League Table Wrap December 17 2004

Active week all round as the year draws to a close.

Equity Capital Markets

Link Reit has dominated the headlines this week with confusion surrounding whether it will go ahead or not. The deal priced last weekend helping to make this week the fifth largest by volume of the year. Joint bookrunners, Goldman Sachs, HSBC and UBS could gain $662 million credit each with Goldman Sachs breaking through the $10 billion barrier. This is the first time any bank in Asia will have managed to achieve this feat in the ECM market.

UBS could be the big mover on the back of this transaction, moving up into third from fifth with $5.7 billion from 31 transactions. The final book HSBC remains in ninth place, moving $800 million ahead of ABN AMRO in number 10 even though the Dutch house completed a $176 million block for GOME on Wednesday night.

JPMorgan could slip down to fourth, despite running the books on a $415 million exchangeable for Khazanah/PLUS along with Commerce International Bank. This leaves it just $40 million ahead of long time third placed Merrill Lynch, which will slip back into fifth despite being sole lead on the $150m convertible for International Bank of Taipei.


Debt Capital Markets

Three trades were printed last week with two coming in late on as the G3 bond market strides towards the $40 billion mark. MagnaChip Semiconductor priced a $750 million issue late last night through JPMorgan, UBS, Citigroup and Goldman Sachs as the weekly total hit $1.3 billion.

Citigroup added $187.5 million to its league table credit, but still remains over $300 million behind leader Deutsche Bank. The German house was not active this week and sits on $5.6 billion from 31 trades.

JPMorgan remains $1.3 billion behind Citigroup in third with UBS close behind in fourth. Goldman sits down in ninth spot, although it was able to pull ahead of Merrill in tenth, although it is still over $500 million adrift of CSFB in eighth.

Asia Aluminium Holdings was brought to the market by Morgan Stanley as sole book for $450 million. The US house pulled right up behind HSBC in sixth and a gap of just $300 million separates seventh and UBS in fourth.


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