Equity Capital Markets
There was no change in the top 10 this week, despite four houses pricing deals. Volume was low at just under $700 million from 12 offerings.
Second placed Morgan Stanley completed the largest deal of the week with a $183 million block trade for SK Telecom. This increased the US bank's credit to $5.2 billion from 20 transactions.
Goldman Sachs maintained its comfortable lead at the top after pricing a $140 million IPO for Pacific Basin Shipping on Thursday. This pushed its credit through the $6.5 billion barrier, giving it a cushion of over $1.3 billion on its nearest rival.
Yanzhou Coal raised $162 million from a follow on run deal by BNP Paribas Peregrine. This credit still left the French house down in tenth spot with $1 billion.
The final $100 million plus deal of the week was a $100 million IPO for Chinese telecom concern, KongZhong Corp. UBS acted as sole bookrunner and increased the gap over fourth place Merrill Lynch to almost $400 million.
A handful of deals are set to price next week with the pick being the $1.3 billion plus IPO for LG Philips LCD. Joint bookrunners Morgan Stanley and UBS, along with LG Investment & Securities, are set to close the gap on leader Goldman Sachs with the credit from this deal.
Debt Capital Markets
Two trades were printed this week with the largest jointly run by Citibank and Deutsche Bank. The $250 million issue for Export-Import Bank of India was priced on Wednesday.
This pushed leader Citigroup through the $3 billion barrier for the year,while Deutsche Bank continues to hold on to its coat tails on $2.7 billion from 16 transactions.
Last year's number one, HSBC, made further inroads up the table, moving from seventh to sixth. The UK house was sole books on the $200 million trade for Road King Infrastructure which moved it on to $1.8 billion from seven deals. Roadshows began this week for the HK$20 billion issue for the Hong Kong government. Bookrunners Bank of China, HSBC and Merrill Lynch will be looking move up the ladder following the completion of this deal.