The equity capital markets saw a total of $423 million raised from eight issues this week, bringing year-to-date volume to $33.1 billion from 262 deals û down 27% compared to this time last year ($45.4 billion from 527 issues). The deal flow is at its lowest year-to-date level since 2003 when 229 issues had been completed by this time.
Citi continues to head the league table rankings with a 10.0% share, followed by Credit Suisse and UBS with market shares of 8.4% and 8.1% respectively.
China Dongxiang GroupÆs $164 million bought deal was the largest issue of the week and led by Morgan Stanley. The US investment bank sits in sixth place in the rankings with a 5.2% share.
Merrill Lynch moved up a couple of notches in the league tables to take seventh place on the back of Lucky CementÆs $109 million fully-marketed deal, solely run by the US house.
A number of deals are scheduled to price next week, including Asia Cement (China) Holdings CorporationÆs $272 million IPO led by RBS and BNP Paribas; and a $129 million IPO for Thai Tap Water Supply via bookrunners Bualuang Securities, SCB Securities and Macquarie Group.
Debt Capital Markets
The debt capital markets stood still for the second week in a row, with zero trades.