League table Round Up June 25

Lull in equity capital markets following Ping An, while debt capital markets dealflow continues to be sluggish.

Equity Capital Markets

Morgan Stanley continues to lead the ECM league table with Goldman Sachs its nearest rival some $600 million adrift. UBS rounds off the top three, but is over $1 billion behind the leaders.

The top two, along with HSBC and BOCI, gained almost $460 million credit apiece for the biggest Asian IPO of the year, the $1.8 billion offering for Ping An Insurance on Friday last week. This deal pushed HSBC up to seventh and the UK house may climb higher following the pricing of the $300 million IPO for Dah Sing Bank today.

BOCI recorded its first equity transaction of the year and moved up into 18th place. In a slow week DBS Bank priced the largest Asian transaction, a $68 million IPO for sportswear manufacturer Li Ning, although it still sits outside the top 20.

The remaining four deals totalled just $33 million. Next week is set to follow the same pattern, although Lehman is set to price a follow on offering for ChipMos Technologies on June 30.

Debt Capital Markets

After a relatively active period, the debt market was struggling for issuance again this week. Southern Bank Bhd of Malaysia was the only issuer in the international G3 debt market.

Goldman Sachs ran the books on the $200 million trade that was priced on Wednesday. This pushed the US house into the top ten, replacing BNP Paribas in tenth spot.

This leaves Deutsche Bank still on top, marginally ahead of Citibank in second. These two are almost $500 million ahead of third place JP Morgan with UBS and Barclays rounding off the top five.

The pipeline promises better things and there are several names scheduled to come to the market in the coming weeks. Two Chinese banks have awarded mandates as have a handful of Hong Kong corporates.

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