Equity Capital Market
With the end of the third quarter just a couple of weeks away Goldman Sachs still stands head and shoulders above everyone atop the equity capital markets table. The US house has $7.5 billion credit from 22 offerings - $1.4 billion than nearest rival Morgan Stanley with $6.1 billion.
In a slow week Morgan Stanley was only able to pull back a $42 million on the leader. This came from the $125 million convertible for Commerce Asset Holdings, which was jointly run by CIMB, JPMorgan and Morgan Stanley.
A handful of small deals were completed, with Merrill Lynch running the books on a $50 million convertible for Sterling Biotech. This left it sitting in fourth place, $200 million behind UBS in third.
While September has produced few high profile deals the pipeline looks promising with China Power, Hutchison Telecommunications and Starhub set to raise around $2 billion through IPOs during the first week of October.
Debt Capital Markets
After a week of feverish activity in the G3 market Deutsche Bank maintained top spot ahead of Citigroup. The two houses have been locked in a head to head battle at the top of the table all year and there are no signs that the struggle is abating.
A total of five trades priced this week totalling over $2 billion. This is the second highest weekly issuance of the year - although it is some way behind the $2.9 billion that came to the market in the third week of July.
The largest deal was the $1 billion offering for Republic of Korea. Despite the size this had a limited impact on the table as all of the top four banks participated as bookrunners pulling them further ahead of the chasing pack. Both
Deutsche Bank and Citigroup ran the books on one more deal each with the German house teaming up with CIMB and UBS for the $500 million transaction for Telekom Malaysia. Citigroup acted as joint books with HSBC on the $300 million trade for Genting.
Table positions were largely unchanged, with the only movement coming lower down the table with UBS displacing Credit Suisse First Boston in sixth. The pipeline for the near future is relatively thin with the $1 billion offering for China Development Bank the only deal on the immediate horizon.
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