Gents (and Ladies):
Been out of the game for a while and am wondering who people think are currently the leading Power and Utilities IBD groups on the street. Know there's been some changes in BB groups in the last year or two and haven't seen a recent thread on this. What's everybody think?
Would be curious about perceived leaders in both asset / utility M&A. Thanks in advance...
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From what I hear, GPUG is one of the top groups at MS
London Power: Citi handles nearly every sell side on EMEA. MS / Barclays and JPM are good groups too
Re Assets I would go for Rothschild or Evercore who normally handle Asset processes (Wind Farms, CCGTs)
Thanks guys. How about Lazard, Citi, Goldman, CS, etc.? All seem to have strong groups but would welcome more color...
I worked with many of these groups and from what I can tell, these are the top groups for power: Barclays, Citi, Morgan Stanley, and JP Morgan. In general, Barclays and Citi run more M&A deals than MS and JPM. However, the size of the deals at MS and JPM are typically higher.
I agree with what was said by UtilitiesBanker regarding Citi, Barclays and JPM, not so sure about MS in London. Also, everz now and then banks with a strong presence in France take the deal home as a lot of the sell-side is happening there.
A few years ago Nomura used to be quite good as well but seniors left to UBS, and none of the banks has really established themselves in the market since
I agree with what was said by UtilitiesBanker regarding Citi, Barclays and JPM, not so sure about MS in London. Also, everz now and then banks with a strong presence in France take the deal home as a lot of the sell-side is happening there.
A few years ago Nomura used to be quite good as well but seniors left to UBS, and none of the banks has really established themselves in the market since
Morgan Stanley is Iberdrola's advisor for everything so I am giving them credit for that. Nomura has also some selected clients but as a whole is in the top tier. Given the size of the French players you could argue that SocGen is in there too although their team in London is quite lean
Power IB (Originally Posted: 08/28/2007)
What are people's views on the sector? and individual banks in the sector?
Best banks in Power IB are CS, JPM, GS, MS and ML.
Lots of financing work (esp. debt finance), project finance, etc, with a sprinkling of M&A by comparison. Could get more active due to deregulation in some markets. If you find it interesting, then why not go for it?
I was surprised you left off Lehman which I understood was very strong. Is there a reason?
Some of this might be thrown off by the TXU deal, so I included number of deals as well.
Bank Volume ($mm) Deals 1. JP Morgan $173,490.4 31 2. Citi $136,616.8 21 3. Lazard $136,484.2 10 4. Lehman $119,521.6 18 5. CS $119,411.5 18 6. Goldman $114,188.8 12 7. UBS $98,159.9 17 8. Deutsche $80,843.6 11 9. Merrill $80,105.9 10 10. Mediobanca $76,952.3 5
Does power IB have another name? I've never heard of it and I work at one of the firms that was listed as one of the top players...
Power Energy & Power Power & Utilities Energy Energy & Utilities etc.
is usually a seperate group....in my bank power group is called utilities.......energy deals with energy and gas companies, mostly based out of houston and some in nyc..........
The term "gas companies" is pretty wide ranging.
Exploration & Production (E&P) - done out of a pure oil&gas/energy team Midstream - done out a pure oil&gas/energy team Pipelines - depends, sometime utilities sometimes oil&gas/energy Gas Distribution - likely utilities LNG - either group
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