Equity Capital Markets
Equity capital markets issuance picked up this week with $5.1 billion raised from 20 deals, the highest weekly level since mid-July. The top three rankings in the league table remain unchanged with China International Capital Corp (CICC) on $10.0 billion, Citic Securities with $8.5 billion and Goldman Sachs on $7.8 billion.
ICBC’s $3.7 billion convertible bond was the largest deal of the week and led by CICC, Guotai Junan Securities and Credit Suisse Founder Securities. The deal, which is convertible into China-listed A-shares, marks the region’s second largest equity-linked issue on record, behind Bank of China’s $5.9 billion convertible in June this year. Credit Suisse and Guotai Junan Securities climbed into the top 10 to sit in eighth and 10th place on $5.4 billion and $4.6 billion respectively.
Morgan Stanley moved up a notch in the rankings to sixth place with $6.3 billion on the back of PCCW’s $167 million accelerated bookbuild, which it led together with HSBC.
Issues scheduled to price next week include a $176 million IPO for Hyundai Home Shopping Network led by Hyundai Securities, HI Investment & Securities, HMC Investment Securities and Woori Investment & Securities.
Debt Capital Markets
It was a relatively quiet week in the debt capital markets with a single $80 million trade for Korea District Heating Corp, led by Woori Investment & Securities and Daewoo Securities.
Deutsche Bank heads the league table ranking with $5.3 billion, followed by UBS on $4.6 billion and Morgan Stanley on $4.5 billion.