Equity Capital Markets
A total of $4.0 billion has been raised by Asia ex-Japan issuers in the equity capital markets so far this week through 31 deals, compared to the $9.9 billion raised in the same period last week.
WH Group’s $2.1bn IPO through bookrunners Morgan Stanley and Bank of China was the largest deal of the week. The deal helps to bring China Food & Beverage sector ECM volume to $4.6 billion in 2014 YTD, up from $1.8 billion in 2013 YTD, and has surpassed the $4.3 billion raised in full year 2013.
Goldman Sachs leads the league table ranking with $6.8 billion in 2014 YTD, followed by Morgan Stanley and China Securities, respectively.
Debt Capital Markets
Four Asian borrowers have tapped the G3 debt capital markets for $5.8 billion so far this week, up from the $1.2 billion raised in the same period last week.
The largest deal of the week was Export-Import Bank of China’s $3 billion trade through bookrunners JPMorgan, Industrial & Commercial Bank of China- ICBC, HSBC, ANZ, RBS, Barclays, Bank of Communications and Credit Agricole. The deal is the fifth biggest G3 bond in Asia ex-Japan in 2014 so far.
Another notable transaction in the G3 space is a $1.5 billion HY bond by ABJA Investment through bookrunners Standard Chartered, Deutsche Bank, Morgan Stanley, BNP Paribas, HSBC, Rabobank, ANZ, RBS, State Bank of India, Citi, Bank of America Merrill Lynch and Credit Agricole CIB. The deal is the third largest Indian high yield bond on record and the first $1bn+ high yield bond since Vedanta Resources’ $1.7 billion trade in May 2013.
A total of 34 $1bn+ transactions have been completed in the Asia ex-Japan G3 markets for a combined total of $62.4 billion, the highest YTD volume and activity on record. China leads the $1bn+ deal issuance with $30.5 billion through 15 deals, almost triple the $11.4 billion through four deals.
HSBC maintains its lead in the league table ranking with $15.2 billion in 2014 YTD, followed by Citi and Deutsche Bank.
