Dealogic league table roundup, January 8

Equity Capital Markets

The equity capital markets in Asia ex-Japan saw a total of $1.9 billion raised from 16 transactions in the first week of the year. Reliance Industries' $574 million follow-on offering in India, which was led by Citi and Morgan Stanley, was the largest deal of the week.

In 2009, equity capital markets activity climbed 97% to $166.4 billion from $84.4 billion in 2008. The increase was mainly driven by a 146% surge in IPO issuance in the region to the second highest annual level ever, or just below the record $261.9 billion raised from new listings in 2007. Activity of 1,413 trades was also almost double the level achieved in 2008.

China continued to be the dominant contributor to the total Asia ex-Japan ECM volume in 2009, raising a total of $86.7 billion from 356 trades, which represented the second highest annual level on record.

UBS moved up two notches to top the Asia ex-Japan league table ranking with $14.4 billion from 59 deals, on the back of offerings such as China Minsheng Banking Corp's $4.1 billion H-share IPO; Maxis's $3.3 billion IPO; and China Pacific Insurance Group's $3.1 billion H-share listing during the fourth quarter of last year.

Morgan Stanley finished the year in second place with $13.8 billion from 64 deals, jumping up the ladder from sixth place in 2006. It was the first time that Morgan Stanley ended the year in the top three since 2005. The US bank was involved in deals such as Metallurgical Corp of China's $5.1 billion dual H-share and A-share listing and DBS Group Holdings' $2.8 billion rights issue.

Banks that improved their standings in the league table in 2009 also include China International Capital Corp, which moved up a notch to third place. Goldman Sachs climbed six places to finish the year in fourth position. J.P. Morgan followed in fifth place with $10.9 billion, up from ninth place in 2008.


Debt Capital Markets

After a record-breaking year in 2009, the debt capital markets started off 2010 with a $1.5 billion sovereign bond from the Republic of Philippines, which was led by Barclays Capital, Deutsche Bank and HSBC. With a single trade so far this year, the three banks share the top position in the rankings with $500 million worth of league table credits each.

In 2009, debt capital markets activity reached $68.8 billion from 191 trades, which was more than double the $28.5 billion raised in 2008 and the highest annual level on record. The deal flow was up 10% to 161 trades in 2009, which was also the highest on record.

Corporate investment grade debt accounted for 53% of the regional volume and reached $36.5 billion - almost three times the level achieved in 2008. Deutsche Bank, HSBC and Citi rounded out the top three spots in the corporate investment grade DCM ranking, with market shares of 15%, 14% and 9% respectively.

Deutsche Bank climbed up a rung to top the overall Asia ex-Japan league table ranking with $9.7 billion from 40 deals. The bank was involved in seven out of the top 10 deals in the region, including Asia Development Bank's $3.0 billion bond; Republic of Korea's $3.0 billion sovereign debt; and a $2.6 billion corporate issue from Hutchison Whampoa.

HSBC ended the year in second place with $9.2 billion from 34 deals, down a notch from the top spot last year. Morgan Stanley maintained its third place ranking for the second consecutive year with $7.4 billion worth of league table credit.

Banks that improved their league table ranking include Barclays Capital, which moved to the fourth spot from 11th place in 2008. Citi moved up a notch to fifth place; UBS jumped up the table to sixth place from 15th in 2008; and Goldman Sachs improved by two places to finish the year in the 10th position.