Equity Capital Markets
The Asian equity capital markets have raised a total of $1.3 billion through 12 deals this week, up from $463 million through 16 deals raised in the same period last week.
Volume was boosted by Qihoo 360 Technology’s $600 million equity-linked deal through bookrunners Citi, UBS and China Renaissance Capital Investment, in what is the biggest Asia (Ex Japan) ECM deal since Fubon Financial Holding’s $850 million follow-on since July 2nd.
The deal also stands as the largest equity-linked deal by a US-listed Chinese company on record and brings the regional equity-linked deal volume to $10.0 billion, the highest YTD level since 2011 ($18.3 billion) and up 58% year-on-year.
The second largest deal of the week was a $483 million follow-on for Inner Mongolia Yili Energy, through sole bookrunner China Securities.
China Merchants Bank is expected to complete its A-share portion of the $5.7 billion rights offer next week.
Goldman Sachs continues to lead the league table ranking with $10.0 billion in 2013 YTD, followed by UBS and JPMorgan, respectively.
Debt Capital Markets
Export-Import Bank of Korea (Kexim) was the only issuer to tap the G3 debt capital markets this week, for $317 million through bookrunner HSBC. This was down from the $466 million raised via two issuers in the same period last week.
South Korean issuers have tapped the G3 bond markets for $13.2 billion in 2013 YTD, down 30% from the $18.9 billion raised in 2012 YTD.
The top three banks in the league table ranking remain unchanged with HSBC taking $11.9 billion. Followed by Goldman Sachs and Citi.
