power

Healthcare

Financials

Real Estate

US$ Billion

YTD Proceeds YTDLY Proceeds

$1.3

$1.2

$0.1

$0.0

$0.1

$1.0

$0.1

$0.2

United Arab Emirates

Saudi Arabia

Morocco

Egypt

US$ Bllion


$0

$5

$10

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$35

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

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$ B

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YTD Proceeds Rest of Year Proceeds

$0

$2

$4

$6

$8

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$12

$14

$16

$18

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

US

$ B

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IPO Follow-On Convertible

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DCM YTD PROCEEDS

DCM MONTHLY PROCEEDS

TOP ISSUING COUNTRIES

TOP ISSUING INDUSTRIES

MENA

DEBT CAPITAL MARKETS

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$0

$20

$40

$60

$80

$100

$120

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

US

$ B

illio

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YTD Proceeds Rest of Year Proceeds

0

5

10

15

20

25

$0

$5

$10

$15

$20

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$35

2015 2016 2017 2018 2019 2020

US

$ B

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Proceeds (US$ bil) # Issues

$34.7

$21.9

$19.4

$6.1

$5.8

$25.9

$27.6

$16.1

$3.6

$7.3

United Arab Emirates

Saudi Arabia

Qatar

Bahrain

Egypt

US$ Billion


$50.6

$37.6

$3.8

$0.4

$45.4

$23.8

$13.1

$0.0

Government and Agencies

Financials

Energy and Power

Materials

US$ Billion


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MENA

EQUITY & DEBT CAPITAL MARKETS TOP DEALS

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ECM TOP DEALS 2020

DCM TOP DEALS 2020

Issue Date Proceeds ($ mil) Issuer Domicile Industry Mid Industry Currency

4/7/2020 9,988.1 Ministry of Finance Qatar Qatar Government and Agencies National Agency U.S. Dollar

4/15/2020 6,956.5 Saudi Arabia Saudi Arabia Government and Agencies National Government U.S. Dollar

4/8/2020 6,860.2 Goverment of Abu Dhabi Utd Arab Em Government and Agencies City Government U.S. Dollar

5/21/2020 5,000.0 Egypt Egypt Government and Agencies National Government U.S. Dollar

8/25/2020 4,990.7 Goverment of Abu Dhabi Utd Arab Em Government and Agencies City Government U.S. Dollar

Issue Date Proceeds ($ mil) Issuer Domicile Industry Mid Industry Issue TypePrimary

Exchange

9/14/2020 1,004.0 Abu Dhabi Natl Oil Co For Utd Arab Em Energy and Power Oil & Gas Follow-On AD DH

3/3/2020 699.7 Dr Sulaiman Al-Habib Med Svcs Saudi Arabia Healthcare Healthcare Providers

& Services (HMOs) IPO SAUDI

9/2/2020 200.4 The Saudi British Bank Saudi Arabia Financials Brokerage Follow-On TADAW

9/29/2020 139.5 Yalla Group Ltd Utd Arab Em High Technology Computers &

Peripherals IPO NYSE

7/12/2020 136.1 Julphar Utd Arab Em Healthcare Pharmaceuticals Follow-On AD DH

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MENA

INVESTMENT BANKING FEE LEAGUE TABLES

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INVESTMENT BANKING FEES LEAGUE TABLE

INVESTMENT BANKING FEES LEAGUE TABLE (US$MIL)

10.2%

6.7%6.2% 6.0%

5.5%

4.5% 4.5% 4.2%3.9% 3.7%

0

20

40

60

80

100

120

0 1 2 3 4 5 6 7 8 9 10 11

Fe

es

US

$ M

illio

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Rank

HSBC Holdings PLC First Abu Dhabi Bank PJSC Standard Chartered PLC JP Morgan Citi

Moelis & Co Bofa Securities Inc Morgan Stanley Mizuho Financial Group BNP Paribas SA

Q3 2020 Q3 2019 BANK NAMEFEES

(US$Mil)

FEES YOY

CHANGE (%)SHARE (%)

SHARE YOY

CHANGE (%)#DEALS

#DEALS YOY

CHANGE (%)

1 1 HSBC Holdings PLC 91.1$ -4.5% 10.2% -0.9% 58 -9.4%

2 9 First Abu Dhabi Bank PJSC 59.6$ 143.9% 6.7% 3.8% 33 -13.2%

3 5 Standard Chartered PLC 56.0$ 49.9% 6.2% 1.9% 55 14.6%

4 2 JP Morgan 53.9$ -18.1% 6.0% -1.6% 26 0.0%

5 4 Citi 49.4$ 28.6% 5.5% 1.1% 37 0.0%

6 11 Moelis & Co 40.2$ 87.2% 4.5% 2.0% 3 0.0%

7 7 Bofa Securities Inc 40.2$ 45.6% 4.5% 1.3% 6 -40.0%

8 6 Morgan Stanley 37.9$ 24.7% 4.2% 0.7% 8 -33.3%

9 28 Mizuho Financial Group 34.9$ 351.5% 3.9% 3.0% 19 111.1%

10 10 BNP Paribas SA 33.5$ 40.8% 3.7% 1.0% 16 -15.8%

TOTAL 895.7$ 4.1% 234 -14.9%

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MENA


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M&A FEES LEAGUE TABLE (US$MIL)

