期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2021
卷号：2021
语种：English
出版社：European Central Bank
摘要：Investment banking revenues have contributed markedly to the recent increase in euro area banks’ non-interest income growth and the rebound in bank profitability (see Chart A, panel a, upper chart). [1] Internationally, in the last three years equity capital market (ECM) revenue has doubled, while debt capital market (DCM) and merger and acquisition (M&A) revenues have increased by around 50%, with only syndicated lending remaining more subdued. In the euro area, however, the most significant volume increase has come from debt instruments, which have long been the preferred source of corporate funding in the euro area, dominating over equity (see Chart A, panel a, lower chart). Despite the international growth in capital market volumes, market commentary before the pandemic suggested that investment banking was a weak aspect of European banking, [2], [3] with many large banks retreating from various market segments as they faced the fallout from the global financial crisis. Against this background, this box considers the recent developments in investment banking of euro area banks in relation to some of the prior trends and considers how sustainable the recent strength might be.
