The equity capital markets saw out the last week of the third quarter with $721 million raised from seven issues, bringing year-to-date volume to $118.2 billion and surpassing the $80.4 billion raised in the first nine months 2006. The league table rankings remain a close call as the quarter draws to an end, with Goldman Sachs sitting in first place with $12.2 billion û only $133 million ahead of Morgan Stanley in second place, with UBS following in third with $10.8 billion.
In comparison to the first nine months of 2006, Goldman Sachs moved up a notch to first place from second, Morgan Stanley jumped from fifth place to take the second spot, Merrill Lynch climbed to sixth from ninth and Lehman Brothers jumped a whopping 14 places to sit in ninth place. UBS dropped to third from first place last year.
Volume in the third quarter hit a record $33.9 billion, up 73% on 3Q 2006. The largest issue of the quarter was Aluminum Corp of China's (CHALCO) $2.0 billion follow-on, bookrun by Goldman Sachs.
The $553 million bought deal for Sino Land was the largest issue of the week and led by JPMorgan. The US house sits in fourth place in the rankings with $8.9 billion.
A handful of deals are scheduled to price next week, including a $745 million IPO for Bosideng International Holdings led by Goldman Sachs and Morgan Stanley; and China Dongxiang GroupÆs $669 million IPO bookrun by Deutsche Bank and Merrill Lynch.
Debt Capital Markets
The debt capital markets stirred back to life this week with a single $2.0 billion issue from ICICI Bank. The deal was led by Deutsche Bank, Goldman Sachs and Merrill Lynch û giving the German bank a greater lead at the head of the league tables, pushing Goldman into the top 10 in ninth place, and propelling Merrill Lynch into the third spot from fifth last week.
The first nine months of the year saw volume reach a record $33.7 billion, up 7% compared to the first nine months of 2006. Third quarter volume, however, was down 65% to $3.8 billion compared with the same period last year and plummeted from $18.3 billion in 2Q 2007. The largest deal in the third quarter was ICICI BankÆs $2.0 billion trade that priced this week.
As the quarter draws to a close, Deutsche Bank sits at the top of the rankings with $5.6 billion, followed by Citi with $4.7 billion and Merrill Lynch on $3.3 billion. In comparison to the first nine months of 2006, Deutsche Bank moved up a notch from second place; Citi climbed from fifth place; Merrill Lynch jumped from tenth; JP Morgan moved to fourth from seventh; while Morgan Stanley dropped to eighth from the top ranking last year.
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