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FINANCE
Global underwriting hits new high
Companies worldwide issued $5.69 tril in bonds, stocks and equity-related securities in '04, up 6.2% from '03 as a rebound in the equity markets stoked volumes, said Thomson Financial. U.S. firms raised $44.9 bil in global IPOs, 219% higher than the year ago as 233 U.S. firms went public. U.S. merger volume climbed 46% to $844 bil. Chinese firms raised a record $32 bil in the capital markets. Issuance dropped for U.S. mortgage-backed securities and global convertible offerings.
** Citigroup was the most active global equity and debt underwriter in '04 and also earned the most from for its work, with over $1.72 bil in disclosed fees, said Thomson Financial. Morgan Stanley ranked No. 2 in both ...