Equity Capital Markets
Just over $1 billion was raised this week the equity capital markets. SM Investments completed its IPO late on Thursday to boost an otherwise quiet market. Macquarie ran the books on the deal that pushed it into fifth place in the table with $590 million. This is the fourth deal of the year to come out of the Philippines and pushes the funds raised to almost $1 billion - eight times the $123 million recorded in the whole of 2004. Deutsche Bank acted as sole lead on the $200 million convertible for Chinese Estates Holdings. This moved the German house into the top three on $750 million from seven offerings. Merrill Lynch still heads the table on $1.9 billion with UBS in second on $1 billion. Last years run away leader Goldman Sachs currently languishes in seven place with just $500 million from three deals. Next week is set to be relatively quiet although Punjab National Bank is lined up to price a $640 million retail offering. Bookrunners are ICICI Securities, DSP Merrill Lynch, Enam Financial Consultants, JM Morgan Stanley and Kotak Mahindra.
Debt Capital Markets
Building on the $1.3 billion issued last week five borrowers came to the market printing $3.1 billion worth of deals - the first time weekly volume has broken through $3 billion since late 2003. This pushed the total volume for the year to $8.6 billion, ahead of the $8 billion raised by this stage last year.
The largest deal of the week was the $1 billion transaction for KEXIM. Barclays, Citigroup and CSFB ran the books on the deal which pushed CSFB up to seventh from ninth.
Leader Citigroup, along with Barclays, added further credit to its league table rankings through the $500 million trade for IOI Ventures. Barclays rose to fifth from ninth, but this was not enough to prevent Citi sliding back down into second with $1.5 billion from 5 deals.
JP Morgan leapt from fourth to first after completing two sole book deals for $1.2 billion. The first was the $700 million issue for Noble Group and the second was a $500m transaction priced late on Thursday for Chinatrust Commercial Bank.
This leaves the US house on $2 billion from six transactions. The final deal of the week was the $400m high yield bond for Titan Petrochemicals run by sole lead Morgan Stanley, enabling it to enter the top 10 in eighth place.
The pipeline for next week does not promise anything quite spectacular as this one. The one major deal that is expected to price in the near future is the $500m trade for Bank Mandiri.
To view current Dealogic League Tables click here.
