Activity was brisk in the equity capital markets this week with $5.4 billion raised via 27 issues, bumping up year-to-date volume over the $50 billion barrier. Goldman Sachs and Morgan Stanley surged past UBS in the league table rankings, sitting on $6.7 billion and $6.1 billion respectively, with UBS rounding out the top three on $5.5 billion.
Goldman Sachs clinched the top ranking on the back of Taiwan Semiconductor ManufacturingÆs $2.6 billion fully marketed deal, the largest of the week, led with JPMorgan; and Gome Electrical Appliances HoldingsÆ $597 million convertible and $342 million follow-on offering, both priced late last week and run on a sole basis by the US investment house.
Morgan Stanley managed to relegate UBS to third place after running the books on Belle International HoldingsÆ $1.1 billion IPO together with Credit Suisse; and New World DevelopmentÆs $767 million convertible led with Merrill Lynch.
JPMorgan climbed up a notch in the league tables to fourth place, following TSMCÆs follow-on and a $250 million convertible for Noble Group led with Citigroup. Merrill Lynch moved up to the seventh spot from ninth last week, after New World DevelopmentÆs issue and a $94 million IPO for China Sunergy.
Debt Capital Markets
The debt capital markets held steady with $1.3 billion raised via two trades this week. Deutsche Bank, Citigroup and JPMorgan remain fixed in the top three positions in the rankings.
CITIC Resources Finance (2007)Æs $1 billion deal was the largest of the week and bookrun by Bear Stearns and Morgan Stanley. The trade enabled Morgan Stanley to climb into the top 10, sitting in ninth place with $698 million.
Barclays Capital, Citigroup and Deutsche Bank printed a $300 million trade for Bank of Baroda. Barclays Capital currently sits in seventh place in the rankings.