League Table Round Up November 8 2004

Late rush in the equity capital markets, while debt capital markets close in on 2003 record.

Equity Capital Markets

Just under $1 billion was raised in the equity market last week as several deals priced late on Thursday night. Morgan Stanley caught up some ground on leader Goldman Sachs by pricing the largest deal of the week - a $480 million follow on for SingTel. This pulled the US house to within $2 billion after it broke through the $7 billion barrier for the year.

Other deals included a $125 million convertible bond for Larsen & Toubro through bookrunners Citigroup and ABN AMRO Rothschild. JP Morgan also priced a $100 million offering for Wintek.

The top ten rankings in the league table remain unaffected though as JP Morgan stays in fifth, with Citigroup in seventh. ABN AMRO Rothschild sits outside the top ten in 12th position. Goldman Sachs commanding lead at the top of the table is set to widen this week, as it is acting as a joint book along with CICC and Citigroup on the China Netcom deal. The IPO is set to raise $1.1 billion pushing the US house over $2.5 billion clear of the pack.

Debt Capital Markets

The league tables for G3 debt have been slightly realigned to take better account of international issuance by Asian borrowers in G3 currencies. Previously, we ran league tables that excluded Samurai and Yankee issues by Asian borrowers if they did not achieve more than 25% distribution outside of the Japanese and US markets. Instead, these deals were considered domestic bond issues, which were included in our All Asia rankings.

However, we feel that this did not give a true picture of the international G3 borrowing activities of Asian issuers. As a result, we have decided to base the tables on geography (ie the country from which a borrower comes from) rather than the market they issue in. All tables exclude issues by borrowers from Japan and Australia.

This means the tables now include two Yankee issues - Sino Forest and Globe Telecom - and three Samurais - Korea Development Bank, Korea Terminal Inc and Korea National Housing Corp.

The re-aligned tables show that Citigroup moves into first position after acting as joint bookrunner with UBS on a $150 million trade this week for Korea Water Resources Corp. This pushed the US house onto $4.84 billion from 26 transactions, just $40 million ahead of Deutsche Bank in second while UBS remains in fourth.

To view the lates Dealogic league tables Click Here

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