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HSBC jumps two places to top equity capital market league table

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Mumbai: Hong Kong and Shanghai Banking Corp Ltd (HSBC) has jumped two places to top the equity capital market (ECM) league table in the first nine months of 2020 riding on deals like the Rs 10,341 crore inital public offer of SBI Card, Axis Bank’s Rs 10,000 crore qualified institutional placement (QIP) and GlaxoSmithKline’s 5.7% state sale in Hindustan Unilever for Rs 25,480 crore in what was India’s largest block deal of shares.

Data from Dealogic showed that HSBC cornered 61.54% of the market in the year to September helping raise $20.65 billion through 14 deals pipping local rival Axis Bank and foreign competitor JP Morgan to take the top slot.

In the same period last year HSBC was number three in the list behind top placed Axis Bank and US based Morgan Stanley which was number two. It helped raise $6.6 billion last year cornering 31.59% of the market.

Hitendra Dave, head global banking and markets at HSBC said the top slot is a result of a plan formed late in 2017 to improve its ECM ranking.

“We were always looked at as a strong debt house but somewhere down the line equity was not considered as our strong point. In late 2017 we decided to focus on showcasing our equity strengths with the help of our research, global capabilities and our full capital markets offerings. That client focus and hard work has now resulted in this top slot,” Dave said

Dave took over as head of global banking and markets in March 2016.

HSBC’s rise has also been complimented by a booming capital markets this year.

Equity fundraising by Indian companies has hit a record this year, surpassing even the bestyears of2017 and 2019, ET reported today. Booming capital markets, low interest rates, ample liquidity and an urgent need for beefing up defences in a pandemic-hit eco-nomy is making India Inc raise re-cord amounts of cash.Indian companies have raised Rs 1.49 lakh crore in April-September against Rs 1.47 lakh crore in the entire 12months ended March 2020.

Experts believe that another Rs 35,000 crore will be raised in the remaining six months.

Dave said the bank hopes to build on this start and continue to focus on its ECM business for the rest of the year.

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