Equity Capital Markets
A total of $1.6 billion has been raised by Asia ex-Japan issuers in the equity capital markets so far this week through 18 deals, up slightly on the $1.3 billion raised through 20 deals in the same period last week.
The largest deal of the week was a $634 million follow-on for Beijing Urban Construction Investment & Development through bookrunner China Securities. The deal marks the second largest construction sector ECM deal in the region so far in 2014, behind China Gezhouba Group’s $651 million follow-on completed in March.
Asia ex-Japan construction sector follow-on volume has reached $5.1 billion in 2014 YTD, more than double the $2.0 billion raised in 2013 YTD and up 45% on the $3.5 billion raised in full year 2013. Issuers from China lead with $3.0 billion so far in 2014, which has already surpassed the $945 million raised in full-year 2013.
Goldman Sachs tops the league table ranking with $7.6 billion so far in 2014, followed by UBS and Credit Suisse, respectively.
Debt Capital Markets
Two issuers have tapped the Asia ex-Japan G3 bond markets for $750 million this week, compared to $942 million raised through two issuers in the same period last week.
The largest deal of the week was a $500 million trade for MCC Holding (Hong Kong) Corp through bookrunners Morgan Stanley, Industrial & Commercial Bank of China – ICBC, ANZ, DBS, Agricultural Bank of China, and Bank of China. The issuer parent is China Metallurgical Group Corp.
The only other deal to price this week was a $250 million issue for Yingde Gases Investment through bookrunners Deutsche Bank and HSBC.
The top three banks remain unchanged in the league table rankings with HSBC taking $16.1 billion, followed by Citi and Deutsche Bank.
