Linklaters takes top spot in Euro debt and equity capital markets rankings
Linklaters has topped the Thomson Reuters European debt and equity capital markets rankings, advising managers on twice as many equity deals over the first half of 2009 as its nearest rival and overtaking Allen & Overy (A&O) in the debt rankings. The magic circle firm advised underwriters on 21 European equity capital markets (ECM) deals worth $36.9bn (£22.2bn) during the first six months of this year, with key deals including a role advising JP Morgan and Goldman Sachs on HSBC's £12.5bn rights issue - the largest so far this year.
August 10, 2009 at 11:46 AM
3 minute read
Linklaters has topped the Thomson Reuters European debt and equity capital markets rankings, advising managers on twice as many equity deals over the first half of 2009 as its nearest rival and overtaking Allen & Overy (A&O) in the debt rankings.
The magic circle firm advised underwriters on 21 European equity capital markets (ECM) deals worth $37bn (£22.5bn) during the first six months of this year, with key deals including a role advising JP Morgan and Goldman Sachs on HSBC's £12.5bn rights issue – the largest so far this year.
The tally enabled it to maintain its spot at the top of the ECM volume tables, with roles on 11 more deals than Herbert Smith and Freshfields Bruckhaus Deringer in joint second place. Herbert Smith climbed from 13th place at H1 2008 to claim the runner-up position after advising on 10 deals worth a total of $5.8bn (£3.5bn).
Meanwhile Linklaters also pushed aside A&O to claim the top spot in the European debt capital markets rankings by volume, advising on 204 deals worth a total of $247.8bn (£150.6bn) during the period ending 30 June, 2009.
Linklaters global capital markets chief Jim Rice (pictured) said: "We have seen a significant pickup in the capital markets. It has been a year of hard work and planning and we have a high quality team of partners and associates. The last nine months have been the toughest that any of us have known but things are starting to look better than we could have hoped. However, it is still fragile and we are more cautious."
A&O, which topped the debt rankings for the first half of 2008, advised on 201 deals worth $208.4bn (£126.6bn) over the period, including acting for Goldman Sachs and Morgan Stanley on Anglo American's $1.7bn (£1bn) bond issue in May. Both firms worked on nearly three times as many deals as third-placed Davis Polk & Wardwell.
By issuer, Sidley Austin tops the debt rankings by volume, with roles on 87 deals, while Linklaters heads the ECM rankings with 15 roles including mining giant Rio Tinto's $19.5bn (£11.7bn) rights issue in June.
Overall, total ECM activity across Europe, the Middle East and Africa increased markedly during the second quarter of 2009, with total proceeds up 326% to $91bn from 270 deals – the fourth highest quarter since the beginning of 2002.
A&O capital markets partner Andrew Wilson commented: "It has been an odd six months – the market is very different from two years ago as overall activity on the new issuance side has gone down significantly; but I am more optimistic than I have been and there are positive signs, such as increased debt issuance by mainstream corporate borrowers and the securitisation market coming back."
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