It was a subdued week in the equity capital markets with a total of $269 million raised from eight issues. Volume for the year so far has reached $9.0 billion from 100 issues û the lowest amount raised year-to-date since 2005 ($7.0 billion from 164 deals) and down 37% from $14.3 billion and 210 deals at this time last year. The league table rankings remain unchanged with JPMorgan sitting at the top on $1.6 billion from six issues, followed by Citi on $768 million and Deutsche Bank with $691 million.
Gamuda's $100 million bought deal was the largest issue of the week and led by Credit Suisse. Merrill Lynch climbed into the top 10 to stand in fifth place on the back of Country Garden HoldingsÆ $500 million convertible priced late last week.
A handful of deals are scheduled to price next week, including Honghua GroupÆs $409 million IPO bookrun by Credit Suisse and Morgan Stanley.
Debt Capital Markets
The debt capital markets saw $250 million raised from two deals this week, bringing year-to-date volume to $4.6 billion from 11 trades û the slowest year-to-date result since 2005 ($4.0 billion from 12 deals) and down 50% from $9.2 billion and 17 issues at this time last year. HSBC continues to lead the league table rankings with $1.2 billion from six deals, followed by Barclays Capital on $764 million and Lehman Brothers with $665 million.
HSBC led both deals priced this week û Korea Development Bank (KDB)'s $150 million trade and Export-Import Bank of Korea (Kexim)'s $100 million bond.