The equity capital markets finished the quarter with $2.2 billion raised from 22 deals this week, pushing first half 2007 volume over the $80 billion mark û a record half yearly result and eclipsing the $73.1 billion raised in second half 2006. Morgan Stanley looks set to end the first half of 2007 at the top of the league table rankings with $8.5 billion from 38 deals, followed by Goldman Sachs with $8.1 billion and UBS on $7.1 billion.
The $850 million convertible for Khazanah was the largest issue of the week and led by CIMB, Deutsche Bank and JPMorgan. JPMorgan currently sits in fourth place in the rankings while Deutsche Bank remains in the eighth spot.
Morgan Stanley pulled ahead in the league table stakes, running the books for China High Speed Transmission Equipment GroupÆs $272 million IPO on a sole basis, as well as Spreadtrum CommunicationsÆ $126 million IPO together with Lehman Brothers.
ICICI BankÆs $4.3 billion follow-on offering was priced late last week and bookrun by Enam Financial Consultants, JM Financial Group, JPMorgan, Goldman Sachs and Merrill Lynch. The deal enabled Goldman Sachs to overtake UBS in the rankings, while Merrill Lynch jumped to fifth place from seventh, having also led United BankÆs $565 million follow-on that was also priced last Friday.
Debt Capital Markets
The debt capital markets saw out the end of the quarter in a subdued fashion with $300 million raised from a single trade. Despite the quiet week, year-to-date volume stands at a little over $29 billion û a half yearly record and up 40% on the $20.9 billion raised in the first half of 2006.
HSBC printed a $300 million trade for Hang Seng Bank, the sole deal of the week. The bookrunner currently sits in sixth place in the rankings.