A total of $4.7 billion was raised via 90 issues in the equity capital markets in January 2007, down 44% on $8.3 billion in January 2006 and way off the record $9 billion raised in January 2004. UBS has started the year off at the top of the league table rankings with $864 million while Credit Suisse and JPMorgan round out the top three.
The largest deal of the month was Focus Media HoldingÆs $609 million follow-on that was led by Citigroup, Credit Suisse, Goldman Sachs and Merrill Lynch. Kerry PropertiesÆ $301 million convertible was the second largest issue and led by JPMorgan while the $270 million IPO for Dev Property Development came in third and was bookrun by Citigroup, Deutsche Bank and UBS.
A number of deals are scheduled to price next week including New Oriental Education & Technology GroupÆs $249 million IPO led by Credit Suisse, Goldman Sachs and Merrill Lynch; JA Solar HoldingsÆ $203 million IPO via CIBC World Markets and Piper Jaffray & Co; and 3SBioÆs $100 million IPO via UBS.
Debt Capital Markets
The debt capital markets got off to a quick start to the year and saw a record $5.1 billion raised in January 2007, an increase of 34% on the $3.8 billion recorded in January 2006. Deutsche Bank sits at the top of the league table rankings with $1.4 billion followed by Citigroup and Merrill Lynch.
Citigroup, Deutsche Bank and Merrill Lynch printed a $2 billion trade for ICICI Bank, the largest deal of January 2007. Republic of the Philippines raised $979 million via Citigroup, Credit Suisse and Deutsche Bank while Daiwa Securities, JP Morgan and Mizuho led a $411 million trade for Industrial Bank of Korea.