The second week in March produced the third highest weekly volume of the year with $3.2 billion issued, $300 million more than last week. In doing so the market crashed through the $20 billion barrier - a feat only achieved by the third quarter of 2003.
Credit Suisse First Boston and Deutsche Bank led the largest IPO of the year so far - a $1.8 billion offering for SMIC of China. This pushed the two European houses well up the table, with Deutsche rising from tenth to fourth and CSFB from twelfth to fifth.
This surge caused JPMorgan to slide down two spots to sixth, despite pricing a $270 million follow on for PROMos. Citigroup and UBS also dropped down two rungs despite pricing deals for respectively Associated Cements and Bank Mandiri.
ABN fell to tenth place and HSBC to ninth. The UK house also acted as a joint book along with ICICI Bank on a $355 million follow on offering for Gas Authority of India (GAIL).
There are a handful of deals scheduled for next week, including a blockbuster $2.3 billion follow on offering for Oil & Natural Gas Corp (ONGC) through JM Morgan Stanley, DSP Merrill Lynch and Kotak Mahindra Capital.
Debt Capital Markets
After a week in which $1.8 billion was raised, the market was more subdued this week with just two deals priced totalling $800 million. They consisted of a $300 million issue for Korea's IBK and a $500m bond for Republic of the Philippines.
Both of these trades were run by the same three banks - CSFB, HSBC and UBS. This propelled all three houses up the table, with UBS leapfrogging JPMorgan and Deutsche Bank to move into second place, while CSFB slipped ahead of ABN into fifth and HSBC stormed back into the top ten, rising from twelfth to seventh.
Despite not printing any deals this week, Citigroup remains in first, although its lead over UBS stands at just $30 million. The US house will look to extend its lead before the end of March when it is rumoured to be bringing SK Telecom to the market along with CSFB.
Data supplied by Dealogic