Total investment banking fees in Russia for all of 2021 were $433.6 million, up 1% year-over-year, according to Refinitiv’s 4Q 2021 investment banking report. This is the highest annual figure since 2013.

Transaction fees in Russia increased by 19% to $79 million during 2021, an eight-year high and 18% of total fees in Russia. Investment banks’ commissions from the equity capital markets amounted to $157 mn, down 13% yoy and accounting for 36% of Russian investment banks’ total commissions.

Underwriter fees from the bond market were $126.5 million, down 11% from 2020 and accounting for 29% of total fees. Syndicated loan fee payments posted the highest growth of 71% year-on-year to $71 million, representing 16% of the total fee pool.

The financial sector performed best with $117 million in fees, followed by the energy sector with $65 million in fees. VTB Capital remained in first place in the rating of Russian investment banking services, having received $142.9 million or 33% of the market. JP Morgan came in second with a market share of 7.6%.

Mergers and acquisitions

The volume of announced mergers and acquisitions with any participation of Russian companies for the year amounted to $33.8 million, a decrease of 40% compared to 2020. The volume of transactions on mergers and acquisitions of Russian companies amounted to $26.1 billion in 856 transactions, which is 53% less than a year earlier. The volume of transactions for the purchase of foreign companies by Russian companies reached the highest level in the last six years, amounting to $7.2 billion. The volume of M&A transactions with foreign companies buying Russian companies decreased by 35%, to $8.7 billion for the whole of 2021.

The volume of mergers and acquisitions involving Russian medium-sized businesses for the entire 2021 amounted to $8.6 billion, which is 32% more than in the previous year. Nearly one-fifth of the total volume of transactions involving Russian medium-sized businesses was in the mining market, at $1.6 billion. .7 billion