Dealogic league table roundup, June 4

UBS reclaims the top spot in the ECM rankings.

Equity Capital Markets

Equity capital markets issuance totalled $3.3 billion from 14 issues this week, the highest weekly level seen since the week commencing May 10, when $4.2 billion was raised. UBS took the top spot away from Goldman Sachs in the league table rankings with $5.8 billion, followed by Goldman Sachs on $5.4 billion and J.P. Morgan with $4.5 billion.

Industrial Bank's $2.6 billion rights issue was the biggest deal of the week and led by Credit Suisse Founder Securities, Industrial Securities and UBS Securities. The deal enabled the Swiss houses to move up the league table ladder, with UBS climbing up a notch to number one, and Credit Suisse jumping into the top 10 to sit in seventh place with $2.8 billion.

The deal comes on the heels of the slowest month in a year, with May issuance dipping to $10.6 billion. This was less than half the $23.4 billion raised in April and the lowest level since May 2009, when $9.6 billion worth of deals were completed. There was also a pullback in deal activity with 95 issues last month, the lowest deal flow since April 2009 when there were 74 issues.

Issues scheduled to price next week include Bank of China's $5.9 billion convertible bond led by Bank of China and Citic Securities; a $1.1 billion Hong Kong IPO for Xinjiang Goldwind Science & Technology via bookrunners China International Capital Corp, Citi and Credit Suisse; and a $269 million rights issue for LG Innotek, led by Daewoo Securities, Tong Yang Securities and Woori Investment & Securities.

Debt Capital Markets

Following the jump in issuance last week, only $50 million was raised from the debt capital markets this week from five trades. The league table ranking remains static with Deutsche Bank, Barclays Capital and Morgan Stanley leading the field on $3.6 billion, $3.0 billion and $2.98 billion respectively.

Asia Development Bank was the sole issuer this week with five $10 million deals under its belt, each led by bookrunner Credit Suisse.

Unlike the equity capital markets, the primary debt markets recorded the highest monthly volume in three months in May with $7.5 billion, versus $8.6 billion in February. The deal activity of 19 trades was the highest since November 2009 when 21 deals were completed.

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