League Table Wrap February 25, 2004

Slow week in equity capital markets while Shinhan provides volume in debt capital markets.

Equity Capital Markets

Just under $500 million was issued in the equity capital markets this week, some way under the weekly average of $730 million so far this year. JPMorgan relinquished top spot after not adding to its total.

UBS took over as number one, rising up from third after acting as sole books on the largest deal of the week, the $263 million accelerated bookbuild deal for Hannstar Display Corp. Additionally it joined forces with Citigroup on the $124 million A-REIT transaction.

This left Citigroup eighth in the table with $323 million from four offerings. No other banks in the top ten participated in any deals this week leaving JPMorgan and Merrill Lynch rounding off the top three.

 Jet Airways (India) is scheduled to be priced by the end of next week. Deutsche Bank, HSBC, Citi, UBS, DSP Merrill Lynch and Kotak Mahindra are the bookrunners of the $450 million offering.

Debt Capital Markets

Barclays, BNP and Merrill Lynch ran joint books on the only deal of the week, a $300 million hybrid tier 1 issue for Shinhan Bank. This is the Korean bank's largest ever G3 issue and at a maturity of 30 years (with a 10 year call), also its longest.

This propelled all three houses one place up as they leap frogged CSFB into seventh, eighth and ninth, pushing it down onto the bottom rung. This leaves Citigroup on top of the table with $915 million from three deals, followed by UBS and Deutsche Bank.

Next week BOCI, HSBC and Merrill Lynch are expected to complete a $350 million issue for China Merchants Bank. Roadshows are being conducted in London today with pricing set for the early part of next week.

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