League table round up March 31
Equity capital markets hold steady, while debt capital markets grind to a halt.
March 31, 2006
Indian deals dominated the market this week with four of the top five deals coming from the sub-continent. Leader Merrill Lynch maintains its number one status, but UBS is hard on its heels. The largest offering was the $700 million follow on for Punjab National Bank. Bookrunners comprise ICICI Securities, DSP Merrill Lynch, Enam Financial Consultants and Kotak Mahindra Finance.
UBS made up ground at the top of the table after acting as sole lead on the $560 million block for Bharti-Televentures. It also joined forces with Merrill Lynch and Morgan Stanley to run the $400 million ADR for ICICI Bank. This pushed it up to $1.8 billion from 13 deals - $500 million behind Merrill Lynch. The US house moved onto $2.3 billion as it also priced the $240 million follow on for UTI Bank along with Citigroup.
Last year's top bank, Goldman Sachs, made a move up the table to fourth from seventh after acting as sole book on the $260 million offering for Hon Hai Precision Industry. The US house is still to break the $1 billion mark - this time last year it stood at $4 billion. Few deals are scheduled next week or moving into April as deal flow is expected to be sluggish for the next month.
Debt Capital Markets
After a blistering week last time out the debt capital markets took its foot of the gas this week. Just one deal was priced for Yen13 billion ($125 million) for Indian Railway Finance Corp. ABN Amro, Daiwa Securities and UBS acted as joint bookrunners on the Euroyen trade. This failed to make any impression on the league table with UBS remaining in third and ABN Amro in ninth. The market is looking healthy for the next couple of weeks with four potential deals sitting in the pipeline. NACF is looking for $400 million tier 2 debt through Barclays and JP Morgan, Government of Indonesia for $1 billion through Citigroup, Deutsche Bank and UBS, Thai Military Bank for $250m tier 2 issue via DBA and JP Morgan and CSFB is set to bring Dacom Corp with a $300 million high yield deal.
