Equity Capital Markets
A total of $6.1 billion was raised from 22 issues in the equity capital markets this week, bringing volume for the year so far to $294.1 billion – up 81% compared to the same period last year. Goldman Sachs tops the bookrunner ranking with $21.2 billion followed by Morgan Stanley on $20.3 billion and UBS with $16.6 billion.
The largest issue of the week was China Construction Bank Corp’s $9.2 billion rights issue (of which $3.9 billion is eligible for league table credit), which was led by Bank of America Merrill Lynch, Bank of China, China Construction Bank Corp, China International Capital Corp, Citic Securities, Credit Suisse, Morgan Stanley and Haitong Securities. Citic Securities moved up a notch in the league table to eighth place, having also worked on Pax Global Technology’s $118 million IPO on a sole basis.
China Datang Corp Renewable Power also raised $642 million via bookrunners China Everbright Securities, Cinda International Capital, Credit Suisse, J.P. Morgan, Macquarie Group and UBS.
Bank of China’s $9.0 billion rights offering priced late last week and was led by Bank of America Merrill Lynch, Bank of China, China Construction Bank Corp, Credit Suisse, Industrial and Commercial Bank of China and Citic Securities. Credit Suisse moved up a rung in the ranking to fifth place on the back of this deal, while Bank of China climbed into sixth.
Deals scheduled to price next week include Industrial and Commercial Bank of China’s $6.7 billion rights offer via BNP Paribas, Bank of China, Industrial and Commercial Bank of China, UBS and China International Capital Corp; and a $1.4 billion follow-on for GD Power Development led by UBS, China International Capital Corp and China Merchants Securities.
Debt Capital Markets
It was a quiet week in the debt capital markets with zero G3-denominated issuance. HSBC leads the field in the league table with $8.5 billion, followed by Deutsche Bank and UBS on $7.8 billion and $7.4 billion respectively. Volume for the year so far stands at $88.9 billion, which is up 28% over the same period in 2009.
