For Anyone Considering Working in Canada
The Globe and Mail just came out with their annual rankings for investment banks. Along with the National Post rankings, these are the authoritative rankings on investment banking in Canada. Given the size of the market, large deals can make the rankings lumpy, so I would suggest to anyone looking at the rankings to look to absolute rank along with consistency of ranking.
Link to equity underwriting league tables:
http://www.theglobeandmail.com/servlet/story/RTGA…
Link to M&A league tables:
and the top 40 deals of the year (with advisors):
http://www.theglobeandmail.com/v5/content/leagueTables/top40-deals.html
Any views / comments from Canadians on this board? Predictions for 2007?
commenting on M&A...
Surprised how badly BMO got smoked - only half as many deals as 2005 and not even in the top 15.
Most improved awards go to JPMorgan (twice as many deals and huge $$ improvements, and Credit Suisse (from #15 to #7 and nearly 7x the $ value).
Biggest drops are Merrill (from #3 to #11 with less $$ value and fewer deals - they lost a lot of key people in 2006) and BMO (#8 to #16).
The mining deals (Inco/Falconbridge) had a huge impact, those advising the winners and targets get a $18bn+ credit and those advising the losers (Phelps, Teck Cominco) get nothing. Definitely hurt Merrill and BMO who were both advising Teck.
Santander and ABN (#14 and 15) are bullshit entries, they were in on the financing for CVRD and somehow scored M&A credit. I don't think they even have Canadian offices.
Genuity improved over last year but needs another strong year to be considered a serious player.
Overall strong performance by the global banks due to the heavy cross-border M&A. Could have serious implications for the weaker canadian banks (especially BMO and Scotia), if they're weak at home and weak abroad they risk being marginalized in M&A if the global banks keep elbowing in.
Also interesting how Lehman didn't even register - they're opening a Canadian presence so maybe that'll change in '07.
BMO and Scotia are hurting. On the equities side, the fact that TD passed both of them is a bad sign. Although, Scotia can be very aggressive when it comes to pricing equities and may regain some of its status in 2007.
Agreed on Santander/ABN and I think Merrill is dying a slow death in Canada.
I think Goldman will be interesting in 2007 with more bodies on the ground in Toronto and Calgary. Might also see Greenhill pop up here and there in 2007.
Not sure about Genuity, they need to think hard about their overall strategy.
It will be interesting to see if RBC and CIBC can fend off the international competition.
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