Equity Capital Markets
The first full week of the new quarter produced just six deals raising $335 million. This is the second lowest week of the year, just slightly higher than the $318 million recorded in week seven.
JPMorgan acted as joint lead along with Phatra Securities to price the largest deal of the week yesterday - a $270 million IPO for Glow Energy. This is the largest IPO out of Thailand this year and pushes Thai volume up to $550 million for 2005.
Despite this deal, the US house remains in fourth, although it is now just $14 million behind Citigroup in third. Merrill Lynch still leads the way with $2.4 billion from 12 deals, with UBS in second on $1.8 billion from 13.
The pipeline for upcoming deals is thin with only a handful expected to price next week. The largest of these is the $150m plus follow on for Allahabab Bank in India through ICICI, Kotak Mahindra, DSP Merrill Lynch, JM Morgan Stanley and SMI Capital Markets, which will be marketed to both domestic and international investors.
Debt Capital Markets
The drought in debt issuance continues as no deals were priced for the second successive week. However, activity is starting to pick up slightly with Tenaga set to launch a $500 million 10-year deal to fund a tender offering for two tranches of 2007 notes. Lead managers are Barclays, CIMB and CSFB with the tender set to close on April 29.
Morgan Stanley is also beginning roadshows for a $235 million high yield bond for Mandra Forestry.
To view the latest Dealogic league tables click here.