Powered by

What were the highs and lows of full year 2017? Our Global Markets Reviews for Q4 2017 look at key trends across investment banking, M&A, ECM, DCM, Leveraged Finance, and Loans, according to Dealogic figures. Read the 2017 global highlights from our annual report.

Global Q4 2017 highlights

On a Q4 basis, global IB revenue decreased 2% from $19.3bn in Q4 2016 to $18.9bn in 2017, impacted by a decline in M&A (20%) and syndicated lending (16%) revenues, with $5.6bn and $3.6bn, respectively.

IB – 2017 global IB revenue hit a 3-year high of $81.2bn in 2017, recovering from the 4-year low of $75.7bn set in 2016. US IB revenue reached a record high of $39.7bn.

M&A – Q4 2017 was the fifth biggest quarter for global M&A on record ($1.16tr), despite total 2017 global M&A volume ($3.69tr) declining amid economic and political uncertainty.

ECM – Global ECM volume totaled $864.6bn in 2017, up 19% from 2016. US-listed IPO volume of $49.3bn (via 190 deals) was double the $24.3bn (via 111 deals) priced in 2016.

DCM – Global high-yield bond issuance hit a new record high this year ($507.2bn), up 49% from 2016. US-marketed corporate bond issuance increased 12% to an all-time high of $1.15tr.

Loans – 2017 was a slow year for multi-billion dollar M&A transactions. Combined with lower interest rates, this resulted in a year dominated by refinancing activity and limited new money.

Deals – The four largest M&A deals of 2017 were all announced during Q4, notably Broadcom’s $130.3bn hostile bid for Qualcomm, in line to be the third-largest deal on record.

Global 2017 rankings

Global Investment Banking Revenue by Bank – Full Year 2017 league table
Rank  Bank Revenue  Share 2016
1 JPMorgan $6.61bn 8.1% 1
2 Goldman Sachs $5.84bn 7.2% 2
3 Bank of America Merrill Lynch $4.99bn 6.1% 3
4 Morgan Stanley $4.74bn 5.8% 4
5 Citi $4.36bn 5.4% 5
6 Credit Suisse $3.69bn 4.6% 6
7 Barclays $3.47bn 4.3% 7
8 Deutsche Bank $2.63bn 3.2% 8
9 UBS $1.81bn 2.2% 11
10 RBC Capital Markets $1.78bn 2.2% 10

For more global 2017 league tables, please contact us.

Read the regional 2017 highlights


Data source: Dealogic, as of January 1, 2018

Contact us for more information or a full copy of our Global Markets Reviews for full year 2017. Learn more about the Dealogic platform.