Mounting tensions between the US and China over trade tariffs, a shift in the relationship between GCC economies and Iran, and subdued oil prices as lackluster global growth overshadowed OPEC-imposed supply cuts were just some of the macroeconomic and geopolitical challenges dominating global front pages over the course of the last year. Despite a second consecutive year characterized by adverse market conditions, EFG Hermes’ sell-side divisions came out on top once again, posting a year of solid operational and financial results while continuing to expand on all fronts.
Our Securities Brokerage division maintained its number one ranking on the EGX on both the ADX and DFM, NASDAQ Dubai, and the KSE, as the division strengthened its market share across most of the markets it operates. In parallel, we also witnessed strong growth across our FEM markets as we increased our shares of total trades and advised on multiple key transactions including EFG Hermes’ first cross-border M&A transaction in East Africa and the Firm’s second frontier emerging market IPO. Our structured product desk reported a second year of strong results on the back of the continued carry trade attractiveness and favorable T-bill yields, while our investor conferences continued to be a highlight for FEM companies and global investors with record-high attendance recorded across all events.
Our Investment Banking team was equally as successful during the past 12 months, concluding an aggregate of USD 33.6 billion in transactions for 2019. During the year, the division delivered on all its strategic priorities, strengthening its position across regional and FEM markets. In Saudi Arabia, the team was appointed as joint bookrunner in the historic Aramco IPO concluded in December 2019 and in Arabian Centers’ public offering, which closed in May of this year. Outside of its traditional MENA market, the Firm successfully concluded two LSE offerings for two Sub-Saharan Africa-based companies, and later in the year closed two back-to-back cross-border transactions, demonstrating an unmatched ability to conclude mandates involving multiple jurisdictions. In Egypt, we captured 100% of ECM deals in the country, advising on four initial public offerings and accelerated bookbuilds on the EGX. On the DCM front, we pioneered several innovative debt instruments on Egyptian markets during the year.
In line with our coverage expansion strategy, EFG Hermes Research division initiated coverage on 35 new equities in both MENA markets and fastest-growing FEMs. The division also worked to improve the quality of its research products as it looks to continue providing exceptional value to its growing user base and remain at the forefront of an increasingly competitive sector. In line with this priority, the team worked to reposition its daily briefing product, Egypt One, to cater more to its retail readers providing more generic and comprehensible insights. At the same time, the team continued to enhance its online portal, striving to provide a greater degree of personalization and an improved overall user experience. Ensuring our best-in-class research products are easily accessible is key as a growing number of investors and analysts are choosing EFG Hermes Research as their research house of choice due to our insights’ timeliness, uniqueness, and accuracy.