The last week of the second quarter was a subdued one for the equity capital markets with $445 million raised from eight issues. Citi leads the field in the league table rankings with $4.4 billion û in the first half 2007 the US bank was ranked sixth. UBS follows in second place with $3.8 billion, while Credit Suisse takes out the third spot on $3.5 billion.
China Shanshui Cement GroupÆs $233 million IPO was the largest issue of the week and led by Credit Suisse and Morgan Stanley. KSK Energy Ventures also raised $194 million via its IPO, which was bookrun by Edelweiss Capital, IDFC, Kotak Mahindra Finance, Lehman Brothers and Morgan Stanley.
The ECM volume in the region has fallen 47% to $44.6 billion in the first half of 2008 from the $84.5 billion raised in the first half of 2007. The deal flow of 402 transactions in the first half is also less than half the 865 issues that priced in the same period last year.
The first week of the third quarter is set to kick off with a number of deals in the pipeline, including SK C&CÆs $1.1 billion IPO via bookrunners Merrill Lynch and Woori Investment & Securities.
Debt Capital Markets
The debt capital markets capped off the second quarter with two trades totaling $1.5 billion, bringing year-to-date volume in Asia to $14.0 billion from 44 deals. The league table rankings see HSBC holding on to the top spot with $2.0 billion, compared to a sixth place ranking in the first half of 2007. Deutsche Bank and Citi round out the top three with $1.9 billion and $1.5 billion respectively.
Citi, Barclays, Deutsche Bank, JPMorgan and Morgan Stanley priced a $1.3 billion trade for Vedanta Resources û the biggest deal of the week. GS Caltex Corporation raised $300 million via bookrunners Citi, Barclays, Goldman Sachs and Merrill Lynch.
Citi moved up to third place from fourth on the back of the two deals; Barclays climbed a couple of rungs to fifth place from seventh; JPMorgan moved up a notch to seventh place; and Goldman Sachs moved into the top 10 to take out the 10th spot.
The DCM volume in the region is down 52% so far this year from $29.4 billion in the first half of 2007. The deal flow of 44 trades is down 37% from 70 deals last year.
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