去年西方銀行未能收復亞洲投行業務失地

The biggest Wall Street and European banks are still losing market share to local rivals in Asia, after failing to win back business following a difficult 2015.

在經歷了困難的2015年之後，華爾街和歐洲的大型銀行未能贏回亞洲的業務，仍在把亞洲市場的份額拱手讓給當地競爭對手。

The latest data from industry monitor Coalition showed foreign banks attracted just 19 per cent of the Asia investment banking wallet last year, down from 27 per cent in 2014.

行業研究機構Coalition的最新數據顯示，去年外國銀行在亞洲投行業務的蛋糕中只分到了19%的份額，低於2014年的27%。

Most of the collapse happened in 2015, when the western banks’ share dropped to 20 per cent. After two years of booming equity capital markets in Asia, driven by large Chinese initial public offerings, revenues collapsed in 2015 as deals thinned out and competition with regional banks intensified.

這一潰敗大部分發生在2015年，當時西方銀行的市場份額降至20%。在中資企業大規模首次公開發行(IPO)的帶動下，亞洲曾出現爲期兩年的股權資本市場繁榮。在那之後，隨着交易的減少以及與區域性銀行的競爭加劇，西方銀行的收入在2015年大幅減少。

But Coalition’s head of research, George Kuznetsov, said it was significant that the foreign banks “could not pick up anything” after that bruising year.

但Coalition研究主管喬治?庫茲涅佐夫(George Kuznetsov)表示，重要的是在經歷了跌跌撞撞的一年之後，外國銀行“未能收復任何失地”。

He did not expect a recovery of western banks’ Asian businesses until equity capital markets — the business of helping companies raise money by selling shares — recovered materially.

他預計，在股權資本市場出現實質性復甦前，西方銀行的亞洲業務不會復甦。股權資本市場的業務是幫助企業通過出售股份籌集資金。

“The expectation is that equity capital markets will have some kind of recovery this year, but no significant increase,” Mr Kuznetsov said, adding that he expected the market share of Coalitions’ “index banks” to stay relatively stable.

庫茲涅佐夫表示：“預計股權資本市場今年將出現某種復甦，但不會有顯著的增長。”他還預計，Coalition“指數銀行”的市場份額會保持相對穩定。

Asian equity capital markets revenue fell 24 per cent in 2016, Coalition data showed. International banks have traditionally been stronger in Asian equity capital markets than in debt markets or advisory.

Coalition的數據顯示，2016年，亞洲股權資本市場收入下滑了24%。傳統上，國際銀行在亞洲股權資本市場方面的表現一直比債市或諮詢業務要強。

Meanwhile, Asia’s debt markets revenue, riding a boom in China, was up 10 per cent. M&A revenue declined 4 per cent despite a surge in Chinese activity.

而在同一時期內，憑藉中國債市的繁榮，亞洲債市收入增長了10%。儘管中國的併購活動激增，併購收入卻下滑了4%。

“The M&A outbound sector was much better captured by the local banks and regional banks,” said Mr Kuznetsov, although he noted that some of the 12 biggest western banks had fared better. “Any bank that has a very good local presence in China and [is] much more connected to local clients probably did much better.”

庫茲涅佐夫說，“當地銀行和區域性銀行在爭取境外併購業務方面的表現要好得多”，但他指出12家西方大銀行中有幾家表現得要好一些。“任何在中國有很不錯的本地業務並與當地客戶有多得多的聯繫的銀行，其表現很可能都要好得多。”

Citic Securities, China Securities and Mizuho climbed or held their ground on Dealogic’s Asia-Pacific league table for investment banking revenues last year, displacing banks such as Goldman Sachs.

在Dealogic去年亞太投行業務收入排行榜上，中信證券(Citic Securities)、中信建投(China Securities)及瑞穗(Mizuho)或攀升或保持排名不變，將高盛(Goldman Sachs)等銀行頂了下去。

Investment banking fees paid out by Chinese groups grew 23 per cent in 2016 to $10bn, the highest rate on record, according to data from Thomson Reuters. Excluding China, fees in Asia fell 10 per cent to the lowest level since 2008.

根據來自湯森路透(Thomson Reuters)的數據，2016年中資集團支付的投行佣金攀升了23%，至100億美元，是有記錄以來的最高增速。如果不計中國，亞洲的佣金則下滑了10%，跌至2008年來的最低水平。

Despite the tough conditions — and cutbacks from major institutions including Deutsche Bank, Royal Bank of Scotland and Goldman Sachs — the prospect of strong Asian growth is still pushing most banks to continue investing.

儘管形勢艱難，而且包括德意志銀行(Deutsche Bank)、蘇格蘭皇家銀行(RBS)和高盛在內的多家主要機構縮減了亞洲業務，但對亞洲強勁增長的預期仍在推動多數銀行繼續在這一地區投資。

Credit Suisse is particularly attached to the region, and is investing there even as the bank restructures and makes cuts elsewhere. Morgan Stanley also has deep roots; its biggest shareholder is Japan’s MUFG.

瑞信(Credit Suisse)尤其對亞洲感興趣，甚至在重組和削減其他地區業務之際仍在投資於亞洲。摩根士丹利(Morgan Stanley)也深深紮根亞洲，該行的最大股東是日本三菱日聯金融集團(MUFG)。

The banks in Coalition’s index are JPMorgan, Goldman Sachs, Bank of America Merrill Lynch, Citigroup, Morgan Stanley, Deutsche Bank, Credit Suisse, Barclays, HSBC, UBS, Société Générale and BNP Paribas.

Coalition指數的成分銀行包括摩根大通(JPMorgan)、高盛、美銀美林(Bank of America Merrill Lynch)、花旗集團(Citigroup)、摩根士丹利、德銀、瑞信、巴克萊(Barclays)、匯豐(HSBC)、瑞銀(UBS)、法國興業銀行(Société Générale)和法國巴黎銀行(BNP Paribas)。