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1 Development Bank of Japan Representative Office in New York
2 Morgan Stanley Goldman Sachs Citigroup JP Morgan Chase M&A M&A
3 1999 GLB PE PE 3
4 M&A M&A PE PE
5 GLB Wall Street Investment Banks
6 Wall Street 2 Goldman SachsMorgan StanleyMerrill LynchLehman BrothersBear SternsLazard CitigroupJP Morgan ChaseBank of America UBSCSFBDeutsche Bank 3 M&A 4 M&A Underwriting 5 M&A M&A Valuation ALM 2 3 UBS Paine Weber CSFB First Boston Deutsche Bank Bankers Trust UBSCSFBDeutsche Bank 4 5 M&A 6
7 M&A M&A Recapitalization M&A 6 M&A League Table M&A RothschildLazard 2 IPOInitial Public Offering Follow-on Offering, Non-IPO Corporate Bond CPCommercial PaperMunicipal Bond 6 M&A 1980 M&A&DMergerAcquisitionDivestiture 1.7% 5%2002 M&A 7
8 IPO IPO Investment Grade, High Grade BBB-High Yield ABS Asset-backed Securities Straight Debt Fannie Mae Agency 7 8 Market Makebidoffer Bid-Offer cash ex 7 Long-term Straight Debt Corporate Debt High Grade, High yield Agency 8 8
9 Greenwich Associate M&A M&A M&A Chinese Wall EquityFixed income 10, Currency, Commodities Brokerage 9 GM=Morgan StanleyFord=Goldman SachsChrysler=FB First Boston, CSFB) 10 Fixed Income Equity 9
10 bidoffer Market Makeliquiditybid offer spread liquid illiquid Book, Proprietary Trade 90 Private EquityPE PE PE IPO Buy Out: Venture Capital: PE REIT LPLimited Partner: GPGeneral Partner: 12% LP PE 2700 KKR Kohlberg Kravis RobertsBlackstoneCarlyle PE PE 10
11 GP 1% PE GP PE PE PE 1 The Economist PE GP deal sourcing Recapitalization IPO M&A PE PE PE Mutual Fund Goldman Sachs IPO19995M&A advisory Lazard 11
12 Merrill Lynch Goldman Sachs prime brokerage Goldman Sachs SEC Filing Form 10-K & PE & PE PE Hedge Fund & M&A 12
13 Goldman Sachs Business Segment/Component Investment Banking: Financial Advisory Underwriting Trading and Principal Investment FICC Fixed Income, Currency and Commodities Equities Principal Investments Primary Products and Activities M&A debt mortgage-backed Asset Management & Securities Services & Asset Management Securities Services high-net-worth margin lending prime brokerage securities lending 12 Mortgage 13 NYSE 13
14 IT ~2002 M&A M&A MLMerrill LynchMSMorgan StanleyGSGoldman SachsBSBear StearnsCitiCitigroupJPJP Morgan Chase 14
15 IT M&A ex. JP Morgan Chase 2004/7 Bank One
16 5 Merrill Lynch 1997 Dean Witter Discover Card Morgan Stanley Goldman Sachs 3 16
17 M&A M&A PE Goldman Sachs Lehman Brothers % 6567% 1519%Goldman Sachs 6% Merrill LynchMorgan Stanley 13% Goldman Sachs Lehman Brothers 2 M&A 3 M&A 4 Goldman Sachs M&A 17
18 Lehman Brothers Merrill LynchMorgan Stanley 3 M&A M&A M&A % % M&A M&A Morgan Stanley Equity Research, Industry Overview, "Much Ado about Investment Banking",
19 JP Morgan Chase Citigroup Goldman SachsMorgan StanleyMerrill Lynch JP Morgan Chase Citigroup M&A 17 Goldman Sachs M&A 18 Goldman Sachs Investment Dealers' Digest 19
20 IPO 2000 IT M&A M&A BBB 2003 M&A 20
21 2004 MBS 2003 ABS 2004 ABS ABS CDO ABS IPO Citigroup JP Morgan Citigroup JP Morgan Bank One 2000 JP Morgan Goldman Sachs 2000 JP Morgan Goldman Sachs 2004 JP Morgan Goldman Sachs CitigroupJP Morgan % 36% 1999 M&A 21
22
23 2003 6,650 6, % 1,347 1, % % 1,347 1, % 2.417% % % , IPO 22 IPO M&A CitigroupJP Morgan Chase M&A 19 Investment Dealer s Digest Morgan Stanley Equity Research, Industry Overview, "Much Ado about Investment Banking",
24 Sanford Bernstein 23 M&A M&A M&A 23 SIA(Securities Industry Association) Operation Update Conference( ) Sanford Bernstein The U.S. Securities Industry, Looking at 2005-A Good But Not Great Environment 24
