Coverage & Product Groups in Australia

Coverage deal flows gonna vary bank by bank but generally speaking - 

• Nat res and infra - Australia carries above their weight for both sectors, and because the low cost ores have mostly been found / dug up, miners like to do M&A nowadays especially within gold. For infrastructure, Australia privitised a lot of the infra that otherwise would be state owned in some other countries ie. DeSal plants etc, so some massive private infra deals are always going on. Core plus infra is also expanding so infra teams are on more deals. Majority of the mega deals recently (proposed rio / glencore merger, proposed woodside / santos merger, santos / xrg, stack, airtrunk etc) have all come out of these two sectors
• TMT, Industrials and FIG - TMT is only here because of the telco side which is really big in Aus and is very similar to infrastructure, plus they are also usually on data centre deals which are also really big right now. Otherwise tech and media aren't that prevalent. Industrials overall is a pretty big sector in Aus as well - not specifically sure why. Logistics and some core plus infra is also sometimes run out of industrials instead of infra. FIG used to be pretty big because the big 4 would raise equity pretty often but they have stopped doing as much nowadays, but I think they still are getting a lot of attention - this year alone there has been challenger / daiichi, fleetpartners / pep, TPG's raid on equity trustees etc. For MS specifically I don't think their FIG team is as strong as GS / BofA but they still get deals from what I have seen
• RE - At the asset level there's probably more activity (JLL, smaller RE advisory shops etc) but at the IB level for RE corporates I think it's more muted. Regardless this team would usually leave first