Goldman has roared out of the blocks in 2004, surging to the top of the table with $2.4 billion worth of credit from two deals. The US house ran the books on the $1.675 billion placement for Petrochina and followed it up with a HK$5.75 billion ($737 million) convertible for Henderson Land.
In second place Merrill Lynch has run two equity-linked transactions totalling $1.12 billion. These include the S$1.4 billion ($800 million) exchangeable for SingTel through Somerset Global and a $321.6 million convertible for Asustek Computer from Taiwan.
These two account for over 68% of the ECM market so far with Credit Agricole/Lazard in third raising just $400 million. Last years top bank, Citigroup, is currently wallowing in ninth place after completing two deals for a $146 million.
Debt Capital Markets
Following an unprecedented year in 2003 some commentators were expecting 2004 to start with a bang. Despite the bulging pipeline this has not been the case with bankers blaming the early Chinese New Year holiday for restricting deal flow.
UBS was involved in both deals printed so far this year and sits atop the table with $314 million. Analysts suggest the success of the MTR trade and the Excelcomindo issue is bound to encourage other borrowers to get their transactions out into the market as soon as possible.
