Deutsche Bank AG, the 17th-ranked adviser on bond sales in the Middle East and North Africa two years ago, vaulted to second place this year as credit markets in the region thawed following Dubai World’s debt restructuring.
Germany’s biggest lender advised on six bond sales worth $5.2bn, second only to HSBC Holdings, which has claimed the top spot for the past two years, according to data compiled by Bloomberg.
The Frankfurt-based bank led Dar Al Arkan Real Estate Development Co’s $450m bond sale in February, the area’s first offering this year, as well as the Bahrain government’s sale of a $1.25bn bond in March.
Bond sales in the Middle East are recovering after concern that Dubai World would default on its $23.5bn of debt in November halted offerings in the region for almost three months.
Companies and governments have raised $19.5bn this year, 7 percent less than in the same period a year ago, the data showed.
“We needed strong 144A bookrunners,” said Michael Raynes, chief executive Waha Financial Services, referring to two of the four banks it picked to manage a $1.5bn sale in July.
The Securities and Exchange Commission’s Rule 144A allows overseas companies to tap qualified US money managers without having to comply with US disclosure rules. “Both Deutsche and JPMorgan fit the bill.”
Deutsche Bank surpassed US firms Goldman Sachs Group Inc and Citigroup Inc in the rankings this year.
Goldman Sachs tumbled to 20th place from second in 2009, while Citigroup fell four places to 10th, the data show.
Deutsche Bank was ranked ninth in 2009. A spokeswoman for Goldman Sachs in London and a spokesman for Citigroup in Dubai both declined to comment.
Deutsche Bank “moved its trading desks for Middle Eastern and North African markets into the region, boosted its local sales and coverage presence” and added hired extra employees, Salman Al Khalifa, the bank’s head of global markets for the Middle East and North Africa, said in a telephone interview from Dubai.