Equity capital markets
A total of $643 million has been raised by Asia (ex Japan) issuers in the equity capital markets so far this week through 11 deals, down sharply on the $3.3 billion raised from 27 deals in the same period last week and the lowest weekly issuance since the week of February 3, 2014 ($631 million).
The largest deal of the week was a $227 million follow-on for Jiangsu Shuangxing Color Plastic New Materials through bookrunner Haitong Securities. The deal is the third-largest Chemicals sector follow-on deal in Asia ex-Japan so far in 2014.
Asia ex-Japan chemical sector follow-on volume totals $1.8 billion in 2014 year-to-date, up 19% on the $1.5 billion raised in the same 2013 period. Chinese issuers lead with $1.4 billion so far this year, followed by South Korean issuers with $149 million.
Goldman Sachs continues to lead the league table ranking with $7.2 billion in 2014. Followed by UBS and Credit Suisse, respectively.
Debt capital markets
China Construction Bank (Asia) was the only issuer to tap the Asian G3 bond market for $750 million through bookrunners UBS, Deutsche Bank, HSBC, ANZ, China Construction Bank Corp — CCB, Citi and Bank of America Merrill Lynch, compared to $3.3 billion raised through five issues last week.
The transaction is the largest G3 FIG bond by Chinese issuers since Huarong Finance raised $1.5 billion in July this year, and brings total China G3 FIG volume to a record $10.5 billion through 18 deals so far in 2014, surpassing the previous full year record of $4.4 billion set in 2013.
HSBC continues to top the league table ranking with $15.9 billion in 2014 so far, followed by Citi and Deutsche Bank, respectively.