After the flurry of activity in the equity capital markets last week ($9.4 billion via 31 issues), this week seems subdued in comparison with volume totalling $862 million from 16 deals. UBS continues to top the league table rankings with a 12.3% share of the market, with Morgan Stanley narrowly overtaking Goldman Sachs to take second place û both banks hold a 10.5% share.
The largest issue of the week was a $270 million fully marketed deal for South KoreaÆs Danam Communication. Shinhan Securities led the deal.
China CITIC BankÆs $5.4 billion IPO was priced late last week and saw the bookrunners on the $3.6 billion H-share listing gain ground in the league table rankings. Citigroup has maintained its fifth spot ranking but closed the gap between itself and fourth place JP Morgan to a $348 million differential; HSBC jumped from ninth place to sixth with $1.7billion; while Lehman Brothers inched up from tenth last week to take the seventh position with $1.6 billion. China International Capital Corp and Citic Group currently sit outside the top 10.
Deals expected to price next week include Qiao Xing Mobile CommunicationÆs $200 million IPO led by UBS; and a $104 million IPO for Acorn International bookrun by Deutsche Bank and Merrill Lynch.
Debt Capital Markets
The debt capital markets saw $1.4 billion raised this week via two trades. The top three league table rankings remain unchanged with Deutsche Bank leading the field with a 21.0% market share, followed by Citigroup with 18.0% and UBS with 11.2%.
ABN AMRO, Credit Suisse, Deutsche Bank, HSBC, Merrill Lynch and Woori Finance Holdings printed a $1 billion trade for Woori Bank. Merrill Lynch remains in fourth place in the rankings with $1.4 billion; HSBC climbed up a notch to take the fifth spot with $1.1 billion; Credit Suisse also moved up a rung to sit in seventh with $759 million; while ABN AMRO improved its standing to ninth from tenth last week with $542 million.
The other deal this week was a $400 million trade for Hyundai Card, led by Barclays Capital, Morgan Stanley, Royal Bank of Scotland and UBS. Barclays sits in sixth place in the tables, while Morgan Stanley and Royal Bank of Scotland currently sit outside the top 10.