Equity Capital Markets
A shade over $1.5 billion was raised last week with Morgan Stanley acting as joint books alongside China International Capital Corp (CICC) on the week's biggest transaction - the $696 million IPO for Chinese insurance giant PICC. Despite this the US house remained in sixth place, even though fifth placed JP Morgan did not run any deals.
Deutsche Bank was the only mover as it continued its surge up the table. The German bank replaced CSFB in seventh place after adding $157 million from two convertibles - a $150 million issue for Tom.com with Citigroup and a $82.7 million deal for Uni-President Enterprise of Taiwan. This credit enabled Citigroup to further extend its lead at the top of the table to $366 million over Merrill Lynch from $270 million last week.
Debt Capital Markets
In a relatively slow week leader HSBC remained uncharacteristically quiet and was unable to add to its total after raising some $900 million the previous week. Second place Deutsche Bank was unable to capitalise on this, issuing just one deal.
The only movement in the table came in the lower reaches where UBS reclaimed ninth spot from Samsung Securities after running the books on the largest deal of the week, a $175 million issue for China Insurance International. This is the second week in a row that UBS has been involved in the top deal after the $500m Kexim transaction previously.
CSFB is planning to price what should be the largest deal of next week - a $750 million transaction for Reliance Industries of India. This won't be enough to propel the US house back into the top ten however, as it currently sits in 18th position with $1.6 billion from 11 deals.
A glut of issuance is also expected from the Philippines with HSBC, Land Bank of the Philippines and First National Investment Bank due to bring Republic of the Philippines to the market for the ninth time this year. There are also a number of ongoing deals for ABS-CBN, Philippine National Bank and Filinvest that were postponed last week and could also be priced.