The equity capital markets raised $82.8 billion in 1H 2007, a record half year result for the region and up 26% compared to the same period last year. Morgan Stanley capped off the first half of 2007 at the top of the rankings with $9.0 billion from 39 deals, followed by Goldman Sachs with $8.8 billion and JPMorgan on $7.3 billion (just $31 million ahead of UBS in fourth place).
The largest deal in 1H 2007 was China CITIC BankÆs $5.9 billion IPO (of which only the $4.2 billion H-share portion was credited to league tables) led by CICC, Citi, CITIC Group, HSBC and Lehman Brothers.
IPO volume of $28 billion was almost level with 1H 2006 figures while follow-on and convertible activity climbed by 50% and 109% respectively.
The top three rankings in 1H 2006 comprised Goldman Sachs ($9.1 billion), UBS ($8.3 billion) and Citi ($4.5 billion). JPMorgan sat in fourth place while Morgan Stanley was down in sixth.
The equity capital markets saw in the third quarter with $1.9 billion worth of deals this week. IDFCÆs $516 million follow-on offering was the largest issue of the week and bookrun by Citi, JM Financial Group, Kotak Mahindra Finance and UBS.
A number of deals are scheduled to price next week, including Pacific Andes (Holdings)Æs $377 million follow-on led by HSBC.
Debt Capital Markets
Debt capital markets volume reached a half yearly record of $29.7 billion in 1H 2007, an increase of 42% on 1H 2006. Deutsche Bank ended the first half at the top of the league table rankings with $4.7 billion followed closely by Citi with $4.4 billion and JPMorgan with $3.1 billion.
The largest deal in 1H 2007 was DBS BankÆs $2 billion trade in May, bookrun by DBS, Deutsche Bank and JPMorgan.
Corporate bond volume in the region hit $24.9 billion from 55 deals, a record half year result and up 74% compared to the same period in 2006.
The top three rankings in 1H 2006 comprised Morgan Stanley ($3.1 billion), Citi ($2.2 billion) and UBS ($2.1 billion). Deutsche Bank sat in fourth place with JPMorgan close behind in fifth.
The first week of the third quarter saw only $100 million raised in the markets via a single deal. Standard Chartered Bank printed the trade for China Glass Holdings yesterday.