Equity Capital Markets
The Asian equity market exploded into life this week with over $2.6 billion raised from 20 deals. China Netcom led the way with its $1.1 billion IPO run by Goldman Sachs, China International Capital Corp and Citigroup.
This pushed leader Goldman Sachs out to $9.3 billion credit from 28 deals, over $2.3 billion ahead of Morgan Stanley in second. Citigroup was the big mover of the week however, slipping ahead of Deutsche Bank into sixth position.
In addition to the credit received on the China Netcom deal it picked up a further $526 million on the Esprit accelerated bookbuild. This puts the US house on $3.2 billion from 27 deals, up almost $1 billion from last week.
JPMorgan made up a lot of ground on fourth placed UBS after acting as sole books on a $500 million offering for Cathay Financial Holdings. This also leaves it just $130 million behind Merrill Lynch in third as the race for the final top three slot intensifies.
Little activity is scheduled for next week with the $240 million IPO for Thaino Stainless from Thailand registered as the largest deal in the pipeline.
Debt Capital Markets
An active week in debt saw over $500 million of issuance hit the market. The nip and tuck battle between Citigroup and Deutsche Bank continues as the German house went back ontop of the table.
It acted as joint bookrunner along with Lehman Brothers on a $215 million trade for STATS ChipPac. This puts it just $28 million ahead of Citigroup with only six weeks of the year left.
CITIC Ka Wah Bank tapped the market for $300 million through UBS and HSBC. This was not enough to change the league table rankings, with both banks staying at fourth and sixth respectively. Next week is expected to be quiet with no issuance set to hit the market although Barclays and Merrill Lynch will take Woori Bank on a roadshow for its planned $300 million deal.
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