Table of contents
Executive summary 3
What were the interesting trends for Q2? 3
Are the revenues sustainable? More focus on outlook statements 4
DBK: What we have factored in to Q2 numbers 4
UBS: Investment banking market share held up in Q2 5
French banks Q2 CIB preview 6
What does SG’s pre-announcement tell us? 6
1. Summary of quarterly activity 8
2. Global fee pool 9
3. Performance 10
4. Valuation 12
5. Equities 14
5.1 Equity-market volatility 14
5.2 Equity-market and derivatives volumes 15
5.3 Equity trading market shares 18
6. Fixed income 19
6.1 Bond-market volatility 19
6.2 Bond-market volumes 21
6.2 Bond-market volumes 21
6.3 Bond spreads 23
7. Proprietary trading 24
8. Hedge funds 27
9. Mutual funds 29
10. Underwriting 31
10.1 Equity underwriting activity 31
10.1.1 Equity underwriting historical snapshot 33
10.1.2 Equity underwriting margins 34
10.2 Debt underwriting activity 35
10.2.1 Debt underwriting: Historical snapshot 36
10.2.2 Debt underwriting: Margins 36
11. M&A advisory 37
11.1 M&A: Historical snapshot 40
11.2 M&A: Margins 41
12. Corporate banking 42
12.1 Credit default swap spreads 44
iTraxx indices 44
12.2 Corporate defaults 46
12.3 Syndicated loan margins 47
13. Recent Credit Suisse wholesale banks research 48
14. European banks’ credit ratings 49
Team List 50