Equity Capital Markets
A total of $2.8 billion from 21 deals has been raised in the equity capital markets so far this week, with year-to-date issuance standing at $125.7 billion, down 8% from the same period last year.
Bank of Chongqing’s $548 million IPO via bookrunners Goldman Sachs, Morgan Stanley, Bank of Communications, China International Capital Corp, Agricultural Bank of China and China Construction Bank Corp was the largest deal of the week and the first IPO from a Chinese commercial bank since Chongqing Rural Commercial Bank raised $1.7 billion in December 2010.
ECM volume for the month of October totaled $14.2 billion, the highest October level since 2010 ($53.8 billion). Deal activity of 129 issues was also the highest since May this year (151 deals). Three out of the top five deals of the month were Southeast Asian IPOs and led by UMW Oil & Gas Corp’s $748 million capital raising on October 18.
The league table ranking continues to be led by Goldman Sachs with an 11.5% share, followed by UBS (8.3%) and JP Morgan (5.1%).
Debt Capital Markets
The Asian G3 bond market has seen a total of $1.3 billion raised from seven deals so far this week, down from $5.9 billion last week.
The largest deals of the week were $300 million trades for China Citic Bank International through bookrunners BBVA, Goldman Sachs, HSBC, RBS and Citic Securities; and Clifford Capital Private via Standard Chartered Bank, HSBC and DBS.
G3 bond volume reached $16.5 billion from 40 deals last month, a record level for both volume and deal activity for the month of October. Issuance was driven by a simultaneous trade for Sinopec Group Overseas Development (2013) with a combined total of $3.5 billion on October 9.
HSBC continues to top the league table ranking with an 11.3% share, followed by Deutsche Bank (8.9%) and Goldman Sachs (8.8%).
