Equity Capital Markets
A total of $2.2 billion was raised from the equity capital markets this week via 14 issues – bumping year-to-date issuance over the $145 billion mark, almost double the level recorded in the same period last year. The top three rankings in the league table remain unchanged with China International Capital Corp (CICC) leading the field on $8.8 billion, followed by Citic Securities with $8.5 billion and Goldman Sachs with $7.8 billion.
A $544 million follow-on offering for Tebian Electric Apparatus Stock (TBEA) was the largest issue of the week and led by Huarong Securities and Orient Securities. Guangzhou Haige Communications Group also raised $475 million from an IPO in Shenzhen via bookrunner China Galaxy Securities.
Citi moved into the top 10 to sit in ninth place in the ranking on the back of four deals that the US house was involved in this week – Mando Corp’s $358 million accelerated bookbuild, led together with Macquarie Group and Morgan Stanley; a $200 million convertible bond and a $150 million block trade for Chaoda Modern Agriculture; and Tiger Airways’ $92 million accelerated bookbuild led with joint bookrunner Morgan Stanley.
Debt Capital Markets
It was a relatively lacklustre week in the debt capital markets with only $210 million raised from three trades. The top 10 league table ranking remains static with Deutsche Bank sitting at the top on $5.3 billion, followed by UBS on $4.6 billion and Morgan Stanley with $4.3 billion.
Citic Pacific’s $150 million bond, led by UBS, was the largest trade of the week.