Equity Capital Markets
The equity capital markets saw issuance spike to $8.6 billion this week on the back of IPOs for Metallurgical Corp of China and SinoPharm Group. The deals pushed regional volume for the year to date to $86.5 billion -- up 11% year-on-year.
China International Capital Corp (CICC) remains at the head of the league table ranking on $8.52 billion, only just ahead of Morgan Stanley on $8.47 billion, with UBS rounding out the top three on $7.3 billion.
Metallurgical Corp of China's $5.1 billion A- and H share IPO was the biggest issue of the week -- and is the second biggest listing globally so far this year, behind China State Construction Engineering Corp's $7.3bn A-share IPO in July. CICC, Citi, CITIC Securities and Morgan Stanley were the bookrunners on the deal -- with CITIC Securities jumping into seventh place in the league table from 15 last week, having worked on both the A-share and H-share portions of the deal.
SinoPharm Group raised $1.1 billion this week via bookrunners CICC, Morgan Stanley and UBS. The Swiss house moved up a notch in the ranking, having also led a $165 million follow-on for CitySpring Infrastructure Trust together with DBS; and a $147 million accelerated bookbuild for Alibaba.com on a sole basis.
A spate of IPOs are scheduled to price next week, including offerings from Glorious Property Holdings ($1.3 billion via Deutsche Bank, J.P. Morgan and UBS), China Resources Cement Holdings ($750 million led by Credit Suisse and Morgan Stanley), Shanda Games ($725 million via Goldman Sachs and J.P. Morgan), China South City Holdings ($336 million with bookrunners Bank of America Merrill Lynch and Bank of China), and Peak Sport Products ($219 million via Credit Suisse).
Debt Capital Markets
The debt capital markets raised a total of $576 million this week from two trades. Year-to-date volume stands at $41.0 billion -- up 148% year-on-year.
The league table rankings remain static with Deutsche Bank, HSBC and Citi taking out the top three places on $5.9 billion, $5.4 billion and $4.7 billion respectively.
Barclays Capital and Citi printed a $500 million trade for SM Investments Corp -- the largest deal of the week.
