Equity capital markets
Activity in the Asian equity capital markets totalled $2.7 billion this week from 15 transactions, representing the highest weekly level since the week of December 19, 2011 (which also saw $2.7 billion of activity). It pushes year-to-date issuance to $11.4 billion; however that is still down from the $27.5 billion raised in the same period last year. Citi tops the league table ranking with $2.3 billion, followed by Citic Securities and Goldman Sachs.
The largest deal of the week was the self-led $1.9 billion sell-down in Housing Development Finance Corp (HDFC) by Citi, which was completed today (February 24). The accelerated bookbuild marks the second-biggest ECM transaction globally this year and the biggest Indian ECM deal since Petronas's $2.1 billion exit of Cairn India in April last year. The transaction pushed Citi to the top of the league table ranking, up from seventh place last week.
Zhengzhou Yutong Bus’s $356 million follow-on was the second largest deal this week. It was led by Central China Securities Holdings.
Top 10 Asia ex-Japan ECM bookrunner rankings
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Debt capital markets
Asian borrowers raised a total of $2.9 billion through seven trades in the G3 debt capital markets this week. The largest transaction was a $1 billion bond for DBS Bank through bookrunners Bank of America Merrill Lynch and Goldman Sachs. The deal marks the issuer’s third-biggest bond on record and its first G3 bond since it raised $1 billion in September 2010.
Singaporean issuers have tapped the G3 bond market for $1.6 billion so far this year, up from just $200 million in the comparable period last year, giving the country fifth place in the nationality ranking in the Asia ex-Japan region. Hong Kong leads with $8.6 billion through 14 trades, up from just $754 million in the same period 2011, followed by South Korea with $6 billion.
The top three banks in the league table remain unchanged. HSBC leads with $5.2 billion, followed by J.P. Morgan and Goldman Sachs.
Top 10 Asia ex-Japan DCM bookrunner rankings
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