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6 | ifr special report | July 2010 GERMAN CORPORATE FUNDING ROUNDTABLE


German corporate DCM — H1 2010 1/1/2010–30/6/2010


Bookrunner


1 Deutsche Bank 2 UniCredit Group 3 DZ Bank


4 BNP Paribas


Proceeds Mkt. No. of (US$m) share issues 13,050.0 6,484.1 4,814.1 4,487.6


18.6 9.3 6.9 6.4


5 Commerzbank 4,116.8 5.9 6 Barclays Capital 7 LBBW 8 HSBC


3,227.7 2,967.7 2,900.3


9 Bayerische Landesbank Giro 2,854.3 10 WestLB


11 Credit Agricole CIB 12 UBS 13 RBS


14 Societe Generale 15 Nord/LB


16 JP Morgan


17 Credit Suisse 18 Goldman Sachs


19 LB Hessen-Thueringen 20 Natixis Total


Source: Thomson Reuters


2,789.3 2,295.5 2,144.7 2,021.5 1,356.3 1,255.8 1,126.7 1,122.8 1,003.1 952.0 942.5


4.6 4.2 4.1 4.1 4.0 3.3 3.1 2.9 1.9 1.8 1.6 1.6 1.4 1.4 1.3


37 24 26 19 16 13 12 10 10 14 10 12 10 3 8 3 8 4 4 6


70,119.3 100.0 120


German corporate DCM — 2009 1/1/2009–31/12/2009


Bookrunner


1 Deutsche Bank 2 Commerzbank 3 BNP Paribas 4 RBS


5 UniCredit Group 6 Societe Generale 7 DZ Bank


8 JP Morgan 9 LBBW


10 HSBC 11 Citigroup


12 Barclays Capital 13 Credit Agricole CIB 14 Credit Suisse


Proceeds Mkt. No. of (US$m) share issues 28,682.8 17,245.9 12,897.4 11,006.2 10,512.5 10,089.1 9,692.4 8,771.5 7,886.7 7,178.8 6,452.8 5,329.5 5,091.1 4,770.2


15 Bayerische Landesbank Giro 4,656.3 16 Morgan Stanley


3,951.5 17 Bank of America Merrill Lynch 3,520.1


20 Goldman Sachs Total


Source: Thomson Reuters German corporate DCM — industry breakdown H1 2010 2.8% 1.7% 1.5% 2.9% 8.2% 9.7% 62.9% 10.4% Total = US$70,119.3m Source: Thomson Reuters German corporate DCM — industry breakdown 2009 1.4% 2.8% 12.4% 34.5% 9.2%


3.0% 1.9%


3.9% 1.2% 4.9%


Total = US$174,897.1m 24.8%


Consumer products and services


High technology Telecoms Healthcare


Industrials Financials


Retail


Energy amd power Materials


Media and entertainment Consumer staples


Industrials Financials


Consumer products and services


Healthcare


High technology Telecoms


Other Retail


2,438.6 2,435.9


16.4 9.9 7.4 6.3 6.0 5.8 5.5 5.0 4.5 4.1 3.7 3.1 2.9 2.7 2.7 2.3 2.0


18 WestLB 2,515.2 1.4 19 UBS


1.4 1.4


82 51 37 31 35 24 36 22 27 29 20 23 11 14 16 17 11 13 12 7


174,897.1 100.0 234


German corporate DCM — 2008 1/1/2008–31/12/2008


Bookrunner


1 Deutsche Bank 2 UniCredit Group


Proceeds Mkt. No. of (US$m) share issues 47,047.5 30.0 75 12,924.6 8.2 39


3 Commerzbank 12,211.7 7.8 35 4 Barclays Capital


7 Societe Generale 8 Citigroup 9 DZ Bank


10 RBS


11 Morgan Stanley 12 Goldman Sachs


8,688.0 5.5 37


5 Bank of America Merrill Lynch 6,330.6 4.0 14 6 BNP Paribas


6,133.8 3.9 23 5,874.8 3.7 15 5,427.8 3.5 14 4,973.0 3.2 23 4,565.4 2.9 16 4,139.1 2.6 10 4,135.3 2.6 6


13 Bayerische Landesbank Giro 4,047.8 2.6 13 14 JP Morgan 15 HSBC 16 LBBW


17 Credit Suisse


18 Credit Agricole CIB 19 UBS 20 ING


Total Source: Thomson Reuters


transaction that is now in the market2 marks a turning point in terms of the tide going back towards to loan market, but at least we are talking a three-year tenor for the term loan, with a pretty aggressive margin. I doubt whether the bond market could actually compete with such tight pricing, particularly given that you are talking Spain. Sovereign risk will certainly be one factor in the pricing, but the scarcity of drawn assets and the scarcity of deals in the loan market are certainly bringing a level of competition to the loan market, driving down pricing to a record level.


Matthias Gaab: If I may add one thing, otherwise my statement might have sounded a little bit too negative on loans. Whether our bond colleagues like it or not, loans are much more flexible. And certainly in event-driven situations, that is gold dust for corporates. Secondly, one thing you shouldn’t forget – and I’m sure the bond guys will agree wholeheartedly – is that bond investors are much more volatile than the investor base on the loan side. So I would argue that banks are a more reliable source of funding.


Source: Thomson Reuters 2Telefonica launched a three and five-year €8bn financing in mid-July, split between an acquisition facility of €5bn backing its bid for control of Vivo in Brazil, and a €3bn refinancing line.


Marc Mueller: I think the one positive that German clients have seen through the crisis is that there were clear benefits in having bank facilities in place. I doubt any of the large and mid caps will disagree and don’t think we disagree here that


3,812.1 2.4 15 3,683.0 2.4 15 3,660.2 2.3 11 3,578.2 2.3 16 2,968.6 1.9 5 2,434.7 1.6 13 1,367.5 0.9 4 157,037.8 100.0 245


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