Equity capital markets
A total of $24.4 billion has been raised in the equity capital markets this week through 23 deals, compared to the $1.7 billion raised in the same period last week and brings Asia (ex Japan) ECM volume to $155.4 billion in 2014 so far, up 49% year-on-year and the highest year-to-date level since 2010 ($173.3 billion).
Volume was led by Alibaba Group Holding’s $21.8 billion IPO (excluding overallotment) completed on September 18 through its bookrunners Credit Suisse, Deutsche Bank, Goldman Sachs, JP Morgan, Morgan Stanley and Citi. The deal is the largest US-listed IPO on record ahead of Visa’s $19.7 billion IPO priced in March 2008 and also the largest Tech ECM transaction ever.
If the overallotment is fully exercised, the IPO value will increase to $25 billion and will be the largest IPO on record.
Another notable IPO this week was a $188 million IPO for Impact Growth Real Estate Investment Trust through bookrunners Maybank, Kasikornbank and Kasikorn Securities. The deal is the largest Reit ECM in Asia deal in the region so far this year.
Asia ex-Japan Reit ECM volume has reached $2 billion in 2014 year-to-date, compared to the $4.9 billion raised in the same period last year and is the lowest year-to-date volume since 2010 ($1.7 billion).
On the back of the Alibaba’s $21.8bn IPO, Credit Suisse and Morgan Stanley have edged up the league table rankings with $9.8 billion and $9.3 billion, respectively while Goldman Sachs continues to maintain its lead in the ranking.
| Asia ex-Japan ECM bookrunner rankings 2014 YTD | ||||
| # | Bookrunner | Value ($m) | No. | % share |
| 1 | Goldman Sachs | 11,567 | 48 | 7.4 |
| 2 | Credit Suisse | 9,762 | 62 | 6.3 |
| 3 | Morgan Stanley | 9,290 | 49 | 6 |
| 4 | JP Morgan | 8,618 | 49 | 5.6 |
| 5 | Citi | 8,485 | 44 | 5.5 |
| 6 | Deutsche Bank | 7,765 | 39 | 5 |
| 7 | UBS | 6,251 | 54 | 4 |
| 8 | China Securities | 5,887 | 22 | 3.8 |
| 9 | Citic Securities | 5,200 | 34 | 3.4 |
| 10 | Bank of America Merrill Lynch | 4,248 | 27 | 2.7 |
Debt capital markets
Four issuers have tapped the Asia (ex Japan) G3 bond markets for $855 million so far this week, down from the $2.7 billion raised in the same period last week. Despite the fall in weekly volume, 2014 year-to-date volume at $148.3 billion is up 30% on 2013 year-to-date ($114 billion) and is the highest year-to-date level on record.
The largest deals of the week were two trades of $300 million each; they were for Korea Western Power through bookrunners Standard Chartered Bank, Barclays, and Bank of America Merrill Lynch and for Chong Hing Bank through bookrunners UBS, Nomura, HSBC and Credit Suisse, respectively.
China and South Korean G3 issuance have reached record highs in 2014 year-to-date with $64.6 billion and $24.3 billion, up 64% and 38% year-on-year, respectively.
HSBC continues to top the league table ranking with $17.6 billion, followed by Citi and Deutsche Bank, respectively.
| Asia ex-Japan G3 DCM bookrunner rankings 2014 YTD | ||||
| # | Bookrunner | Value ($m) | No. | % share |
| 1 | HSBC | 17,567 | 120 | 12 |
| 2 | Citi | 14,854 | 88 | 10.1 |
| 3 | Deutsche Bank | 11,603 | 65 | 7.9 |
| 4 | JP Morgan | 10,517 | 67 | 7.2 |
| 5 | Bank of America Merrill Lynch | 9,893 | 63 | 6.8 |
| 6 | Standard Chartered | 9,868 | 73 | 6.7 |
| 7 | Goldman Sachs | 7,092 | 36 | 4.8 |
| 8 | UBS | 6,783 | 55 | 4.6 |
| 9 | Barclays | 6,141 | 35 | 4.2 |
| 10 | Morgan Stanley | 5,248 | 40 | 3.6 |
