Equity Capital Markets
September was the slowest month of the year in the equity capital markets with just $3.1 billion being raised from 65 deals. October is set to be a different story, however, with a whole host of large IPOs scheduled.
Starhub kicked off the proceedings on October 6 with a $271m offering un by Credit Suisse First Boston and UBS. Then on Thursday Goldman Sachs priced a $900 million IPO for Hutchison Telecommunications International.
This left the US house firmly in charge at the top of the table with $8.4 billion from 24 deals. It also opened up a gap of some $2.1 billion over nearest rival Morgan Stanley.
UBS remains in third as it added a further $136 million to its total after the Starhub IPO. This leaves it just over $500 million ahead of Merrill Lynch in fourth.
The only other active banks in the top 10 this week were Credit Suisse First Boston and BNP Paribas, which ran a $40 million follow on for Lianhua Supermarket. These two sit in ninth and tenth place respectively, although Credit Suisse First Boston is now just $168 million behind eighth place HSBC.
There will be plenty of league table movement this month with further upcoming IPOs including a $320 million offering for China Power International Development due to price today (Friday). Additionally National Thermal Power Corp is set to complete its $1.2 billion deal next week along with a transaction for Thai Oil, which could be as much as $800 million.
Debt Capital Markets
A total of $5.6 billion was issued in the G3 market in September, the largest issuance of the year. But so far the momentum has failed to carry over into October as no trades were printed this week. This has left Deutsche Bank leading Citigroup by a mere $67 million coming into the last quarter of the year.
The German house has $4.2 billion credit and these two are some way ahead of JPMorgan, which comes in third with $3.4 billion. There are few deals in the pipeline, although the Republic of China is set to issue a $2 billion deal in the near future. This will push issuance to within $1.5 billion of the record $32.9 billion printed last year.
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