Equity Capital Markets
A total of $2.4 billion was raised from the equity capital markets from 28 issues this week, bringing volume for the year so far to $7.3 billion. This is the biggest start to a year in the region, and surpasses the $6.1 billion raised in the same period in 2009.
Goldman Sachs tops the bookrunner ranking with $1.9 billion, on the back of China Pacific Insurance (Group)’s $1.8 billion follow-on offering late last week, which the US house ran on a sole basis. The bank also led Li & Fung’s $71 million accelerated bookbuild this week.
GF Securities follows in second place on $822 million, while Essence Securities and Deutsche Bank shares third place with $717 million apiece.
Chongqing Changan Automobile’s $531 million fully-marketed deal was the largest issue of the week and led by China Securities. Wintek Corp also raised $331 million from an accelerated bookbuild via Morgan Stanley.
Deals scheduled to price next week include rights offers for Henan Zhongfu Industry (a $393 million deal led by China Everbright Securities) and Metropolitan Bank & Trust ($229 million via UBS).
Debt Capital Markets
Three deals raised $641 million from the debt capital markets this week, pushing volume for the year so far to $1.4 billion – down from the $3.7 billion raised in the same period last year. Deutsche Bank leads the field in the league table with $400 million, followed by UBS and Bank of China in equal second place on $122 million each.
Hongkong Electric Finance’s $250 million bond was the largest deal of the week and led by Standard Chartered Bank, HSBC and Royal Bank of Scotland.
