Equity Capital Markets
A total of $2 billion has been raised by Asia ex-Japan issuers in the equity capital markets so far this week through 18 deals, down 62% on the $5.3 billion raised in the same period last week.
The largest deal of the week is a $540 million rights issue for GS Engineering & Construction Corp through bookrunners Woori Investment & Securities and KB Financial Group. The deal is also the largest deal from a Korean issuer since October 2013 when Korea Gas Corp raised $670 million through a rights issue.
Asia ex-Japan rights issues volume has reached $6.7 billion in 2014 YTD, the highest YTD level since 2011 ($7.8 billion) and up 49% year-on-year.
Another notable deal to complete this week is a $497 million follow-on for Yes Bank through bookrunners Goldman Sachs, Deutsche Bank, HSBC, JM Financial, Motilal Oswal Financial Services and UBS.
The deal is the third biggest ECM transaction to complete this year by an Indian issuer and brings Indian ECM volume to $4.0 billion so far this year, down 60% on 2013 YTD ($7.7 billion) and is the lowest YTD level since 2009 ($2.9 billion).
Goldman Sachs continues to lead the league table ranking with $5.5 billion, followed by China Securities and Credit Suisse.
Debt Capital Markets
Eight issuers have tapped the Asia ex-Japan G3 debt capital markets for $6.0 billion so far this week, more than triple the $1.9 billion raised in the prior week and brings G3 issuance volume to $99.2 billion — the highest YTD level on record.
Republic of Korea issued a $2.0 billion trade was the largest deal of the week through JPMorgan, Goldman Sachs, Deutsche Bank, Barclays, KDB, Samsung Securities, Credit Suisse and Bank of America Merrill Lynch.
The deal is the fourth biggest G3 issuance from South Korea on record and brings South Korean G3 issuance to a record $17.4 billion so far this year, almost double the $8.8 billion raised in the same period last year.
Baidu also tapped the G3 bond markets for $1.0 billion this week through bookrunners JPMorgan and Goldman Sachs.
The deal is the third largest tech sector G3 bond in Asia ex-Japan in 2014 YTD and pushes regional tech sector G3 issuance to $5.3 billion in 2014 YTD, almost on par with the full-year record of $5.8 billion raised in 2013.
HSBC continues to lead the league table with $11.9 billion, followed by Citi and JPMorgan.
