Equity capital markets
A total of $2.4 billion has been raised in the equity capital markets so far this week, more than double the $1 billion raised in the same period last week and the highest weekly level since the week of March 31 ($8.2 billion).
Pacific Securities’ $608 million follow-on was the largest deal of the week through sole bookrunner China Xinda Trust & Investment Corp. The deal is also the eighth largest Chinese follow-on so far this year.
The second largest deal to complete this week is a $340 million follow-on for Hanwha Chemical through bookrunners Citi and Goldman Sachs. The deal is also the biggest ECM transaction from a South Korean issuer in 2014 so far. South Korean issuers have raised $2.4 billion in the equity capital markets in 2014 year-to-date, down 6% year-on-year.
Another notable transaction this week was Tata Group’s $331 million follow on through bookrunners JM Financial, BNP Paribas, HSBC, Kotak Mahindra and State Bank of India. The deal stands as the second biggest utility and energy sector ECM deal in the region so far this year.
Goldman Sachs continues to lead the league table ranking with $4.5 billion. Followed by China Securities and Credit Suisse.
Debt capital markets
Ten issuers have tapped the Asia (ex-Japan) G3 bond markets for $9.7 billion so far this week, the second highest weekly level on record behind the $12 billion raised during the week of January 6.
With $27.2 billion already raised this month so far, April volume has already eclipsed the previous monthly record of $25.9 billion raised in January this year and has pushed the regional G3 issuance to $72 billion in 2014 year-to-date — also a year-to-date record.
Volume was boosted by Cnooc Nexen’s $4 billion trade through J.P. Morgan, UBS, Goldman Sachs, Deutsche Bank, Morgan Stanley, Bank of China, Credit Suisse and Citi.
The second largest deal this week was a $2.5 billion bond for Tencent Holdings through Standard Chartered, J.P. Morgan, Goldman Sachs, Deutsche Bank, HSBC, ANZ, Barclays, Bank of China, Credit Suisse, Citi and Bank of America Merrill Lynch.
Chinese issuers have raised $27.5 billion in the G3 debt capital markets so far this year — the highest year-to-date level on record and up 33% on 2013 year-to-date ($20.6 billion).
Another notable deal completed this week was Woori Bank’s $1 billion Basel III compliant bond through bookrunners J.P. Morgan, BNP Paribas, Nomura, HSBC, Barclays, Bank of America Merrill Lynch and Credit Agricole CIB.
South Korean issuers have raised a record $14.9 billion in the G3 debt capital markets in 2014 so far and more than double the $6.3 billion raised in the same 2013 period.
Citi leads the league table ranking with $9 billion with HSBC following closely behind with $8.7 billion. Deutsche Bank comes in third with $5.7 billion.
