Equity Capital Markets
A total of $4.0 billion has been raised in the Asian equity capital markets so far this week through 22 deals, compared to the $3.7 billion raised in the same period last week. This represents the highest weekly level since January 27 ($4.2 billion through 17 deals).
Harbin Bank’s $.1 billion IPO through a consortium of 11 bookrunners was the largest deal of the week and also the second largest Asia ex-Japan IPO in 2014 so far. The deal is also the seventh biggest IPO of the year.
Asian issuers have so far raised $12.8 billion through IPOs in 2014 YTD, almost triple the $3.4 billion raised in the same period last year and the highest YTD level since 2011 ($23.6 billion).
The second largest deal this week was a $651 million follow-on for China Gezhouba Group through sole bookrunner China Securities. The deal is the biggest Asia ex-Japan ECM transaction in the construction/building sector since Sinopec Engineering (Group)’s $1.8 billion IPO in May 2013 and brings total ECM volume in the sector to $2.2 billion in 2014 YTD, almost double the $1.1 billion in the same 2013 period.
The deal has also enabled China Securities to edge into the top 10 league table ranking at eighth place, while the top three banks remain unchanged in the league table rankings with Goldman Sachs taking $3.8 billion, followed by HSBC and Haitong Securities.
Debt Capital Markets
Three issuers have tapped the Asia ex-Japan G3 bond markets for $2.9 billion, almost quadruple the $722 million raised in the same period last week.
Volume was led by a $2.1 billion trade for Asian Development Bank through bookrunners Goldman Sachs, Deutsche Bank, BNP Paribas and HSBC in what is also the second largest G3 trade in the region so far this year.
Another notable deal this week was a $500 million trade for Export-Import Bank of India through Standard Chartered Bank, JPMorgan and Citi.
SSA issuance in the G3 capital markets have climbed to $17.4 billion in 2014 YTD, the highest YTD level on record and up 91% year-on-year.
HSBC has taken the top spot in the league table ranking with $5.9 billion with Citi trailing closely behind. Deutsche Bank has also edged up a notch in the rankings at third place.
