League Table Wrap May 28
Dealflow continues to be sluggish in both the equity and debt capital markets.
May 29, 2004
Just six deals were priced last week in the equity capital markets, with none of them breaking the $100 million barrier. The largest offering was the $50 million convertible offering for Tomson run by Deutsche Bank. This pushed the German house through $2 billion for the year, but still leaves it over $300 million short of fifth placed JP Morgan.
Morgan Stanley continues to lead the table with $3.8 billion from 15 deals, over $450 million ahead of nearest rival Goldman Sachs, which has $3.4 billion to its name. UBS and Merrill Lynch round of the top five, with fourth placed Merrill some $700 million clear of JP Morgan.
Banks still have plenty of chances to boost their standings coming into the last month of the first half of 2004. The $1 billion plus offerings for Ping An and China Shipping will provide opportunities for bookrunners to gain vital places in the league table.
Debt Capital Markets
The Asian debt capital market broke a drought of nearly three weeks to issue just the second international trade of May. Deutsche Bank and Citigroup priced a $500 million issue for Korea Land Corp on May 25.
This had no effect on the table rankings, but consolidated the leading two banks' position atop the table. The credit pushed Citigroup to above $2 billion, just $90 million ahead of Deutsche Bank in second place.
UBS sits in third on $1.7 billion with JP Morgan and Barclays rounding off the top five. Last year's leader HSBC is down in seventh place with a little under $900 million from five trades. The UK house will be looking to improve that position after being installed as a bookrunner, along with Merrill and BOCI, on the maiden dollar bond for the Hong Kong government.
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