Investment bankers aren’t doing quite as well as they did in early 2016, but don’t cry for them — 1Q2017 was still their second-best opening quarter in nine years, according to Thomson Reuters’ Middle Eastern IB league table. Total IB fees generated in the Middle East rang in at USD 214.9 mn in the first quarter of this year, or 10% below 1Q2016 levels. Debt capital markets fees led the table at USD 75.3 mn (the best quarter since TR began compiling the table in 2000), followed by USD 65.4 mn in fees generated on syndicated loans, equity capital markets (USD 15.7 mn, down 6%), and M&A transaction (USD 58.6 mn, a 12% y-o-y dip and the worst opening quarter for M&A fees since 2013).

EFG Hermes were the only Egypt-based firm to place. Details below.

Who ran the most transactions by value?

• Total M&A with any Middle East involvement was worth USD 11.9 bn, more than double 1Q2016. Citi, Credit Suisse, and HSBC led the table.
• Total equity capital markets issuances stood at USD 528.2 mn, a 77% decline from the same period last year. The National Bank of Kuwait, PKF International, EFG Hermes and Emirates NBD were the region’s top bookrunners in 1Q2017, with EFG and ENBD tied for third place.
• Total debt capital market issuances stood at USD 31.2 bn, or 6x the total raised in the same period last year. JP Morgan, HSBC and Citi were the three top DCM bookrunners in the quarter, while our friends at BNP Paribas came in eighth, largely on the back of their work on Egypt’s eurobond.

Speaking of which: Egypt’s January eurobond was the third-largest regional debt issuance in 1Q2017 at USD 4 bn, behind offerings from Kuwait (USD 8.0 bn) and Oman (USD 4.9 bn)

Which firms made out like bandits? The Chinese, thanks to an explosion in syndicated lending by the Industrial and Commercial Bank of China and the Bank of China, which together kicked Sumitomo Mitsui to seventh place by fees in 1Q2017 from the number-one slot last year and drove Mitsubishi UFJ off the fee league table entirely.

• The Industrial and Commercial Bank of China (ICBC), the Bank of China and JP Morgan topped the overall Middle Eastern IB fees league table.
• UBS, Credit Suisse and Rothschild made the most on M&A advisory fees.
• PKF International, EFG Hermes and Emirates NBD were the best-paid ECM advisors.
• JP Morgan, Citi and HSBC cleaned up on DCM fees.
• And it was fees on syndicated loans that put ICBC and Bank of China over the top in the overall fee standings — each earned more than 4x what third-place finisher National Bank of Abu Dhabi took home.

China led inbound M&A with a 53% share of USD 5.1 bn in inbound flows, followed by the United States and the UK.

Saudi Arabia led outbound M&A with a 49% share of USD 4.5 bn in outbound flows, followed by Kuwait and the Statelet of Qatar.