Linklaters, A&O top volume charts for EMEA debt and equity capital markets
Linklaters and Allen & Overy (A&O) have topped Thomson Reuters' EMEA equity and debt capital markets rankings for the full 2010 calendar year. Linklaters has held its spot at the top of the equity capital markets (ECM) rankings by manager, advising underwriters on 57 deals worth a total of $39.2bn (£24.8bn). The tally equates to four more deals than in 2009 – although the value is down from last year's figure of $53.3bn (£33.7bn) – putting it significantly ahead of its nearest rival by volume, Davis Polk & Wardwell, which advised on just 14 deals.
January 26, 2011 at 08:19 PM
2 minute read
Linklaters advises on 57 ECM deals while A&O is instructed on 473 DCM deals in 2010
Linklaters and Allen & Overy (A&O) have topped Thomson Reuters' EMEA equity and debt capital markets rankings for the full 2010 calendar year.
Linklaters has held its spot at the top of the equity capital markets (ECM) rankings by manager, advising underwriters on 57 deals worth a total of $39.2bn (£24.8bn). The tally equates to four more deals than in 2009 – although the value is down from last year's figure of $53.3bn (£33.7bn) – putting it significantly ahead of its nearest rival by volume, Davis Polk & Wardwell, which advised on just 14 deals.
Clifford Chance (CC) and Norton Rose were ranked third and fourth respectively, with Berwin Leighton Paisner and Freshfields Bruckhaus Deringer sharing fifth place with underwriter roles on 10 deals each. Overall equity deal activity levels in EMEA fell by 12%.
A&O, meanwhile, topped the debt capital markets (DCM) rankings by volume, now reclassified as international bond rankings by Thomson. The magic circle firm picked up 473 instructions for managers on deals raising $302.8bn (£191.7bn). Linklaters came second by number of deals, advising on 378 transactions, with Cahill Gordon & Reindel, Davis Polk and CC making up the top five. Deal activity levels increased by 14% compared with the full year in 2009.
Linklaters global head of capital markets Jim Rice (pictured) said: "Both the debt and equity capital markets do seem to be open at the moment with deals getting done. We obviously have a very strong web of client relationships and are taking a good share of deals on both sides."
A&O capital markets partner Stephen Miller commented: "We have clearly not seen activity levels anything like those in, say, 2007, but I don't regard that as a bad thing; it is just the market normalising. There are many uncertainties that will continue to affect the market but we are just getting on with what we do."
On the issuer side, Freshfields topped the ECM rankings by volume ahead of Linklaters and Baker & McKenzie, with Sidley Austin topping the bond rankings by issuer.
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