25 Goldman Sachs Lehman Brothers % 7 Merrill LynchMorgan Stanley 3 Equity Fixed Income Goldman Sachs FICCFixed Income, Currency and CommoditiesEquities Principal Investments Morgan Stanley , M&A 1/ /4 1/4 2/4 25
26 IT 2005 Morgan Stanley credit risk free 26
27 3 10 Bianco Research FRB ABN AMRO Bank, N.V., New York Branch BNP Paribas Securities Corp. Banc of America Securities LLC M&A Bianco Research Wall Street Journal Barclays Capital Inc. Bear, Stearns & Co., Inc. CIBC World Markets Corp. Citigroup Global Markets Inc. Countrywide Securities Corporation Credit Suisse First Boston LLC Daiwa Securities America Inc. Deutsche Bank Securities Inc. Dresdner Kleinwort Wasserstein Securities LLC. Goldman, Sachs & Co. Greenwich Capital Markets, Inc. HSBC Securities (USA) Inc. J. P. Morgan Securities Inc. Lehman Brothers Inc. Merrill Lynch Government Securities Inc. Mizuho Securities USA Inc. Morgan Stanley & Co. Incorporated Nomura Securities International, Inc. UBS Securities LLC. 25 The Wall Street Journal, , Risky Business: Brokerage Firms Place More Bets
28 2 Morgan Stanley Goldman Sachs Sanford Bernstein Morgan Stanley % 8% 27 Sanford Bernstein Morgan Stanley Goldman Sachs %13% Goldman Sachs 2004 Morgan Stanley 8% 28 paper tradingphysical assets Morgan Stanley /4 NymexNew York Mercantile Exchange 27 The Wall Street Journal, , Morgan Stanley Trades Energy Old-Fashioned Way: In Barrels 28 SIA(Securities Industry Association) Operation Update Conference( ) Sanford Bernstein The U.S. Securities Industry, Looking at 2005-A Good But Not Great Environment 28
29 61.5% United Goldman Sachs 30 Morgan Stanley 2 29 fair value Sanford Bernstein 30Fixed Income Equities : The Wall Street Journal, , Morgan Stanley Trades Energy Old-Fashioned Way: In Barrels 30 SIA(Securities Industry Association) Operation Update Conference( ) Sanford Bernstein The U.S. Securities Industry, Looking at 2005-A Good But Not Great Environment 29
30 VaRValue at Risk 30
31 2 Lehman Brothers Merrill Lynch Morgan StanleyGoldman Sachs 3 Morgan StanleyGoldman Sachs 2 Merrill Lynch Goldman Sachs VaR VaR Merrill Lynch Goldman Sachs Morgan Stanley Lehman BrothersBear Stearns 3 efficiency The Financial Times, , Keeping pace with effective results 31
32 32 VaR VaR VaR 33 VaR Goldman Sachs % 34 Wall Street 32 The Financial Times, , Will investment banks sustain their explosive advance? 33 ABS CDO 34 Goldman Sachs 2003 Annual Report p62 32
33 33
34 35 PE JP Morgan JP Morgan Partners / 822 / 252 / 15% % 36 Goldman Sachs SMFG 21 4,654-2,556=2,098 GPGeneral Manager GS merchant banking fund Goldman Sachs Goldman Sachs Goldman Sachs PE JP Morgan Partners Morgan Stanley CSFBCredit Suisse First Boston DLJ Merchant Banking JP Morgan Partners Goldman Sachs SMFGconvertible preferred stock 1503 ( U.S.$ 1.27 billion) JP Morgan 10% The Economist, , J.P. Morgan and private equity 37 The Wall Street Journal CSFB Flip-Flops on Private Equity? 38 JP Morgan Chase JP Morgan Partners Bank One 20 34
35 IPO PE PE One Equity Partners 39 Goldman Sachs PE 85 The Wall Street Journal, , J.P. Morgan Sheds Golden Goose 35
36 4,000 Bear StearnsBS 40 Goldman Sachs 3 Bear Stearns 2004 Goldman Sachs 2 Morgan Stanley Institutional Securities Sales & trading Bear Stearns Global Clearing Services 41 Morgan Stanley Institutional Securities Equity sales & trading %
37 3 42 M&A IT JP Morgan Chase Jamie Dimon Goldman Sachs Morgan Stanley The Financial Times,
38 1999 GLB M&A TyingOCC GAO
39 4 44 LPCLoan Pricing Corporation % % % Lehman Brothers The Financial Times, The great big balance sheet debate lead manager manager 39
40 Goldman Sachs SMFG SMFG SMFG 1, Goldman Sachs SMFG Goldman Sachs SMFG Goldman Sachs the William Street credit extension program SMFG 40
