China’s $26bn trainmaker merger last week boosted Bank of America Merrill Lynch from third to first in Asia’s 2014 dealmaking rankings, highlighting the importance of state-owned enterprises for banks’ league table credit.
The region’s biggest three deals last year were all the product of SoE reforms — a movement that has triggered bruising battles between banks and league table compilers over how much credit each adviser deserves.
Asian dealmaking reached a record $651bn in 2014, up a fifth on the previous year and led by China. But bank fees are unlikely to have kept pace.At issue is whether such deals, directed by the state, involve the sort of strategic advice involved in western dealmaking — and thus deserve similar credit.
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