The Hindu Business Line : AK Capital occupies top slot in handling domestic bond issues

RANKINGS have changed drastically in the world of investment bankers, with champions like IDBI Capital and UTI Bank in the domestic bonds category losing their leadership status, and AK Capital and Citigroup gaining ground.

The domestic bond market, which saw an increase in issuance by 6.3 per cent to Rs 15,300 crore at the close of the quarter, witnessed adjustments that led to the revision in the rankings worked out in Bloomberg's quarterly review.

AK Capital, which had a market share of 5.8 per cent and stood seventh in the last review, moved up to occupy the top slot. The company, according to Mr P. Sharma, Associate Vice-President, managed to increase market share by roughly 24 per cent to account for about 30 per cent of the aggregate volume. It handled more than twenty issues.

In the second slot came ICICI Securities (18 per cent market share), which had earlier occupied the fourth place. The gain by Citigroup, the third rank-holder, was probably the sharpest — up from the eleventh position, with its market share moving from 3.7 per cent to 8.9 per cent.

Yet, another sharp mover was RR Financial Consultants. The company, ranked 20 last year, came to occupy eighth position this time.

At the other end of the spectrum is IDBI Capital Markets, which dropped from the top rank to the fourth slot. Its market share declined from 17.5 per cent to 7.3 per cent during the period under review. Sharp declines were also obvious in a few other cases; these included Merrill Lynch, which fell from fifth to the 15th slot. Incidentally, SBI Capital Markets managed to maintain its rank - sixth - during both periods.

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