HSBC, JPM Lead DCM Tables

HSBC leads the regional DCM tables through the first 9 months of 2011, according to Dealogic, with JPMorgan topping the list if only cross-border transactions are included. Bankers are unsure if there will be much more issuance to add to those totals before year-end, noting that if volatility doesn’t settle down within the next month, there will likely be no new cross-border deals until January. HSBC maintains the overall lead it held at this time last year, with $9.34bn from 67 deals, of which $4.2bn from 48 deals came from domestic markets. JPMorgan is second ($9.26bn from 34), followed by Bank of America Merrill Lynch ($8.93bn from 40). JPMorgan’s $8.79bn cross-border volume from 31 deals, leads that ranking, followed closely by BAML ($8.72 from 38) and Deutsche Bank ($5.99bn from 26). JPMorgan also led in fees, with $40m. Total regional DCM volume hit $89.3bn in the period, just shy of the record $91.0bn from the same period in 2010. ECM may have even bleaker prospects to add to its volumes, currently led by Itau’s $3.18bn from 24 transactions. “It is tough to believe issuers would want to expose themselves to these conditions,” says a banker at a rival shop. He sees few if any new deals before the end of the year, noting a reopening of LatAm ECM would require a European debt resolution, a reduction in volatility, a return of the US IPO market and a reverse in fund flows. Trailing Itau in the first 3 quarters of 2011 are BTG Pactual ($2.10bn from 13) and Citi ($2.00bn from 14). Itau’s $79m in fees are also tops. ECM Issuance in the period is down 44% to $26.1bn, from $46.7bn last year.