League Table Round Up June 4

Morgan Stanley surges ahead in ECM while Citigroup looks to confirm top spot in the G3 Debt table.
Equity Capital Markets

In a lacklustre week, Morgan Stanley was able to extend its lead over second place Goldman Sachs. The US house broke through the $4 billion barrier for the year this week.

On Thursday it priced a $260 million convertible issue for Shin Kong Financial Holdings. This will be followed by an IPO of up to $170 million for China Mengniu Dairy Co on which it is acting as joint books with BNP Paribas Peregrine.

It was also a successful week for the French bank as it priced an $85 million follow on for Weiquiao Textiles of China. This pushed it up to 17th in the table with $491 million.

The combination of BNPPP and Morgan Stanley is set to continue next week with the pricing of a roughly $1.3 billion IPO for China Shipping. While this should push Morgan Stanley way out in front at the top of the table, it may also allow BNP Paribas to sneak into the top ten for the first time this year.

Debt Capital Markets

Dealflow continues to be non existant in the Asian G3 debt capital markets with few deals in the pipeline. This leaves Citigroup still at top of the table, although Deutsche Bank is just $90 million behind.

OCBC is due to issue a $500 million three year floating rate note within the next week or so. Joint books are Citigroup and DBS and the trade should allow the US house to confirm its top placing for the end of the first half of 2004.

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