League table wrap first quarter 2004

Market volumes grow, but last year''s leaders fail to sustain the momentum they built up in 2003.

ECM




In a robust quarter that was bustling with activity, Goldman Sachs leads the ECM table with $3.2 billion from four transactions. These consist of three stock deals and one convert as the US house scooped mandates on some massive offerings in the first quarter.



Morgan Stanley and Merrill Lynch are neck and neck for second spot with Morgan edging the race by less than $100 million with $2.87 billion next to $2.79 billion. Merrill's credit is derived almost 50/50 between stock and equity linked products and leads the convert table with $1.25 billion from three trades.



There is a long gap back to fourth where JP Morgan sits on $1.76 billion from 13 offerings. Deutsche Bank rounds off the top five with $1.3 billion from seven transactions.



Kotak Mahindra Finance appears in the top 10 for the first time at this stage, riding on the back of the Indian privatisation wave. The Indian house has run the books on six deals for just over $1 billion credit and lies in sixth in the stock table and at eighth overall.



Citigroup finished 2003 in number one spot, but has been unable to repeat that performance so far this year. Despite running the books on the second largest number of deals out of the top 10 banks it finds itself in ninth place with just $900 million from 12 deals.


DCM




Market conditions in the G3 international debt market also proved to be favourable with 30 deals printed in the first quarter, raising $10 billion. Only 80 trades were completed in the whole of last year.



UBS heads up the leader board for G3 issuance in Asia with $1.8 billion from eight transactions. Despite this impressive performance it trails in just sixth place in the high yield sector, after finishing second last year.



Just behind is Citigroup which weighed in with $1.6 billion from nine trades. All of these deals were investment grade and the US house leads the IG table with an 11% market share.



Last year's number one, HSBC, is struggling in sixth place with just $650 million from four issues and only recently broke into the top 10. The UK house dominated all facets of the market last year, but finds itself pushed into second in the IG table and down into fourth for high yield issuance.



Click here to see up to date Dealogic league tables.