去年西方银行未能收复亚洲投行业务失地

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.

在经历了困难的2015年之后，华尔街和欧洲的大型银行未能赢回亚洲的业务，仍在把亚洲市场的份额拱手让给当地竞争对手。

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.

行业研究机构Coalition的最新数据显示，去年外国银行在亚洲投行业务的蛋糕中只分到了19%的份额，低于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.

这一溃败大部分发生在2015年，当时西方银行的市场份额降至20%。在中资企业大规模首次公开发行(IPO)的带动下，亚洲曾出现为期两年的股权资本市场繁荣。在那之后，随着交易的减少以及与区域性银行的竞争加剧，西方银行的收入在2015年大幅减少。

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研究主管乔治?库兹涅佐夫(George Kuznetsov)表示，重要的是在经历了跌跌撞撞的一年之后，外国银行“未能收复任何失地”。

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.

他预计，在股权资本市场出现实质性复苏前，西方银行的亚洲业务不会复苏。股权资本市场的业务是帮助企业通过出售股份筹集资金。

“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.

库兹涅佐夫表示：“预计股权资本市场今年将出现某种复苏，但不会有显著的增长。”他还预计，Coalition“指数银行”的市场份额会保持相对稳定。

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的数据显示，2016年，亚洲股权资本市场收入下滑了24%。传统上，国际银行在亚洲股权资本市场方面的表现一直比债市或咨询业务要强。

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.

而在同一时期内，凭借中国债市的繁荣，亚洲债市收入增长了10%。尽管中国的并购活动激增，并购收入却下滑了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.”

库兹涅佐夫说，“当地银行和区域性银行在争取境外并购业务方面的表现要好得多”，但他指出12家西方大银行中有几家表现得要好一些。“任何在中国有很不错的本地业务并与当地客户有多得多的联系的银行，其表现很可能都要好得多。”

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去年亚太投行业务收入排行榜上，中信证券(Citic Securities)、中信建投(China Securities)及瑞穗(Mizuho)或攀升或保持排名不变，将高盛(Goldman Sachs)等银行顶了下去。

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.

根据来自汤森路透(Thomson Reuters)的数据，2016年中资集团支付的投行佣金攀升了23%，至100亿美元，是有记录以来的最高增速。如果不计中国，亚洲的佣金则下滑了10%，跌至2008年来的最低水平。

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.

尽管形势艰难，而且包括德意志银行(Deutsche Bank)、苏格兰皇家银行(RBS)和高盛在内的多家主要机构缩减了亚洲业务，但对亚洲强劲增长的预期仍在推动多数银行继续在这一地区投资。

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)尤其对亚洲感兴趣，甚至在重组和削减其他地区业务之际仍在投资于亚洲。摩根士丹利(Morgan Stanley)也深深扎根亚洲，该行的最大股东是日本三菱日联金融集团(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指数的成分银行包括摩根大通(JPMorgan)、高盛、美银美林(Bank of America Merrill Lynch)、花旗集团(Citigroup)、摩根士丹利、德银、瑞信、巴克莱(Barclays)、汇丰(HSBC)、瑞银(UBS)、法国兴业银行(Société Générale)和法国巴黎银行(BNP Paribas)。