Equity capital markets
Activity in the equity capital markets reached a total of $6.5 billion through 30 deals during the past week, more than double the $2.7 billion raised the previous week. In terms of number of deals, it is the highest weekly level since the last week of December (35 transactions with $9 billion).
Gansu Jiu Steel Group Hong Xing Iron & Steel’s $1.3 billion follow-on through bookrunner Guotai Junan Securities was the biggest deal of the week. The deal is also the region’s second-biggest deal so far this year and has enabled the bookrunner to jump to fifth place on the league table ranking.
Another notable deal this week was Axis Bank’s $1 billion follow-on through bookrunners Axis Bank, Citi and J.P. Morgan and brings year-to-date Indian ECM volume to $1.2 billion, compared to zero activity in the same 17, 2012 period.
Goldman Sachs’s sell-down in ICBC through a $1 billion accelerated offering (which include accelerated bookbuilds and bought deals, under Dealogic rules) was the third-biggest ECM transaction in the region and pushes regional accelerated offerings to $4.5 billion, more than triple the $1.3 billion seen in the same 2012 period.
Goldman Sachs climbs a spot to take the top spot in the equity capital markets through its role on the ICBC accelerated offering with $2.7 billion. Credit Suisse and Citic Securities follow in second and third place, respectively.
Debt capital markets
A total of 14 Asian borrowers raised $6.2 billion in the G3 debt capital markets this week, compared to the $4.4 billion raised last week and bringing year-to-date volume to $24.3 billion, up 60% year-on-year and already achieving on a year-to-date record in 2013.
The biggest issue of the week was a $1 billion high-yield deal for Melco Crown Entertainment through bookrunners ANZ, Bank of America Merrill Lynch, Citi and Deutsche Bank. It marks the ninth-biggest G3 high-yield bond transaction in the region on record.
Reliance Industries also tapped the market this week for an $800 million perpetual bond through bookrunners Bank of America Merrill Lynch, Citi, HSBC, Barclays, Deutsche Bank, J.P. Morgan and Royal Bank of Scotland.
So far this year, Asia (ex Japan) G3 perpetual bonds stand at $2.5 billion through four trades, compared to just one deal with $148 million in 2012 YTD.
HSBC continues to lead the league table with $3.6 billion in 2013 year-to-date. Standard Chartered and UBS follow in second and third place, respectively.
