Equity Capital Markets
The equity capital markets raised over $2 billion this week from 21 issues, bringing 2009 year-to-date volume to $27.4 billion -- down 29% from $38.5 billion in the same period last year and the lowest year-to-date level seen since 2005 when $22.9 billion worth of deals was completed.
UBS continues to head the league table ranking with $3.6 billion, followed by Morgan Stanley on $3.5 billion and Goldman Sachs with $2.9 billion.
Credit Suisse moved into the top 10 to sit in sixth place, with $1.3 billion worth of deal credits, on the back of China Resources Land's $555 million accelerated bookbuild. This was the largest issue of the week and run on a sole basis by the Swiss bank. Credit Suisse also led a $251 million follow-on offering for Sino-Forest Corp, together with Dundee Securities Corp.
Debt Capital Markets
The debt capital markets saw over $1 billion raised from two trades this week, pushing volume to $19.9 billion for the year so far -- more than double the $9.1 billion worth of deals priced in the same period in 2008.
The top three rankings remain unchanged. HSBC continues to lead on $3.4 billion and is followed by Deutsche Bank on $3.3 billion and Citi on $2.2 billion.
The $1 billion bond offering by Power Sector Assets & Liabilities Management Corp, or Psalm Corp, was the largest deal of the week and led by Deutsche Bank, HSBC and Morgan Stanley. Morgan Stanley moved up a couple of notches to sit in eighth place in the league table with $958 million.
Bank of America-Merrill Lynch printed a $100 million trade for Woori Bank and remains in fifth place in the ranking.