The latest Thomson Reuters Middle Eastern IB league table is out, and it was not greatyear for either IPO or M&A activity. Taking it from the top:

• Total IB fees generated in the Middle East rang in at just over USD 669 mn during 9M17, down about 4% from the same period last year;
• How the fees break down: Syndicated lending fees accounted for nearly 43% of all fees, followed by debt capital markets underwriting fees at almost 29%, M&A fees at just under of 22%, and ECM fees at 6% of total fees generated.
• The total value of M&As with any Mideast involvement (meaning inbound, outbound or in-market) was USD 35.2 bn, about 7% down from the same period last year. Inbound M&A, though, was up 220% from 9M16 at USD 7.3 bn, an all-time high. Energy & power, materials and financials were the most active sectors for M&A in the first nine months of the year, and no Egyptian transaction made the top 10./
• Mideast equity and equity-related transactions raised USD 1.2 bn in 9M17, down 20% year-on-year and “the lowest first nine months for issuance in the region since 2004.” The region saw eight IPOs raising USD 694 mn. Consumer products and services, energy and power, and financials were the most active sectors for ECM transactions in the first nine months.
• Debt issuances were the star of the first nine months, up 82% compared to the same period last year, bolstered by issuances from Saudi Arabia, Kuwait, Egypt and Oman

So, who made money? HSBC topped the Mideast league table with USD 52.8 mn in fees, followed by JP Morgan (USD 44.0 mn) and Citi (USD 35.8 mn). HSBC and JPM’s rankings were unchanged from last year, while Citi kicked Sumitomo out of the top three.

The hometown gang at EFG Hermes handily cleaned up on the ECM fees table with a35.4% market share of fees in the category. Citi placed number two by fees, followed by PKF International. EFG Hermes places second on the overall ECM ranking with three transactions (ADES International Holding on the LSE, Humansoft in Kuwait and ENBD REIT in the UAE). (On the fees ranking, Thomson Reuters separately accounts for EFG Hermes’ 28.7% share through EFG Hermes Holding and then another 6.7% in market share contributed from EFG Hermes UAE).