Equity Capital Markets
Only $633 million was raised from nine ECM transactions in Asia ex-Japan this week, making the first week after the Chinese New Year the slowest week in 2011so far. The previous week, which marked the run-up to a long weekend in China, Hong Kong, Taiwan and Singapore, also saw low issuance of just $1.2 billion via 13 deals. These past two weeks were well below the average weekly volume of $5 billion seen earlier in 2011. Year-to-date issuance stands at $21.8 billion, which is on par with the $21.7 billion raised in the same period last year.
Goldman Sachs remains at the top of the Asia ex-Japan ECM bookrunner rankings with $2 billion, followed by Deutsche Bank on $1.6 billion and UBS on $1.1 billion.
Qingdao Eastsoft Communication Technology's $158 million IPO in Shenzhen was the largest deal of the week and led by sole bookrunner Citic Securities. The largest deal in the previous week was Hyundai Wia Corp’s IPO in Korea, which raised $466 million via Mirae Asset Securities and Shinhan Investment Corp.
Debt Capital Markets
Asia ex-Japan DCM activity totalled $3.4 billion via 23 deals. This is the second lowest weekly volume so far this year, behind the previous week when $2.0 billion was raised via 19 deals. Year-to-date issuance totals $38.9 billion, which is down 27% from $53.5 billion in the same period last year.
Deutsche Bank remains at the top of the DCM ranking with $2.2 billion via 14 deals, closely followed by UBS on $2.1 billion and HSBC on $2 billion.
Bank of India’s $750 million corporate bond, which was arranged by Barclays Capital, Deutsche Bank, HSBC, RBS and Standard Chartered, was the largest deal this week. SPI (Australia) Assets, a special purpose vehicle of Singapore Power International, issued the largest deal the previous week in the form of a $396 million corporate bond led by bookrunners BNP Paribas, HSBC and RBS.
