League Table Round Up

Sinopec pushes Morgan Stanley up the ECM table while DCM rankings remain steady.
Equity Capital Markets



Funds raised from the equity market charged through the $10 billion barrier this week with the amount now standing at $11.89 billion (Asia ex-Japan, ex-Australia). This figure is over seven times the amount raised during the same period last year - just $1.62 billion.



Goldman Sachs and Merrill Lynch stay at the head of the table, but Morgan Stanley moves up into third. This follows the completion of the $741 million Sinopec follow-on offering for which the US house was sole books.



JPMorgan completed two transactions this week to push it up to fourth with $750 million. This movement saw Citigroup relinquish third spot and slide down into fifth position.



Next week promises to be quiet by 2004 standards with only a handful of small offerings publicly announced, but possibly many more placements waiting in the wings. JP Morgan and Merrill Lynch are looking to price what could be the largest deal of the week with the $240 million IPO for China Oriental, otherwise known as Jinxi Steel.



Debt Capital Markets



UBS and Citigroup maintained their lead in the table this week. This was in spite of neither being taking part in the only deal to price, the $500m trade for Pakistan. ABN AMRO and Deutsche Bank, two of the three bookrunners on the deal, enter the table at joint ninth, pushing Morgan Stanley and Daiwa out of the top ten.



After the Dealogic league tables were closed for the week, a $150m transaction for PGN in Indonesia was priced on Friday via CSFB. In addition Citigroup, Deutsche Bank and JP Morgan closed an exchange offer for Republic of the Philippines.