ECM FEES LEAGUE TABLE (US$MIL)


(US$Mil)

FEES YOY

CHANGE (%)SHARE (%)

SHARE YOY

CHANGE (%)#DEALS

#DEALS YOY

CHANGE (%)

1 1 HSBC Holdings PLC 44.1$ -16.5% 12.2% -5.8% 7 0.0%

2 5 Moelis & Co 40.2$ 87.2% 11.1% 3.8% 3 0.0%

3 4 Bofa Securities Inc 36.8$ 41.3% 10.2% 1.3% 2 -71.4%

4 2 JP Morgan 33.1$ -27.9% 9.2% -6.5% 4 -33.3%

5 6 Morgan Stanley 25.6$ 67.4% 7.1% 1.9% 1 -75.0%

6 11 Jefferies LLC 24.5$ 321.1% 6.8% 4.8% 1 -50.0%

7 - First Abu Dhabi Bank PJSC 19.3$ - 5.3% - 1 -

7 - Mizuho Financial Group 19.3$ - 5.3% - 1 -

9 10 Citi 14.3$ 60.6% 4.0% 0.9% 3 -40.0%

10 7 Rothschild & Co 13.8$ 18.0% 3.8% -0.2% 3 -25.0%

TOTAL 361.4$ 23.1% 53 -30.3%


(US$Mil)

FEES YOY

CHANGE (%)SHARE (%)

SHARE YOY

CHANGE (%)#DEALS

#DEALS YOY

CHANGE (%)

1 - First Abu Dhabi Bank PJSC 6.4$ - 14.4% - 2 -

2 8 Morgan Stanley 6.3$ 298.0% 14.2% 11.4% 1 0.0%

3 7 Citi 6.0$ 252.2% 13.5% 10.4% 2 0.0%

4 - Jadwa Investment Co 5.0$ - 11.3% - 1 -

4 4 EFG Hermes 5.0$ 67.1% 11.3% 5.9% 1 -66.7%

4 - Riyadh Bank Ltd 5.0$ - 11.3% - 1 -

7 8 National Commercial Bank SJSC 3.1$ 94.6% 7.0% 4.1% 1 0.0%

8 - Haitong Securities Co Ltd 2.6$ - 5.9% - 1 -

9 5 Goldman Sachs & Co 1.0$ -65.3% 2.2% -2.9% 1 -50.0%

10 - Falcom Financial Services 0.9$ - 2.1% - 2 -

TOTAL 44.6$ -20.2% 12 -14.3%

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MENA


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DCM FEES LEAGUE TABLE (US$MIL)

LOANS FEES LEAGUE TABLE (US$MIL)


(US$Mil)

FEES YOY

CHANGE (%)SHARE (%)

SHARE YOY

CHANGE (%)#DEALS

#DEALS YOY

CHANGE (%)


2 2 HSBC Holdings PLC 26.2$ 15.9% 12.4% 1.5% 41 -6.8%

3 3 Citi 19.9$ -3.1% 9.4% -0.5% 25 25.0%

4 4 JP Morgan 13.7$ -23.3% 6.5% -2.1% 18 5.9%


6 7 Credit Agricole CIB 10.8$ 9.2% 5.1% 0.3% 25 177.8%

7 6 Deutsche Bank 10.1$ -2.4% 4.8% -0.2% 11 -8.3%

8 9 BNP Paribas SA 9.3$ -4.2% 4.4% -0.3% 7 -41.7%

9 8 National Commercial Bank SJSC 6.1$ -37.6% 2.9% -1.8% 1 -50.0%

10 11 Morgan Stanley 6.0$ -22.1% 2.8% -0.9% 6 0.0%

TOTAL 211.7$ 2.0% 129 14.2%


(US$Mil)

FEES YOY

CHANGE (%)SHARE (%)

SHARE YOY

CHANGE (%)#DEALS

#DEALS YOY

CHANGE (%)


