JP Morgan leads bank equity tables

JP MORGAN was the leading bank in global equity capital markets (ECM) in the first half of 2009, with a 14.6 per cent share of revenues, according to figures released by Dealogic yesterday.<br /><br />The investment bank&rsquo;s ECM revenues of $1.3bn (&pound;800m) were boosted by its role as joint bookrunner for HSBC&rsquo;s $19.6bn rights issue.<br /><br />However, total ECM volumes fell 12 per cent year-on-year to $345.1bn due to a lack of confidence in the financial markets, making it the lowest first half performance since 2005.<br /><br />This was despite second quarter volumes rocketing as a raft of companies sought to raise additional capital through rights issues.<br /><br />Total ECM volume in the second quarter was $273.8bn, quadruple the amount raised in the first quarter and the highest quarterly total for nearly two years. <br /><br />ECM volume in Europe, Middle East and Africa rose by 22 per cent over the first half to $116.1bn, with the majority of this being driven by rights issues in the second quarter.<br /><br />But the IPO market in the region was stagnant, with the most significant deal being the $952m flotation of Vodafone Qatar.