League Table Wrap April 15 2005
Debt Capital Market shows signs of life as Equity Capital Market continues to flounder.
April 15, 2005
Equity Capital Markets
It was another slow week in the equity capital markets with just $750 million being raised from nine deals. This makes it the third week in a row the volume has failed to move over the $1 billion mark.
Joint books UBS, Citigroup and Morgan Stanley priced the largest deal of the week on Tuesday - a $400 million convertible for LG Philips LCD. UBS and Citigroup remain in second and third respectively, still some $500 million behind Merrill Lynch in first.
Morgan Stanley moved up two spots into fifth place with $1.1 billion in overall offerings. The US house pushed its counterpart Goldman Sachs down into sixth and now sits $250 million behind JPMorgan. Deals are thin on the ground for next week with the $700 million IPO for Shanghai Electric through CSFB one of the few deals expected to priced.
Debt Capital Markets
The Republic of Indonesia provide a spark in the otherwise lifeless G3 Debt Capital Markets this week. This is the first issue since Indian Railway Finance Corp completed its $125 million samurai a month ago.
Citigroup, UBS and Deutsche Bank were leads on the $1 billion trade. Although this had no effect on the league table positions as these three banks stand second, third and fourth respectively, it did allow Citigroup to move within $200 million of leader JPMorgan.
After a period of inactivity several deals are on the brink of coming to the market with the Republic of the Philippines leading the way as it searches for $500 million through Deutsche Bank, JPMorgan and HSBC. Morgan Stanley continues to cement its reputation as the high yield house as it looks to price a $235 million trade for Mandra Forestry from India next week.
Further to these two issuers are looking to raise funds - Korea Exchange Bank has mandated Citigroup and HSBC as it looks for $300m. Barclays and UBS are also expected to start marketing Bank Internasional Indonesia for a $100 to $200 million deal some time next week.
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