2 1 HSBC Holdings PLC 20.9$ 18.9% 7.5% 1.7% 10 -16.7%


4 12 Sumitomo Mitsui Finl Grp Inc 14.8$ 88.7% 5.3% 2.7% 5 66.7%

5 4 BNP Paribas SA 14.0$ 15.6% 5.0% 1.0% 4 -20.0%

6 15 Mizuho Financial Group 11.8$ 62.6% 4.2% 1.8% 3 -40.0%

7 22 Emirates NBD PJSC 11.2$ 163.3% 4.0% 2.6% 7 -36.4%

8 5 Societe Generale 11.0$ 2.0% 4.0% 0.4% 2 -60.0%

9 11 MashreqBank PSC 10.2$ 26.1% 3.7% 1.0% 4 -42.9%

10 13 Arab Banking Corporation 10.2$ 33.6% 3.7% 1.1% 6 50.0%

TOTAL 278.0$ -8.3% 40 -44.4%

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MENA

INVESTMENT BANKING LEAGUE TABLES

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ANY INVOLVEMENT M&A LEAGUE TABLE (US$MIL)

TARGET M&A LEAGUE TABLE (US$MIL)

Q3 2020 Q3 2019 BANK NAMERANK VALUE

(US$ Mil)

RANK VALUE YOY

CHANGE (%)SHARE (%)

SHARE YOY

CHANGE (%)#DEALS

#DEALS YOY

CHANGE (%)

1 6 Morgan Stanley 25,809.2$ -65% 45% -28% 3 -63%

2 2 JP Morgan 16,014.6$ -81% 28% -61% 4 -69%

3 10 Rothschild & Co 12,848.8$ 176% 22% 467% 6 -25%

4 7 Moelis & Co 12,800.0$ 27% 22% 163% 2 -50%

5* - Mizuho Financial Group 10,100.0$ - 17% - 1 -

5* - First Abu Dhabi Bank PJSC 10,100.0$ - 17% - 1 -

5* 5 BofA Securities Inc 10,100.0$ -87% 17% -73% 1 -90%

8 9 Barclays 8,183.9$ 71% 14% 253% 4 0%

9 15 Deutsche Bank 5,715.9$ 430% 10% 1000% 2 -33%

10 1 HSBC Holdings PLC 4,115.6$ -95% 7% -90% 4 -60%

TOTAL 58,044.3$ -52% 100.0% - 535 0%

Q3 2020 Q3 2019 BANK NAMERANK VALUE

(US$ Mil)

RANK VALUE YOY

CHANGE (%)SHARE (%)

SHARE YOY

CHANGE (%)#DEALS

#DEALS YOY

CHANGE (%)

1 6 Morgan Stanley 25,730.9$ -65% 54% -22% 2 -50%

2 3 JP Morgan 16,014.6$ -80% 34% -57% 3 -70%

3 13 Rothschild & Co 12,817.9$ 758% 27% 1821% 4 0%

4 7 Moelis & Co 12,800.0$ 27% 27% 179% 2 -50%

5* - Mizuho Financial Group 10,100.0$ - 21% - 1 -

5* - First Abu Dhabi Bank PJSC 10,100.0$ - 21% - 1 -

5* 5 BofA Securities Inc 10,100.0$ -86% 21% -70% 1 -80%

8 14 Deutsche Bank 5,715.9$ 430% 12% 1100% 2 100%

9 1 HSBC Holdings PLC 4,115.6$ -95% 9% -89% 4 -33%

10 9 Barclays 3,278.9$ -23% 7% 68% 2 0%

TOTAL 47,715.8$ -54% 100.0% - 379 10%

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MENA

INVESTMENT BANKING LEAGUE TABLES

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ECM LEAGUE TABLE (US$MIL)

DCM LEAGUE TABLE (US$MIL)

Q3 2020 Q3 2019 BANK NAMEPROCEEDS

(US$ Mil)

PROCEEDS YOY

CHANGE (%)SHARE (%)

SHARE YOY

CHANGE (%)#DEALS

#DEALS YOY

CHANGE (%)

1 - First Abu Dhabi Bank PJSC 638.1$ - 24% - 2 -

2 6* Citi 602.2$ 643% 23% 690% 2 0%

3* 2 EFG Hermes 233.2$ -25% 9% -19% 1 -75%

3* - Riyadh Bank Ltd 233.2$ - 9% - 1 -

3* - Jadwa Investment Co 233.2$ - 9% - 1 -

6 8* National Commercial Bank SJSC 115.9$ 58% 4% 69% 1 0%

7 - ANB Invest Co 106.7$ - 4% - 1 -

8 6* Goldman Sachs & Co 100.2$ 24% 4% 31% 1 -50%

9 - Falcom Financial Services 93.0$ - 4% - 2 -

10* - Haitong Securities Co Ltd 69.8$ - 3% - 1 -

10* 8* Morgan Stanley 69.8$ -5% 3% 4% 1 0%

TOTAL 2,627.8$ -7% 100.0% - 13 -13%

Q3 2020 Q3 2019 BANK NAMEPROCEEDS

(US$ Mil)

