Less than $1 billion was issued this week with none of the top 10 houses involved in the action. Guotai Junan Securities brought the biggest deal to the market - a $240 million Renminbi convertible for Handan Iron & Steel Co. There is still plenty of league table credit to be gained however with China Life's $2 billion to $3 billion IPO due to price in mid December. In addition the $150 million offering for Great Wall Automobile run by BNP Paribas is expected on December 9, although this alone will not pull the French house into the top 10 as it sits in 17th place with $509 million - over $500 million behind 10th placed ABN Amro.
Debt Capital Markets
It was a quiet week in the G3 debt market with just one trade being completed - a $50 million issue for Kexim run by BNP Paribas. The big news of the week was the postponenet by one week of a $400 million deal for Hyundai Motor Corp which prevented Citigroup and UBS gaining table credit. This meant that there was no change this week and with very few deals lined up it is unlikely that there will be much movement by the end of the year.
