Equity capital markets
A total of $6.6 billion has been raised in the equity capital markets so far this week through 51 deals, down from the $28.2 billion seen in the same period last week when Alibaba Group Holding’s completed its landmark $25 billion IPO.
The largest transaction this week was a $2.6 billion rights issue* for OCBC through bookrunners Bank of America Merrill Lynch, HSBC and JPMorgan. The deal is the largest rights issue from the region since China Merchants Bank’s $5.5 billion rights offer completed in September 2013.
The volume of Asia ex-Japan rights issues (which includes open offers) has reached $13.3 billion in 2014, almost on par with the $13.6 billion issued in the comparable 2013 period. Southeast Asian issuers account for 34% of the regional volume with $4.5 billion, more than quadruple the $1.1 billion raised in 2013 YTD.
Goldman Sachs continues to lead the league table ranking with $12.5 billion, followed by Credit Suisse and Morgan Stanley.
| Asia ex-Japan ECM bookrunner rankings 2014 YTD | ||||
| # | Bookrunner | Value ($m) | No. | % share |
| 1 | Goldman Sachs | 12,484 | 49 | 7.51 |
| 2 | Credit Suisse | 10,373 | 63 | 6.24 |
| 3 | Morgan Stanley | 9,968 | 51 | 6 |
| 4 | JP Morgan | 9,847 | 51 | 5.93 |
| 5 | Citi | 9,278 | 47 | 5.58 |
| 6 | Deutsche Bank | 8,447 | 41 | 5.08 |
| 7 | UBS | 6,284 | 55 | 3.78 |
| 8 | China Securities | 5,887 | 22 | 3.54 |
| 9 | Citic Securities | 5,200 | 34 | 3.13 |
| 10 | Bank of America Merrill Lynch | 4,891 | 28 | 2.94 |
Debt capital markets
13 issuers have tapped the Asia (ex Japan) G3 bond markets for $6.1 billion so far this week, compared to the $1.2 billion raised in the same period last week and represents the highest weekly volume since the week of July 21st ($7.7 billion through 10 deals).
Bank of Communications’ $1.2 billion trade through bookrunners JP Morgan, BNP Paribas, HSBC, Bank of Communications, Credit Suisse and Citi is the largest transaction of the week. The deal is the third Basel III compliant bond issued by the issuer in any currency in 2014 so far.
The other deal also priced this week by the issuer is a $641 million euro-denominated trade through boorkunners JP Morgan, Deutsche Bank, BNP Paribas, HSBC, Bank of Communications, Credit Suisse and Citi, which stands as the first euro-denominated basel III compliant bond issued by an Asia (ex Japan) Bank.
Asia (ex Japan) Basel III compliant bonds in G3 currencies has reached $8.2 billion in 2014 YTD, compared to the $800 million raised in the full year of 2013.
HSBC continues to top the league table ranking with $18.1 billion, followed by Citi and Deutsche Bank, respectively.
| Asia ex-Japan G3 DCM bookrunner rankings 2014 YTD | ||||
| # | Bookrunner | Value ($m) | No. | % share |
| 1 | HSBC | 18,125 | 127 | 11.86 |
| 2 | Citi | 15,326 | 93 | 10.03 |
| 3 | Deutsche Bank | 12,091 | 69 | 7.91 |
| 4 | JP Morgan | 11,264 | 73 | 7.37 |
| 5 | Standard Chartered | 10,258 | 78 | 6.71 |
| 6 | Bank of America Merrill Lynch | 9,933 | 64 | 6.5 |
| 7 | Goldman Sachs | 7,661 | 38 | 5.01 |
| 8 | UBS | 6,833 | 56 | 4.47 |
| 9 | Barclays | 6,190 | 36 | 4.05 |
| 10 | Morgan Stanley | 5,881 | 43 | 3.85 |
