The first six months of 2015 will see a big shake-up league table of banks handling initial public offerings, with Morgan Stanley and HSBC among the big winners.

With just two weeks to go to the mid-year point, it is clear that banks will soar or plunge in the league tables based on whether they won or lost a handful of multi-billion dollar mandates. This year to June 12, there have been 108 deals worth $28.5 billion, down from the 130 deals worth $33.5 billion by this time in 2014.