HSBC dominated the region’s debt capital markets across the awards period, completing 52 DCM transactions worth a total of $10.3 billion, according to data from Dealogic. In equity capital markets, the London-headquartered lender came second, completing seven deals worth $2 billion. It also ranked in initial stock offerings, completing six IPOs worth $1.38 billion in total.
As ever in the Middle East, HSBC delivered in terms of deal quantity and deal quality. The diversification of its business and its output was as varied and impressive as ever, with the bank securing back-to-back bond mandates with multiple sovereigns, completing multiple bespoke sukuk structures, and retaining its number-one status across sustainable finance.
“Our ability to anticipate and act on key themes, from IPOs to sustainable financing, demonstrates how we lead and shape the market,” says Julian Wentzel, head of global banking for the Middle East, North Africa and Turkey at HSBC.
In July 2023, HSBC was joint global coordinator on Abu Dhabi Islamic Bank’s $750 million additional tier-1 sukuk; in October, it was joint global coordinator and sukuk structuring bank on an inaugural $3.5