City cash calls dominate EU

EQUITY issues in the UK have accounted for 46 per cent of the total issuance in Europe this year so far.<br /><br />The City scramble to raise capital meant giant offerings from HSBC, Rio Tinto and Lloyds Banking Group.<br /><br />Thomson Reuters data shows that of the $129.5bn (&pound;78.8bn) of equity capital market activity seen in Europe this year, $59.6bn came from London.<br /><br />This included the &pound;12.5bn rights issue by HSBC &ndash; the largest ever in the UK &ndash; that concluded in April. <br /><br />Goldman Sachs and JPMorgan Cazenove were the main underwriters, along with BNP Paribas, Credit Suisse and RBS Hoare Govett.<br /><br />The &pound;9.3bn issue by miner Rio Tinto was underwritten by Credit Suisse, JPMorgan Cazenove, Morgan Stanley, Deutsche Bank, Macquarie, RBS Hoare Govett and Soci&eacute;t&eacute; G&eacute;n&eacute;rale.<br /><br />And the heavily-discounted &pound;4bn rights issue by Lloyds Banking Group in May also boosted the City&rsquo;s equity total &ndash; that fully-subscribed issue was underwritten by the UK government. <br /><br />JPMorgan is the top European underwriter this year so far, bookrunning 23.2 per cent of the market. Earlier this month the bank unveiled a stellar $7.3bn investment banking turnover in its second-quarter results.