League Table Round Up November 14

Merrill storms to the top of the ECM table while normal service resumes on HSBC''s debt syndicate desk.

Equity Capital Markets

Merrill Lynch and Goldman Sachs ran the books on the second largest deal of the year this week - a $1.08bn ADR offering for Taiwan Semiconductor Manufacturing (TSMC). This propelled Merrill into top spot after raising $3.7 billion from 15 deals.

Citigroup slipped back to second place as the US house did not complete a deal last week, while Goldman Sachs sits just under $150 million behind on $3.3 billion after moving above UBS into third place.

Deutsche Bank's rise up the table of the past month ground to a halt as the German bank fell back to eighth. This was despite completing two deals and was because CSFB reclaimed seventh place after sole managing and possibly owning the $300 million follow on for Neptune Orient Lines.

Merrill Lynch is set to consolidate its ascension to the summit this week when it acts as joint books with JP Morgan on a $75 million to $100 million follow on for Thai Airways next week.

Debt Capital Markets

After sitting out last week HSBC returned to the fray, pricing the $250 million issue for Republic of the Philippines early on in the week. This was the biggest deal of a relatively quiet week dominated by Korean and Taiwanese credits.

LG Investment & Securities was the largest benefactor as it recorded its second successive weekly rise, moving from seventh up to fifth. It sole managed the second largest deal of the week - a $210 million deal for SK Telecom.

In Taiwan, Chinatrust Securities began to flex the increased muscle taken on by the Chinatrust Financial Holdings Group. The domestic house completed two small local deals, including a debut issue for Macoto Bank - and bankers suggest that there is more to come.

Next week Citigroup and UBS are scheduled to price a $400 million deal for Hyundai Motor. Korea Gas is also expected to tap the market for $250m through CSFB and Deutsche Bank. The big deal, however, will once again be Hutchison Whampoa which is launching a $3 billion offering via Citigroup, Goldman Sachs, HSBC and Merrill Lynch.