Although 17 deals were completed this week, total proceeds amounted to only $900 million, a meagre sum compared with the levels of recent weeks. Citigroup remains top as only a handful of the leading banks weighed in with new transactions this week.
JP Morgan priced the largest deal of the week on October 21 - a $573.3 million GDR offering for Chi Mei Optoelectronics. This issue allowed the US house to sneak past UBS into fourth spot despite the completion of a $100 million follow on for Hong Kong & Shanghai Hotels by the European investment bank.
Debt Capital Markets
It was also a relatively quiet week in the debt market, although total proceeds amounted to $2.2 billion. This figure was hugely inflated by the $1 billion and Eur500 million deal for Republic of China priced on October 22. The US dollar tranche was managed by Merrill Lynch, Goldman Sachs and JP Morgan with Deutsche Bank, BNP Paribas and UBS running the books on the Euro portion.
Despite the bumper size of the issue only two houses made any headway up the table - Goldman Sachs moved from 14th to 12th and BNP Paribas rose from 35th for 31st. The top ten banks remained unchanged with the only positional change being LG Investment & Securities swapping places with Samsung Securities to move up to eighth to ninth.
Syndicated Loans
The table remained the same this week as very few deals were completed. Bankers have been complaining about the lack of activity, but have been comforted by the emergence of some big transactions this week including the $600 million deal for Hanaro Telecom.
