Equity Capital Markets
A total of $1.5 billion has been raised in the equity capital markets so far this week, down from the $3.8 billion raised in the same period last week.
China Merchants Bank completed its H-share portion of the $5.5 billion rights issue in what is the largest deal this week. The H-share portion totaled $1.0 billion and the bookrunners on the deal were China International Capital Corp, Citi, Goldman Sachs, UBS, China Merchants Securities and China Merchants Bank.
Asia (ex Japan) rights issues volume stands at $13.6 billion in 2013 YTD, the highest YTD level since 2010 ($21.1bn) and more than double the $6.8 billion raised in the same 2012 period.
Goldman Sachs continues to lead the league table ranking with $13.1 billion in 2013 YTD, followed by UBS and Credit Suisse, respectively.
The largest expected deal next week would be a $613 million IPO for Westport Holdings.
Debt Capital Markets
Nine issuers have tapped the Asian G3 debt capital markets this week for a combined total of $5.9 billion, the highest weekly level since May 13th ($7.6 billion) and up from just $450 million in the same period last week. This brings regional G3 bond volume to a record $118.0 billion in 2013 YTD, up 7% year-on-year.
Cnooc Curtis Funding No 1 priced two deals this week – the $1.3 billion trade was the larger of the two and will be used to fund an acquisition and the bookrunners who worked on the deal were JPMorgan, UBS, Goldman Sachs, Industrial & Commercial Bank of China-ICBC, China Construction Corp, Bank of Communications, Agricultural Bank of China and Bank of China. The deal is the biggest corporate G3 bond in the region since Vedanta Resources $1.7 billion bond priced on May 22nd.
The other deal from the same issuer was a €500 million trade through bookrunners JPMorgan, UBS, Goldman Sachs, HSBC, Barclays, Bank of China, Credit Suisse and Citi. The deal is the first ever Euro-denominated bond for Cnooc.
Country Garden Holdings’ also completed a $750 million trade through JPMorgan, Goldman Sachs, ICBC, HSBC and Bank of China
Goldman Sachs has edged up a notch in the league table ranking in third place while HSBC continues to lead with $13.1bn. Deutsche Bank follows in second place.
