Equity Capital Markets
A total of $1.1 billion has been raised by Asia ex Japan issuers in the equity capital markets so far this week through 20 deals, down 79% on the $5 billion raised through 32 deals in the same period last year.
Notable deals this week include SSI Group’s $145 million IPO through bookrunners Bank of the Philippine Islands, Credit Suisse and HSBC. This is the largest ECM deal in Asia ex Japan this week, and the largest Philippines IPO so far this year.
Issuers from the Philippines have raised only $241 million via IPOs so far in 2014, down sharply on the $1.3 billion raised in the comparable 2013 period. Thai issuers lead the Southeast Asia IPO issuer nationality ranking with $1.7 billion in 2014 year-to-date, down 44% year-on-year.
Goldman Sachs continues to lead the Asia ex Japan equity capital markets league table ranking with $12.9 billion, followed by Credit Suisse and Morgan Stanley, respectively.
| Asia (ex Japan) ECM Bookrunner Rankings - 2014 YTD | ||||
| Bookrunner | Value ($m) | No. | % | |
| 1 | Goldman Sachs | 12,898 | 51 | 7.2 |
| 2 | Credit Suisse | 10,948 | 71 | 6.1 |
| 3 | Morgan Stanley | 10,907 | 55 | 6.1 |
| 4 | JP Morgan | 10,247 | 53 | 5.7 |
| 5 | Citi | 9,469 | 50 | 5.3 |
| 6 | Deutsche Bank | 8,803 | 45 | 4.9 |
| 7 | UBS | 6,742 | 59 | 3.8 |
| 8 | CITIC Securities | 6,430 | 43 | 3.6 |
| 9 | China Securities | 5,952 | 23 | 3.3 |
| 10 | Bank of America Merrill Lynch | 4,892 | 28 | 2.7 |
Debt Capital Markets
Nine issuers have tapped the Asia ex Japan G3 bond markets for $3.1 billion so far this week, down significantly from the $8.3 billion raised in the week prior.
The largest deal this week was a $750 million dual tranche bond for Tata Motors through bookrunners ANZ, Citi, Credit Suisse and Standard Chartered. The transaction marks the largest Indian G3 issuance since Tata Group’s subsidiary ABJA Investment Co priced a $1.5 billion dual tranche bond via a consortium of 12 bookrunners in July 2014.
India G3 DCM volume totals $15.0 billion through 27 issues so far in 2014, the highest YTD volume and activity on record and has already surpassed previous full year levels.
The top three banks remain unchanged with HSBC topping the league table ranking with $20 billion, followed by Citi and Deutsche Bank, respectively.
| Asia (ex Japan) G3 DCM Bookrunner Rankings - 2014 YTD | ||||
| Bookrunner | Value ($m) | No. | % | |
| 1 | HSBC | 19,975 | 139 | 11.9 |
| 2 | Citi | 16,604 | 101 | 9.9 |
| 3 | Deutsche Bank | 12,311 | 72 | 7.3 |
| 4 | JP Morgan | 11,862 | 78 | 7.1 |
| 5 | Standard Chartered | 11,710 | 87 | 7.0 |
| 6 | Bank of America Merrill Lynch | 10,253 | 68 | 6.1 |
| 7 | Goldman Sachs | 8,198 | 44 | 4.9 |
| 8 | Morgan Stanley | 7,438 | 48 | 4.4 |
| 9 | UBS | 7,187 | 59 | 4.3 |
| 10 | BNP Paribas | 6,556 | 50 | 3.9 |
