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.
The investment bank’s ECM revenues of $1.3bn (£800m) were boosted by its role as joint bookrunner for HSBC’s $19.6bn rights issue.
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.
This was despite second quarter volumes rocketing as a raft of companies sought to raise additional capital through rights issues.
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.
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.
But the IPO market in the region was stagnant, with the most significant deal being the $952m flotation of Vodafone Qatar.