Equity Capital Markets
Issuance of $1.3 billion (18 deals) in the equity capital markets this week followed the record $3.8 billion raised last week. Regional activity reached $43.4 billion in the first half of 2009 -- down 8% year-on-year but 3.5 times the $12.4 billion raised in the second half of 2008. And the volume of $29.4 billion achieved in the second quarter of 2009 alone was the highest quarterly level achieved since the fourth quarter of 2007 ($58.0 billion).
Goldman Sachs capped off the first half of 2009 at the top of the league table ranking with $5.3 billion, but there was only $31 million separating Morgan Stanley ($4.83 billion) and UBS ($4.80 billion) in second and third places respectively. Goldman's involvement in ICBC's share sales this quarter propelled the US bank to the top of the ranking -- compared to its ninth place position in the same period last year.
A $349 million accelerated bookbuild for India's Housing Development & Infrastructure was the largest issue this week and led by J.P. Morgan, Kotak Mahindra Finance and Macquarie Group. J.P. Morgan sits in fourth place in the league table ranking.
Deals scheduled to price next week include a $995 million rights issue for Neptune Orient Lines via bookrunners DBS, HSBC, J.P. Morgan and Morgan Stanley.
Debt Capital Markets
The debt capital markets saw zero trades this week. Volume reached $22.8 billion in the first half of 2009 -- up 61% year-on-year and the highest half year level seen in two years ($29.4 billion in the first half of 2007). Activity of $13.4 billion in the second quarter of 2009 alone was the highest quarterly result since the second quarter of 2007 ($17.7 billion).
Deutsche Bank finished the first half of the year at the top of the league table ranking with $3.7 billion, followed by HSBC on $3.6 billion and Barclays Capital on $2.5 billion. The German house maintained its first place ranking from the first half of 2008.