It was convertibles week in the Asian markets last week with five of the top six deals being taken up by equity-linked trades. Issuance was low at just $892 million for the week, well below the peak of $3.8 billion recorded in the third week of January.
Goldman Sachs retains its top position, but Merrill Lynch and Morgan Stanley are within touching distance after running the books on the $400 million convertible for Tata Motor. This moved Morgan up to $3.2 billion from 11 transactions, just $23 million behind Goldman, while Merrill sits in third with $2.9 billion.
The only movement in the table came at the bottom where Citigroup and HSBC swapped positions with the UK house dropping to tenth. Citigroup ran the books on two converts - the $400 million for Tata and an $85 million deal for Zee Telefilms.
Debt Capital Markets
Just two G3 bonds were printed in Asia last week although there were plenty of changes in the table. UBS continues to lead the pack with $2.1 billion credit despite not being involved in either trade.
JPMorgan leapfrogged Deutsche into third place by a whisker after running the books on the Hongkong Land issue along with HSBC. Last year's number one bank continues its rise up the table, moving up one place to fifth with $898 million credit from five deals.
CSFB slid down into sixth position, despite acting as joint bookrunner along with Barclays on the $300 million trade for Kepco. It looks to be slim pickings next week as well as just one deal is scheduled to be priced - the $150 million five year issue for Korea Midland Power.
Bookrunners are CSFB, which will look to regain fifth spot from HSBC - and JP Morgan, which can consolidate its move into third.
To view current league tables by Dealogic click here