Equity Capital Markets
Equity capital markets issuance picked up this week with $2.0 billion raised from 18 issues. Morgan Stanley replaced Goldman Sachs at the top of the league table ranking with $5.5 billion worth of deal credits, while UBS moved to second place with $5.41 billion, closely followed by J.P. Morgan on $5.38 billion.
Morgan Stanley climbed to the top of the ranking on the back of Sterlite Industries' $1.5 billion ADR issue that priced yesterday. The follow-on issue was the biggest deal of the week and jointly led with J.P. Morgan. Morgan Stanley also ran an $80 million bought deal for China Shanshui Cement Group.
UBS jumped a couple of notches in the league table following Renhe Commercial Holdings' $720 million accelerated bookbuild that the Swiss house ran on a sole basis.
China Sichuan Expressway also raised $263 million from a fully marketed A-share deal via bookrunner China Galaxy Securities.
Issues scheduled to price next week include BBMG's $696 million IPO via J.P. Morgan, Macquarie Group and UBS.
Debt Capital Markets
The debt capital markets saw another three US dollar trades this week, totlaling $1.5 billion. The top three places in the league table ranking remain unchanged with Deutsche Bank leading the field on $4.6 billion, followed by HSBC with $3.7 billion and Barclays Capital on $2.8 billion.
The Republic of the Philippines' $750 million bond was the largest deal of the week and led by Citi, Credit Suisse and Deutsche Bank. The Swiss bank moved up a notch to seventh place in the ranking, while Citi remains in fourth place.
Korea Electric Power Corp raised $500 million via Goldman Sachs, HSBC, Morgan Stanley and RBS; while BNP Paribas, Standard Chartered and UBS printed a $300 million trade for National Federation of Fisheries Cooperatives - Suhyup Bank.