Goldman Sachs has topped the bookrunner league table for global equity capital markets issuance for 2003's first quarter thanks to its work on convertibles deals, according to Dealogic, the investment banking research firm.

The result extends Goldman's lead of global ECM for 2002. Morgan Stanley took second place for the first three months of 2003 with 13.3% market share behind Goldman's 17%, while JP Morgan lay in third with 10.5%. Fourth-placed Salomon Smith Barney (SSB) did the most deals at 32.