Despite a number of cancelled deals, activity in the equity capital markets picked up the pace this week with volume tipping $1 billion from 13 issues and bringing issuance for the year so far to $52.5 billion. The league table rankings remain static with Goldman Sachs sitting comfortably at the top followed by UBS and Citigroup.
The $361 million fully marketed deal for ChinaÆs Focus Media Holdings was the largest deal of the week and was led by Citigroup, Credit Suisse, Goldman Sachs and Merrill Lynch. The deal enabled Merrill Lynch to climb up a notch to eighth place in the tables with $2.1 billion, just behind Credit Suisse in seventh.
The week saw a flurry of cancelled deals that would have seen movement in the league table rankings, particularly for JPMorgan in fifth place. The deals include Shui On LandÆs $900 million IPO led by Deutsche Bank, HSBC and JPMorgan; ProMos TechnologyÆs $325 million GDR via ABN AMRO and JPMorgan; and Cambridge Industrial TrustÆs S$120 million IPO bookrun by ABN AMRO and CLSA.
Debt Capital Markets
The debt capital markets perked up late last week with $1.2 billion raised from two deals but dropped back to zero volume this week. Morgan Stanley has displaced UBS at the top of the league tables with $2.1 billion from seven trades with UBS narrowly ahead of Citigroup in third place.
DBS BankÆs $900 million trade pushed sole bookrunner Morgan Stanley straight to the top of the rankings from sixth place the previous week. With only an $8 million differential separating first place from second and $9 million between second and third, it remains to be seen who will finish off the quarter at the top.
