Equity Capital Market
After a robust first quarter the market inevitably tapered off in the second period with only $16.8 billion being raised compared with $26.2 billion. But the total figure of $43 billion is just $12 billion shy of the $55.7 billion raised in the whole of 2003. Goldman Sachs leads the way at the halfway stage of 2004 with $6.2 billion raised from 19 offerings.
This figure was boosted further by the $800 million convertible bond for Formosa Petrochemical priced on June 28.
In second place sits Morgan Stanley with a shade above $5 billion from 19 transactions. UBS completes the top three with $3.4 billion from 16 deals.
Last year's top placed house, Citigroup, is sitting in ninth place with $1.5 billion from 19 transactions, although the US bank has a number of deals in the pipeline which will push it up the table in the second half.
Debt Capital Market
Citigroup emerged as leader of the Asia ex-Japan G3 league table for the first half of 2004. The US house edged in front of closest rival Deutsche Bank on June 25 following the pricing of the $1.1 billion trade for Malaysian International Shipping Corp.
Joint bookrunner Barclays shot up into the top three as it printed its second billion dollar deal of the year. The UK house has completed five issues and stands on $2.1 billion credit.
JPMorgan was pushed back into fourth, despite acting as sole book on the only deal of the week, the $250 million tap for the Republic of the Philippines.
UBS rounds off the top five with $1.7 billion from nine transactions.
After a blistering first quarter where nearly $10 billion worth of debt was issued, the pace fell off in the second quarter with just under $7 billion raised. Total issuance in the first half was $16.6 billion, an 11% increase on the $14.9 billion raised in the same period last year.
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