41 46 47 PE PE PE 48 PE PE PE PE buy-out1970 PE 1980 leveraged buy-outs LBO IT 2003 Buyout % 25 JP Morgan 20% % % 100% 48 The Economist The new kings of capitalism PE 41
42 % PE M&A PE recapitalization Exit IPO 51 Exit IPO PE PE one stop shopping Dealogic PE 2004 PE 17% 52 KKR Blackstone PE PE M&A PE Blackstone private equity (5 )Carlyle s The Economist Morgan Stanley 448 (2004 ) Dealogic % The Financial Times The Economist PE 42
43 PE ~ % Endowment 1 mutual fund PE 55 Hedge fund Research Inc TASS(Tremont Capital Management Inc) 9,750 Hennessee Group LLC 9,340 Hedge Fund Research Inc. 9,726 ( ) 57 The Economist Investment Company Institutehttp:// 43
44 59 Greenwich Associates distressed debt 82% 60 CSFB PE PE % 30 4 Equity commission The Economist Boston Consulting Group 450 1/31/ Goldman Sachs 1/4Morgan Stanley Merrill Lynch CSFB % 1/ Morgan Stanley Equity The Economist /6 Bernstein Research (2003 ) 60 Greenwich Associates Press release 61 CSFB, European Wholesale Banks, Hedge Funds and Investment Banks Deutsche Bank, F.I.T.T.Research, Of Prime Importance: Catering to hedge funds CSFB, European Wholesale Banks, Hedge Funds and Investment Banks
45 Products Fixed Income Goldman SachsMorgan Stanley asset class Fixed Income Morgan StanleyGoldman SachsBear Stearns 3 Morgan StanleyGoldman Sachs 2 50%Bear Stearns 13% Goldman Sachs 1 10% 1, CSFB LTCMLong Term Capital Management New York Fed The New York Times Market Place 45
46 67 PE JP Morgan Highbridge PE PE PE PE PE 2 PE PE 68 PE Source: Morgan Stanley Equity Research, Brokers and Asset Managers, Part I: Brokers-Getting the Balance Right, Exhibit % 2 46
47 PE PE PE PE equity GMGeneral Motors
48 Plexus Group NYSE % 3.8 NASDAQ 3.5 Greenwich Associates The Bond Market Association Fixed Income OTC Products Goldman Sachs Archipelago Exchange ArcaEx Archipelago 70 The Wall Street Journal, Mutual funds are cutting Commissions at What Cost? 71 ecommerce in the Fixed-Income Markets, The 2004 Review of Electronic Transaction Systems, The Bond Market Association,
49 72 73 FICC fixed-income, currency & commodities 74 Morgan Stanley 7 3 IPO IPO 10%2004 IPO The Hull groupwitt CapitalOptimark 74 The Wall Street Journal, The War between the Street and Floor A Tech Power Play at Goldman Sachs 75 The Boston Consulting Group, Investment Banking and Capital Markets, Market Report Third Quarter 2004 Edition,
50 Morgan Stanley Morgan Stanley 1995 China Construction Bank China International Capital Corporation Morgan Stanley Goldman Sachs Morgan StanleyGoldman Sachs 2005 Merrill Lynch IPO 76 IPO IPO Citigroup The Wall Street Journal , Merrill Lynch is the Latest to Buy Chinese Property 50
51 PE PE efficient PE PE 51
52 Annual Report, Form 10-KForm10-Q The Wall Street Journal The Financial Times The New York Times The Economist Investment Dealer s Digest 2002 Financial Services without borders Greenwich Associates, Deutsche Bank, F.I.T.T.Research, Of Prime Importance: Catering to hedge funds Morgan Stanley Equity Research, Brokers and Asset Managers, Part I: Brokers-Getting the Balance Right, Morgan Stanley Equity Research, Industry Overview, "Capital Markets into 2005", Morgan Stanley Equity Research, Industry Overview, "Much Ado about Investment Banking", CSFB, European Wholesale Banks, Hedge Funds and Investment Banks SIA(Securities Industry Association) Operation Update Conference( ) Sanford Bernstein The U.S. Securities Industry, Looking at 2005-A Good But Not Great Environment Web site Greenwich Associates The Boston Consulting Group 52
53 IPO M&A M&A M&A MA Merrill Lynch Morgan Stanley Goldman Sachs Lehman Brothers Bear Stearns Citigroup JP Morgan Chase 53
平成12年度 対日直接投資増加の理由と日本経済にもたらす影響に関する調査 第3章-2 各論・金融業
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