Equity Capital Markets
A total of $836 million has been raised in the equity capital markets so far this week through 14 deals, compared to the $1.9 billion raised in the same period last week.
Westport Holdings’ $625 million IPO was the largest deal of the week through bookrunners Maybank Investment Bank, Credit Suisse, Goldman Sachs, HSBC, Bank of America Merrill Lynch, RHB Capital, AmInvestment Bank and Hong Leong Financial Group. The deal is the biggest Malaysian IPO so far this year and the third biggest IPO in South East Asia in 2013 YTD.
South East Asian IPO volume stands at $9.7 billion so far this year, down slightly compared to the $9.9 billion raised in the same period last year. Despite the slight decrease in IPO volume, South East Asian issuers have raised a record $25.5 billion in the equity capital markets so far this year, up 18% year-on-year.
Asia ex-Japan issuers have raised $110.7 billion via 988 deals in the equity capital markets in the first nine months of 2013, down 11% from the same period in 2012 ($123.9bn). Third-quarter 2013 volume was just $28.7bn, the lowest quarterly volume since first-quarter 2009 ($14.0bn).
China Merchants Bank’s rights issue was the largest global ECM transaction in Q3 2013. With the A-share priced on September 5 and H-share priced on September 26, the deal raised a total of $5.5bn.
Goldman Sachs continues to lead the league table ranking with $13.2 billion in 2013 YTD, followed by UBS and Credit Suisse.
Debt Capital Markets
Three issuers have tapped the Asian G3 debt capital markets this week for a combined total of $1.4 billion, down from the $6.3 billion raised in the same period last week.
The largest deal of the week is a $700 million trade for Swire Pacific MTN Financing through bookrunners HSBC and JPMorgan. The deal is the third largest deal in Hong Kong so far this year and brings YTD volume for Hong Kong G3 issuance to $11.7 billion, down 39% year-on-year.
Asia ex-Japan G3 bond volume totalled a record $118.5 billion in the first nine months of 2013, up 7% on the same 2012 period ($110.4bn). Volume was driven by Chinese issuers with a record $42.5bn raised in the first nine months of 2013, more than double the $18.9 billion raised in the comparable 2012 period.
Despite the record first nine month volume, Q3 volume only reached $25.0 billion, down from the $43.6 billion raised in Q2 2013 and also down 20% on Q3 2012 ($31.3 billion).
The top three banks in the league table rankings remain unchanged with HSBC taking $13.7 billion in 2013 YTD, followed by Deutsche Bank and Goldman Sachs.
