Equity Capital Markets
Activity in the equity capital markets reached $2.1 billion this week through 14 issues, up from just $587 million raised through 14 deals last week. This brings year-to-date volume to $98.9 billion, down 21% from the $125.8 billion raised in the comparable 2011 period. The month of August has seen $8.7 billion worth of deals, down from $9.6 billion raised in August 2011 and the lowest August since 2008 when deal activity was just $3.9 billion.
The largest deal of the week was a $755 million block trade in Galaxy Entertainment Group through bookrunner UBS. This was also the largest Asia ex-Japan ECM transaction in the leisure & recreation sector to be completed this year.
British Telcommunications' (BT) selldown of its stake in Tech Mahindra through a $250 million accelerated bookbuild was the second largest deal of the week. It was lead by bookrunners Credit Suisse and J.P. Morgan and marks the seventh largest Indian ECM transaction so far this year.
Goldman Sachs continues to lead the league table ranking with $7.2 billion, followed by UBS and Citi.
Debt Capital Markets
Two issuers tapped the Asian G3 debt capital markets this week for a combined $1.6 billion, more than double the $623 million raised in the week prior.
The largest deal of the week was a $1.0 billion trade for China Oilfield Services (COSL), a company controlled by China National Offshore Oil Corp (CNOOC). The bookrunners were Bank of China, Citi, UBS, China Merchants Securities, Credit Suisse, DBS, Deutsche Bank, Goldman Sachs, HSBC, J.P. Morgan and Industrial and Commercial Bank of China (ICBC).
The top three banks in the league table remain unchanged. HSBC leads with $12.5 billion, followed by J.P. Morgan and Citi.
