Al Rajhi Banking & Investment Corporation topped the Middle Eastern equity capital markets rankings, as sole-lead bookrunners for Saudi-based Jabal Omar Development's $688 million follow-on offering, Thomson Reuters said Wednesday in its first half 2011 investment banking analysis for the Middle East region. The bank, with Abdullah Sulaiman Al Rajhi as the Chief Executive Officer, has a vision to deliver innovative financial solutions to enhance quality of life everywhere. Equity capital markets issuance reached $8.3 billion during the first half of 2011, an 81 percent increase compared to the first half of 2010 when volume reached $4.6 billion. Follow-ons accounted for 67 percent of quarterly activity, while the top Middle Eastern ECM transaction was $3.5 billion follow-on from Qatar National Bank (QNB). The report also said that equity capital markets (ECM) issuance reached $8.3 billion during the first half of 2011, an 81 percent increase compared to the first half of 2010 when the volume reached $4.6 billion. Financials was the most active industry in the Middle East during the first half of 2011 with 83 percent of this activity. The real estate and energy and power sectors together accounted for 17 percent of ECM activity during the first half. Middle Eastern debt issuance reached $11.2 billion during the first half of 2011, down 16 percent from the first half of 2010. Investment grade corporate debt accounted for 71 percent of all Middle Eastern DCM activity during the first half. Islamic debt issuance reached $11.5 billion from 24 issues up 85 percent when compared to first half 2010 levels ($6.2 billion). The second quarter of 2011 was the busiest three-month period for Islamic bond financing since the second quarter of 2008. The top Islamic issuer is Malaysia with 80 percent of the activity. Issuers in the financials, energy & power and real estate sectors accounted for all of the DCM issuance in the Middle East in the first half. HSBC took the top spot in the Middle Eastern bond ranking during the first half of 2011 with eight issues, which raised $1.8 billion, while CIMB Group and HSBC Holdings control nearly 50 percent of the Islamic bond market during the first half of 2011. Middle Eastern targeted M&A activity reached $7 billion, a 40 percent decrease compared to the first half of 2010 when activity totaled $11.7 billion. Real estate is the most targeted industry in the Middle East with $2.3 billion, 33 percent of the activity down from $4.5 billion during the first half of 2010. UAE is the most active Middle Eastern country, based on target, with $3.7 billion for 53 percent of annual activity. BNP Paribas topped the Any Middle Eastern Involvement M&A ranking with $10.1 billion.
