Equity Capital Markets
Another bumper issue sent volumes soaring this week with ONGC's $2.3 billion follow on. DSP Merrill Lynch, JM Morgan Stanley and Kotak Mahindra Finance ran the books on the deal that priced on Monday.
Despite this Merrill Lynch and Morgan Stanley remain in second and third positions in the Dealogic ECM table with $2.8 billion and $2.7 billion credit apiece. Kotak was able to break in to the top ten for the first time this year, coming in at number seven with $987 million from five transactions.
Goldman Sachs maintains its position on top of the pile after the $742 million placement of Shell's stake in Sinopec. This deal follows on from the $741 million offering completed by Morgan Stanley in February selling BP's holding.
JPMorgan moved back above Credit Suisse First Boston into fifth place after running the books on a $200m convertible for Noble Group.
The US house is now just $2 million behind Deutsche Bank in fourth, with only one-and-a-half weeks to go until the end of the first quarter. The $200 million IPO for China Resources Peoples Telephone Company is set to be the largest deal next week. Sole book UBS will be looking to move up the table with the credit garnered from the deal propelling it through the $1 billion barrier and into seventh place.
Debt Capital Markets
Following two blockbuster weeks in the debt capital markets, activity in the third week of March was sparse in the G3 sector. Korean auto manufacturer Sun Sage was set to price a $200 million high yield trade late Friday through JPMorgan Lehman and Deutsche Bank. This was the only deal that came to the market.
Next week SK Telecom will be brought to the market by bookrunners CSFB and Citigroup with a $300 million issue. Further to this Citigroup and Deutsche Bank are scheduled to print a $300 million high yield issue for PT Bank Danamon.
Data supplied by Dealogic
