Equity Capital Markets
It was another quiet week in the equity capital markets with only $875 million raised from 14 offerings as the quarter stuttered to a close. A total of $16.1 billion was raised in the first quarter - almost 40% less than the $26.5 billion recorded in 2004.
The only movement in the table this week came from JP Morgan as it leapfrogged Goldman Sachs into fourth place. This followed the sole book mandate on the $180 million convertible for HKR International.
Credit Suisse First Boston acted as lead on the $168 million convertible for United Overseas Bank. It wasn't enough to push it into the top 10 however as it sits in 11th place on $413 million from four transactions.
The Philippines and India continued to provide volume in the region. Deutsche Bank completed a bought deal for Bank of the Philippine Islands while a domestic Indian syndicate priced the $130 million IPO for Jaiprakash Hydro Power.
This leaves Merrill Lynch sitting ontop of the table for the first quarter of 2005, up 2 places from its third placing last year. UBS and Citigroup complete the top three with 2004 number one Goldman Sachs down in fifth.
The pipeline remains thin with few transactions ready to be priced in the coming week.
Debt Capital Markets
Despite nosing in front of the record breaking pace set last year the volume of debt capital market activity came up short of the $9.8 billion completed last year. No deals have been priced in the past two weeks leaving the first quarter of 2005 at $8.7 billion - still the second highest first quarter ever.
JP Morgan leads the way with $2 billion raised from six trades, up from fourth place at this stage last year. Citigroup finished second overall last year and is in second place at the end of the first quarter with $1.5 billion from five issues. UBS rounds out the top three with $930 million and last years top bookrunner, Deutsche Bank, sits in fourth with $917 million. The entire top 10 banks is made up of exactly the same banks as at this stage last year, except for Morgan Stanley replacing BNP Paribas who sits in 11th place.
Dealflow is likely to be limited in the coming weeks with few new deals on the horizon. There are a number of postponed issues that may come back to the market, but no dates have been set as yet.
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