Equity Capital Markets
A total of $11.3 billion has been raised in the equity capital markets through 33 deals so far this week, more than double the $4.3 billion raised in the same period last week and is the highest weekly volume since the week of September 15 ($28.4 billion) and brings Asia ex Japan ECM volume to $209.5 billion in 2014 YTD, up 42% year-on-year.
The increase was led by Ping An Insurance’s $4.7 billion follow-on through sole bookrunner Morgan Stanley, the largest deal of the week and also the fourth biggest ECM transaction in the region so far this year.
Another notable transaction this week was a $3.2 billion IPO for CGN Power through a consortium of 15 bookrunners in what stands as the biggest utility & Energy sector ECM transaction globally in 2014 YTD and also the biggest IPO to list on the Hong Kong Stock Exchange so far this year.
The deal brings new listings issuance on the Hong Kong Stock Exchange to $21.5 billion and up 32% on the $16.3 billion raised in the same period last year.
Morgan Stanley has climbed to the top of the league table ranking with $16.5 billion on the back of the Ping-An Insurance $4.7bn follow-on, followed by Goldman Sachs and JPMorgan, respectively.
| Asia (ex Japan) ECM Bookrunner Rankings - 2014 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | Morgan Stanley | 16,455 | 61 | 7.9 |
| 2 | Goldman Sachs | 14,644 | 60 | 7.0 |
| 3 | JP Morgan | 12,037 | 62 | 5.7 |
| 4 | Credit Suisse | 11,670 | 77 | 5.6 |
| 5 | Citi | 10,192 | 56 | 4.9 |
| 6 | Deutsche Bank | 9,417 | 48 | 4.5 |
| 7 | UBS | 8,146 | 68 | 3.9 |
| 8 | CITIC Securities | 7,944 | 54 | 3.8 |
| 9 | Bank of America Merrill Lynch | 6,590 | 34 | 3.1 |
| 10 | China Securities | 6,072 | 24 | 2.9 |
Debt Capital Markets
Seven issuers have tapped the Asia ex Japan G3 bond markets for $6.1 billion so far this week, more than double the $3.0 billion raised in the same period last week.
The largest deal of the week is a $3.9 billion preferred share for ICBC through bookrunners UBS, Goldman Sachs, ICBC and Bank of America Merrill Lynch and is the second largest FIG deal in the region so far this year.
Asia ex Japan FIG G3 bond issuance has reached $58.1 billion in 2014 YTD, more than double the $21.4 billion raised in the same period last year and is the highest YTD level on record. Chinese issuers have accounted for the majority of issuance with a record $34.0 billion in 2014 YTD and up from just $4.8 billion raised in the same 2013 period.
The top three banks in the league table remain unchanged with HSBC taking the top spot with $24.3 billion in 2014, followed by Citi and Deutsche Bank.
| Asia (ex Japan) G3 DCM Bookrunner Rankings - 2014 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | HSBC | 24,270 | 163 | 11.5 |
| 2 | Citi | 21,409 | 116 | 10.2 |
| 3 | Deutsche Bank | 15,936 | 88 | 7.6 |
| 4 | Bank of America Merrill Lynch | 14,973 | 84 | 7.1 |
| 5 | JP Morgan | 14,906 | 93 | 7.1 |
| 6 | Standard Chartered | 13,389 | 99 | 6.4 |
| 7 | Goldman Sachs | 12,646 | 55 | 6.0 |
| 8 | Morgan Stanley | 9,963 | 59 | 4.7 |
| 9 | UBS | 8,674 | 65 | 4.1 |
| 10 | Bank of China | 7,319 | 45 | 3.5 |
