India has for the first time become the biggest revenue contributor among Asia's emerging economies for Merrill Lynch, highlighting the country's increasing importance for global investment banks.

DSP美林(DSP Merrill Lynch)负责投行及并购业务的副董事长兼董事总经理帕特丽夏o麦克劳林(Patricia McLaughlin)表示，这一趋势的推动因素是，今年印度出现了一波创纪录的股票发行和大型并购交易浪潮，而且，美林也加大了在该国的股本投资。麦克劳林向英国《金融时报》表示："在收入方面，印度对美林的重要性在增加；不仅从亚洲地区看是如此，在全球亦是如此。"

The trend was driven by a record flow of share offerings and large mergers¹ and acquisitions in India this year, coupled with increasing principal investment by the bank, said Patricia McLaughlin, vice-chairman and managing director, investment banking² and M&A at DSP Merrill Lynch. "India has become relevant to Merrill Lynch in revenue terms; not only regionally but globally," Ms McLaughlin told the Financial Times.

过去数年来，全球投行一直在争相巩固自己在印度的业务，以便从迅速增长的经济、繁荣的股票市场和日益寻求向海外扩张的企业领域获利。

Global investment banks have been rushing to consolidate³ their presence in India during the past few years to take advantage of a rapidly growing economy, booming stock market and a corporate⁴ sector⁵ increasingly seeking to expand overseas.

数据公司Dealogic估计，今年迄今为止，印度的并购交易额可能已经高达639亿美元，较上年同期增长一倍以上。

Indian M&A volumes this year reached $63.9bn, more than double that of the same period the previous year, by the estimate of Dealogic, the data company.

与此同时，新股发行活动也出现激增，10大投行今年迄今为止已在印度承销了价值233亿美元的股票，是上年同期水平的两倍多。

That has been coupled to a surge in new share issuance, with the top 10 investment bank bookrunners underwriting $23.3bn of share sales in India in the year to date; more than twice the amount a year earlier.

尽管近来市场动荡可能对今年剩余时间内的投资环境造成影响，但这些数据较5年前取得了实质上的进展。5年前，印度企业一年仅发行了6.03亿美元的股票。

While recent market turmoil⁶ could dampen the climate for the remainder of the year, the figures are a qualitative⁷ improvement on five years ago, when Indian companies sold only $603m of shares.

美林并未提供其印度收入的数据，但它表示，其印度收入高于亚洲除日本和澳大利亚以外的其它市场。

Merrill Lynch did not provide figures for its Indian revenues but said they were larger than those for other markets in Asia excluding Japan and Australia.

麦克劳林强调，今年出现了大量的上市活动，其中在6月和7月的五周时间内，两家印度房地产公司、两家银行和一家矿业公司总共筹资100亿美元。

Ms McLaughlin highlighted a spate⁸ of share issues this year in which two Indian property companies, two banks and a mining firm raised a total of $10bn during a five week period in June and July.

麦克劳林表示："鉴于印度业务以往的业绩，再与亚洲地区其它市场比较比较，这一成绩颇有些不寻常。"

"This is something remarkable⁹ given where India has come from and also in an Asian context," Ms McLaughlin said.

Dealogic的数据显示，这些上市发行交易使得美林目前位于印度股票承销榜的首位，而瑞银(UBS)在并购交易方面拔得头筹，花旗集团(Citigroup)则夺得债券发行的榜首。

The offerings put Merrill at the top of the league tables for equities¹⁰ in India in the year-to-date, according to Dealogic, while UBS led on M&A and Citigroup on debt issuance.

美林于2005年以5亿美元从其印度合作伙伴手中购入合资公司DSP美林的控股股份--这笔交易在当时创下一个纪录。

Merrill bought a controlling stake from its local partner in their joint¹¹ venture, DSP Merrill Lynch, in 2005 for $500m - a record transaction at the time.

此后，高盛(Goldman Sachs)和摩根士丹利(Morgan Stanley)也陆续与当地的合作伙伴分家。

Since then, Goldman Sachs and Morgan Stanley have also separated from their domestic partners.

这些交易旨在使外资银行向印度投入更多的资本。

The transactions were aimed at allowing the foreign banks to bring more of their own capital into India.