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Investment Banking

With more than 460 investment banking, sales and trading and research personnel1, FBR Capital Markets is a top ten investment bank2 operating nationally and internationally.

FBR Capital Markets focuses its banking, trading and research efforts in seven broad industry sectors – consumer, diversified industrials, energy & natural resources, financial institutions, insurance, real estate and technology, media & telecom.   We have a particular commitment to middle market companies, a vitally important sector of the U.S. economy. We provide a high level of service to small- and mid-cap companies, and for the last five years we have been the #1 book-running manager for all U.S. common stock transactions for issuers with market capitalizations of $1 billion or less.3

To complement and enhance FBR’s traditional strength as one of the leading equity underwriters for middle market companies, in mid-2008 the firm launched a convertible securities unit to broaden its product offerings and better serve small and mid-cap companies.  FBR Capital Markets’ convertible securities team was founded by senior professionals from the former Bear Stearns’ convertible securities unit.  The team will originate, structure and trade equity-linked securities – including both convertibles and equity derivatives.

Our Financial Sponsors group works closely with FBR Capital Markets’ industry groups to deliver an array of investment banking products and solutions to the private equity community and their portfolio companies.

We offer a full range of investment banking and financing services, identifying and structuring innovative opportunities for our clients:

  • Initial public offerings (IPOs)
  • Secondary and follow-on offerings
  • 144A institutional equity private placements
  • Convertible offerings and trading
  • Public/Private recapitalizations
  • Business creation and restructuring
  • Preferred equity
  • Mergers, acquisitions and dispositions
  • Private block trades
  • Fairness opinions and other advisory assignments

In 2007, our Investment Banking team raised $11.6 billion in 48 transactions, 25 of which we lead managed.  We raised $2.5 billion in 11 private initial capital-raising transactions, and we continue to lead all other investment banking firms in the 144A equity market by a substantial margin.4  We also completed 40 merger and acquisition and advisory assignments, which represent a growing part of our business.
 
Over the past five years, FBR Capital Markets' Investment Banking group was ranked as the:

  • #5 book-running manager for all U.S. IPOs and 144A equity placements combined for all industries5
  • #1 book-running manager of all common stock offerings for domestic mining, oil and gas, and utility and energy companies, with a market capitalization of $1 billion or less6
  • #1 book-running manager of all common stock offerings for U.S. and Bermuda finance and insurance companies with a market capitalization of $1 billion or less7


1) As of 7/15/08.
2) Source: Dealogic. As measured by the aggregate value of the U.S. common equity underwritings priced between 7/1/03 and 6/30/08 with apportioned credit including over-allotment to all book-runners. Includes only rank eligible transactions.
3) Source: Dealogic. Relates to total deal value of all common stock or common equity, including private placements, offered for all U.S. companies with a market capitalization of $1 billion or less. Transactions priced between 7/1/03 and 6/30/2008, with apportioned credit including over-allotment to all book-runners. Includes only rank eligible transactions.
4) Source: Dealogic. Relates to total deal value of all transactions pursuant to rule 144A offered for U.S. and Bermuda issuers priced between 7/1/03 and 6/30/08, with apportioned credit to all book-runners.  Excludes closed-end funds, bought deals and best efforts.  League table credit is apportioned amount of total capital raised including over-allotment.
5) Source: Dealogic. Relates to total deal value of all common stock of U.S. issuers offered in IPOs or transactions pursuant to rule 144A, on a combined basis. Transactions priced between 7/1/03 and 6/30/2008 with apportioned credit including over-allotment to all book-runners. Includes only rank eligible transactions.
6) Source: Dealogic. Relates to total deal value of all common stock or common equity, including private placements, offered for all U.S. mining, oil and gas, and utility and energy companies with a market capitalization of $1 billion or less. Transactions priced between 7/1/03 and 6/30/2008, with apportioned credit including over-allotment to all book-runners. Includes only rank eligible transactions.
7) Source: Dealogic. Relates to total deal value of all common stock or common equity, including private placements, offered for all U.S. and Bermuda finance and insurance companies with a market capitalization of $1 billion or less. Transactions priced between 7/1/03 and 6/30/2008, with apportioned credit including over-allotment to all book-runners. Includes only rank eligible transactions.

 

Investment Banking Leads

FBR believes that the independence and integrity of our Research team are paramount to our mission. FBR Research is completely independent from FBR Investment Banking.