League Table Round Up
A slow week in the capital markets, but plenty of movement in the DCM league table, while the ECM tables hold steady.
April 23, 2004
The top six positions remain unchanged this week with Goldman Sachs still leading with $2.4 billion credit from two offerings. HSBC moved into the top 10 for the first time following completion of a HK$1.33 billion ($300m) convertible for Shanghai Industrial.
The UK based bank comes in at seventh with $450 million from three deals, just over $200m behind UBS, which consolidated sixth place with a $155 million follow on for Orient Overseas. Over the coming week, second place Merrill Lynch will be looking to make up some ground and inch towards the top spot via its $217 million IPO for China Oriental. The US house is acting as joint books on the transaction with JP Morgan and pricing is set for Tuesday.
Debt Capital Markets
Citigroup and JP Morgan stormed to the top of the table after pricing a $1.3 billion exchange offer for the Republic of the Philippines late last week. The three bookrunners knocked previous leader UBS down to third after printing the largest deal of the year so far.
The third lead on the transaction, Deutsche Bank, moved into fourth above CSFB with $598 million from two deals. This was despite CSFB completing a $150m trade for PGN of Indonesia.
The two leaders in the table will be looking to push further ahead next week when they bring Industrial Development Bank of India to the market with a $300m issue. UBS will look to keep in touch when it joins forces with Lehman to run a $200m offering for Korea First Bank.
