JPM Set to Lose DCM/ECM Crown

JPMorgan leads the LatAm rankings, according to Dealogic, but a looming jumbo Venezuela sovereign bond and Santander Brazil’s mega-IPO appear set to topple the US bank. For the year to September 25, JPMorgan had booked $6.2bn in proceeds from 16 deals, some 11% of the market. In second place is HSBC with $5.5bn from 27 deals, while third is Citi ($5.0bn from 39 deals). Unusually for DCM, where those claiming most volume often work for less, JPMorgan also bags the biggest wallet share, Dealogic data – which include local market transactions – show. The bank has racked up $32.8m, or 16.2% share of DCM fees. In second place is Citi ($17.3m, 8.5%) and third is Santander ($14.4m, 7.1%). However, this week’s $3bn Venezuela sovereign trade should propel Citi to the top of the volume charts and put Deutsche Bank back in the top 10, at least by proceeds. The joint leads are expected to bring the jumbo sovereign in 10 and 15-year tranches this week, pushing JPMorgan down to second position. JPMorgan meanwhile still heads the ranking for LatAm M&A and ECM volume in the year to September 25. However, it also looks likely to be dislodged from equity pole position by next week’s BRL13bn IPO for Santander, which is led by Santander and Credit Suisse. For overall fees, including M&A, DCM, ECM and loans, JPMorgan is top with $117.4m, or 14.1% market share through September 25. Next is Bradesco, ($86.4m, 10.4%), which is coasting on senior participation in VisaNet’s blowout $4.26bn June IPO, according to Dealogic.