PROCEEDS YOY

CHANGE (%)SHARE (%)

SHARE YOY

CHANGE (%)#DEALS

#DEALS YOY

CHANGE (%)

1 1 Standard Chartered PLC 16,491.3$ 74% 18% 60% 47 18%

2 2 HSBC Holdings PLC 12,630.5$ 34% 14% 25% 39 15%

3 3 Citi 10,227.1$ 17% 11% 9% 25 32%

4 4 JP Morgan 5,605.7$ -29% 6% -34% 17 0%

5 7 First Abu Dhabi Bank PJSC 5,443.4$ 29% 6% 18% 18 -22%

6 9 Credit Agricole CIB 4,332.9$ 17% 5% 9% 17 113%

7 8 Deutsche Bank 3,974.6$ 1% 4% -7% 9 -25%

8 5 BNP Paribas SA 3,298.7$ -37% 4% -41% 5 -55%

9 11 Morgan Stanley 3,134.1$ 9% 3% 0% 6 0%

10 6 Goldman Sachs & Co 3,089.7$ -36% 3% -42% 3 -50%

TOTAL 92,425.2$ 8% 100.0% - 103 13%

17

CONTACTS / GLOSSARYBACK TO

HIGHLIGHTS

PAGE

MERGERS & ACQUISITIONSThe Refinitiv Mergers & Acquisitions database tracks changes in economic ownership at ultimate parent level in going

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

tracked, subject to criteria. League tables include rank eligible mergers, acquisitions, repurchases, spin-offs, self-tenders,

minority stake purchases and debt restructurings. League tables, commentary, and charts citing announced activity are

based on Rank Date and include intended, pending, partially complete, completed, pending regulatory, and unconditional

transactions. Rank Date is defined as the earliest public announcement of when a value can be applied to a transaction.

EQUITY CAPITAL MARKETSThe Refinitiv Equity Capital Markets database covers domestic and international placements of equity offerings in addition

to domestic and international equity-related transactions. This includes IPOs, follow-on offerings, accelerated book builds

and block trades (with certain restrictions) and convertible bonds. Convertible Bonds with a minimum life of less than 360

days are excluded. Minimum life defined as the difference between the settlement date and the earliest maturity date or

first call/put option.

DEBT CAPITAL MARKETSThe Refinitiv Debt Capital Markets database covers underwritten debt with an issue size of over US$1 million, that

matures in at least 360 days from settlement. It includes all internationally offered underwritten debt transactions in all

currencies, Domestic issuance, Preferred Securities, High Yield and Emerging Market transactions that are offered in US

and Globally, Asset Backed Securities, Mortgage Backed Securities, Collateralized Debt Obligations (CDOs), MTN

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

runner, equal if joint books. In cases of underwriter consolidation, credit is given to the surviving/parent firm. Non-US

dollar denominated transactions are converted to the US dollar equivalent at the time of announcement.

While Refinitiv has used reasonable endeavours to ensure that the information provided in this document is accurate and

up to date as at the time of issue, neither Refinitiv nor its third party content providers shall be liable for any errors,

inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or

opinions of any third party content provider. Refinitiv disclaims all warranties, express or implied, as to the accuracy or

completeness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by

law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and

does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any

recommendations or solicitations regarding particular financial instruments, investments or products, including the buying

or selling of securities. Refinitiv has not undertaken any liability or obligation relating to the purchase or sale of securities

for or by any person in connection with this document.

ABOUT REFINITIVRefinitiv, formerly the Financial & Risk business of Thomson Reuters, is one of the world’s largest

providers of financial markets data and infrastructure. Serving more than 40,000 institutions in over 190

countries, we provide information, insights, and technology that drive innovation and performance in

global markets. Our 160-year Reuters heritage of integrity enables customers to make critical decisions

with confidence, while our unique open platform, best-in-class data, and cutting-edge technology bring

greater opportunity to our customers. By advancing our customers, we drive progress for the entire

financial community. For more information, go to www.refinitiv.com.

ABOUT DEALS INTELLIGENCEDeals Intelligence, a part of Refinitiv Investing & Advisory division, brings up to the minute market

intelligence to the deal making community and the financial media through a variety of research reports

including Daily Deals Insight, weekly Investment Banking Scorecard, monthly Deals Snapshots and our

industry-leading quarterly reviews highlighting trends in M&A and Capital Markets.

CONTACT INFORMATIONAMERICAS

Matt Toole I +1 646 223 7212 I [email protected]

EMEA

Lucille Jones l +44 207 542 4372 l [email protected]

Saiem Jalil l +44 (0) 207 542 2865 l [email protected]

ASIA

Elaine Tan l +63 (2) 459 1567 l [email protected]

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MENA Investment Banking Review First Nine Months 2020

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