League Table Round Up March 18
India props up equity capital market again as debt capital market eases off
March 17, 2005
Equity Capital Market
There were only a handful of deals this week as the market sits back and waits for the roughly $2 billion IPO for Ping An, set to price today. Goldman was sole lead on the largest deal of the week, a $200 million IPO for Tencent Holdings of China, which priced last Friday. This still leaves the second placed US house some $800 million behind leader Morgan Stanley.
As both banks are joint bookrunners on the Ping An offering, along with Bank of China and HSBC, it seems likely Morgan Stanley will end the first half at the summit.
In the lower reaches of the table, HSBC is set to move up into seventh spot following this transaction. It will be looking to consolidate that move with the $300m IPO for Dah Sing to come next week.
This will leave Citigroup on the bottom rung, despite pricing a $67 million follow on for A-REIT on Tuesday. The US house may be able to move up above Kotak Mahindra in ninth, however, if it is able to price the $72 million offering for CSMC.
Debt Capital Market
After a dead calm in May, volumes are starting to show signs of picking up. While there was only one issue this week, several issues are sitting in the pipeline.
Citigroup and Barclays acted as joint bookrunners on a $350 million debut deal for Malaysia's Public Bank. This further extended Citigroup's lead at the top of the table after it reclaimed top spot from Deutsche Bank last week.
The credit also enabled Barclays to squeak past JP Morgan by $50 million into fourth place and now sits just $100 million behind UBS in third. It may now jump into the top three if the planned $1 billion transaction for Malaysian International Shipping Corp still goes ahead.
Southern Bank rounds off a trio of Malaysian trades with lead Goldman expected to price the issue on June 23. Other potential fundraisings include Korea Southern Power, Chaoda Modern Agriculture, LG Caltex and Road King, which are all planning to tap the market before the end of June.
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