Equity Capital Markets
After China Shenhua Energy's $3.7 billion IPO last week, the equity capital markets showed signs of encouragement with a further $2.5 billion in issuance from 17 deals this week. Total funds raised for the year has now pushed through the $30 billion mark.
Kookmin Bank provided half of the week's issuance with a $1.3 billion bought deal bookrun by JPMorgan. The US house was also involved in a $255 million follow on for Fortune REIT, together with HSBC and UBS. The two deals have pushed JPMorgan into second place in the league table rankings with $3.1 billion, from fifth position last week.
Meanwhile, UBS has been squeezed down to number three with $2.7 billion and HSBC still sits outside the top ten. Morgan Stanley also leapt up the table due to a $200 million follow on for China Mengniu Dairy, securing fifth spot with $2.1 billion from eighth place last week.
Next week will see the $2.2 billion IPO for Bank of Communications, which is scheduled to price on June 18. HSBC and Goldman Sachs are the bookrunners.
Debt Capital Markets
The debt capital markets were kept afloat this week with a further $524 million raised from two issues. The league table rankings remain unchanged from last week, with JPMorgan leading the field with $2.5 billion from nine trades and Citigroup and Deutsche Bank rounding up the top three.
The first issue was a $276 million trade for Korea Development Bank that was led by Citigroup and Daiwa Securities. Despite involvement in LG Electronics' $600 million deal and Public Bank's $400 million issue that were priced late last week, Citigroup remains in second place, but has narrowed JPMorgan's lead to $222 million.
Credit Suisse First Boston, Goldman Sachs and JPMorgan ran the books for the second issue of the week, a $250 million trade for Indosat International Finance. Credit Suisse First Boston takes the sixth spot in the league tables.
After a relatively slow start to the year, the market is set to see an influx of sizeable deals. Among those scheduled for early next week are Hynix Semiconductor's $750 million bond led by Citigroup, Deutsche Bank, Merrill Lynch and UBS, as well as Wan Hai Lines' $350m issue bookrun by Citigroup and UBS.
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