Goldman Sachs ECM team leads the Asia Ex Japan ECM league table at the nine month mark of 2003, having raised almost $2.5 billion from 12 issues. The US house ran the books on six deals in the third quarter, boosting its league table position from a lowly sixth at the halfway point, when it had raised just $375 million from four transactions.
The most prominent of its recent offerings has been the $1.6 billion follow on offering for Chungwha Telecom, which also numbered Merrill Lynch and UBS as bookrunners. These two have also had a busy quarter, taking part in five and eight deals respectively.
Morgan Stanley had led the way in the half year tables with $915 million from six deals, but has now slid down to fourth spot. This comes despite completing five deals in the third quarter including a $690 million convertible for Mega Financial. Over the last quarter, all of its volume derived from equity-linked issuance, whereas many other investment banks have been cashing in on the improvement in market conditions to issue a plethora of stock offerings.
Debt capital markets
HSBC maintains its domination of the Asia ex Japan DCM market, raising over $7.1 billion from 61 issues over the first nine months and capturing a 10% volume share of the market. The bank completed over $3 billion worth of issuance during the third quarter alone, with high profile transactions for issuers such as KDB and the Airport Authority of Hong Kong.
Deutsche Bank stays in second place, although it is some $3 billion behind, having raised $4 billion from 37 deals. It lost ground during the third quarter, raising only $750 million through nine transactions.
At the same time, Merrill Lynch was leapfrogged by Korea Development Bank, Citigroup and JPMorgan. It run the books on just four deals for only $300 million.
Morgan Stanley sits at the top of the Asia ex Japan league table after advising on 23 transactions for a total of $9.3 billion. In the third quarter, the US house was able to add 12 further deals for $3.5 billion, of which the lion's share came from Chohung Bank, which was valued at almost $3 billion.
JP Morgan moved into second place with $8.7 billion, up from $4.4 billion the previous quarter. It too was helped by the Chohung deal as well as a $1.5 billion transaction for Hyundai Petrochemical.
Goldman Sachs also participated in this deal, but fell from second to fourth place.
Commerce International Merchant Bankers Bhd leads the way for Asian banks and stands at sixth in the table recording $3.1 billion from 36 deals, up from the seventh place it occupied at the end of the first half.
HSBC and Citigroup have left the field far behind in the quest to come out as the region's top arranger of Asia ex Japan syndicated loans. The UK based bank is currently edging out on top, with $4.2bn raised from 57 deals for the first nine months compared to Citigroups $4.1bn from 35 deals.
The US house has closed the gap by some $400 million in the last quarter, arranging 14 loans for some $2.2 billion compared with HSBC's 25 facilities for $1.8 billion.
Behind these two come the Chinese with their very large balance sheets. Industrial & Commercial Bank of China continues to lead the Asian banking contingent with $2.8 billion from 25 loans, with Bank of China coming in next on $2.5 billion from 31 deals.
To view each league table, please click the following link: