Equity Capital Markets
The equity capital markets advanced at a steady pace this week with $529 million raised from nine issues. Volume for the year so far stands at $15.8 billion -- down 42% from the same period last year ($27.2 billion). The deal flow of 181 issues has fallen 25% year-on-year.
The top three banks in the league table ranking remain unchanged with UBS leading the field on $2.9 billion, followed by Morgan Stanley on $2.5 billion and Bank of America-Merrill Lynch with $2.2 billion.
Unitech's $324 million fully marketed follow-on was the largest deal of the week and led by IDFC, Morgan Stanley and UBS.
Daewoo Securities moved up a notch in the ranking to secure ninth place on the back of a $57 million follow-on offering for KISCO Holdings Corp that the bank ran on a sfole basis.
A handful of deals are scheduled to price next week, including an $86 million rights offer for Alok Industries led by bookrunners AXIS Bank, Edelweiss Capital, Fortune Financial Services, IDBI Bank, Punjab National Bank and SBI Capital Markets; and an $82 million fully-marketed deal for Want Want China Holdings via Grand Cathay Securities.
Debt Capital Markets
The debt capital markets saw $1.6 billion raised from two trades this week - the third consecutive week with volume in excess of $1 billion. This brings year-to-date activity to $16.6 billion -- almost three times the $5.8 billion worth of deals priced in the same period last year.
Deutsche Bank sits at the top of the league table ranking with $2.5 billion, followed closely by HSBC on $2.4 billion and Barclays Capital with $2.1 billion. The German bank leapfrogged to the top of the ranking on the back of Republic of Korea's $3 billion trade and Hutchison Whampoa Finance's $1.5 billion bond -- both priced before Easter.
This week, Bank of America-Merrill Lynch, Barclays Capital, Citi and Morgan Stanley printed a $1 billion trade for Industrial Bank of Korea - the largest deal of the week. Bank of America-Merrill Lynch climbed up a notch in the ranking to fourth place, while Citi maintained its position on the sixth rung.
The other trade this week, Republic of Indonesia's $650 million deal, was led by Barclays Capital, HSBC and Standard Chartered Bank.