Dealogic roundup

Dealogic league table roundup, August 10

Issuance in Asia's equity and debt capital markets holds steady despite typhoons, torrential rain, a new banking scandal and bad economic news.

Equity capital markets
Activity in the equity capital markets has reached $703 million through 14 transactions, almost on par with the $732 million raised in the same period last week and marks the second consecutive week where weekly volume has been below the $1 billion mark.

The biggest deal of the week was a $254 million convertible bond for Cathay Financial Holding through sole bookrunner J.P. Morgan. The deal pushes Asia (ex Japan) equity-linked issuance to $5.6 billion so far in 2012, down 68% on the $17.2 billion raised during the same period last year and represents the lowest year-to-date level since 2000 ($2.8 billion). Taiwan issuers are leading the regional equity-linked issuance with a 33% share of total volume, down from the 22% it held at this point in 2011.

There are seven ECM transactions expected to price next week, the biggest of which would be Far East Hospitality Trust’s estimated $500 million IPO.

Goldman Sachs continues to lead the league table ranking with $6.8 billion, followed by UBS and Citi.


Debt capital markets
Two Chinese borrowers have raised $687 million in the Asian G3 debt capital markets so far this week, almost half the $1.4 billion in the same period last week.

The biggest deal of the week was a $500 million investment-grade bond from Sinopec Group Overseas (Development) through Goldman and Morgan Stanley, while the second deal was a $149 million trade for Sound Global through bookrunners Deutsche Bank and HSBC.

Chinese issuers have tapped the G3 debt capital markets for $15.4 billion so far in 2012, down 13% on the $17.7 billion raised during the same period last year, but still marks the second highest year-to-date level on record.

The top three banks in the league table remain unchanged with HSBC taking $11.9 billion, followed by J.P. Morgan and Citi.

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