Equity Capital Markets
Goldman Sachs stays well out in the lead, despite second place Morgan Stanley gaining $215 million credit after acting as joint book on the $700 million Thai Oil IPO. The biggest mover of the week was Merrill Lynch, which put on $345 million credit from last week's table to usurp UBS in third place. The US house was a joint book on the Thai Oil deal as well as running sole books on the $130 million follow on for Yue Yuen Industrial that priced on Tuesday.
JP Morgan was the remaining international bookrunner on the Thai Oil transaction, but remains in fifth place, over $1 billion behind UBS. Equity issuance in the first two weeks of October has raised as much as the entire month of September.
With the pricing of National Thermal Power Corp's $1 billion IPO next week, the monthly volume will be the highest recorded since April.
Debt Capital Markets
Korea Development Bank broke the October drought in the debt capital markets on Wednesday with a $550 million trade through bookrunners Goldman Sachs and Morgan Stanley. This took its total issuance this year to $3 billion.
The credit from the deal pushed Goldman Sachs up to $1.4 billion and off the basement into ninth place. Meanwhile Morgan Stanley broke through the $2 billion barrier for the year, although it remains in eighth place, $130 million behind Credit Suisse First Boston.
As this was the only deal of the week there was no other movement in the table. The People's Republic of China is due to price its $2 billion issue next week and the seven bookrunners on the deal will be pick up almost $300 million credit apiece.
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