A total of $557 million was raised from the equity capital markets this week through eight issues, down significantly from the $1.7 billion and 27 deals in the previous week.This brings the Asia (ex Japan) equity capital markets volume to $91.0 billion so far in 2013, down slightly year-on-year ($91.8 billion). Despite the decrease in volume, deal activity at 794 deals in 2013 YTD is up from the 769 deals completed in the same 2012 period.
The largest deal of the week was a $361 million IPO for Soilbuild Business Space REIT through bookrunners Citi, DBS and OCBC. This brings Singapore ECM volume to $7.8 billion in 2013 YTD, up sharply year-on-year ($1.7 billion) and pushes Singapore to third place in the region’s nation ranking, up from tenth place in 2012 YTD.
The top three banks remain unchanged with Goldman Sachs leading the league table ranking with $9.9 billion in 2013 YTD, followed by UBS and JPMorgan, respectively.
Debt Capital Markets
Three Asian borrowers have raised $1.6 billion in the G3 debt capital markets so far this week, the highest weekly volume since the week of May 20th when $3.9 billion was raised through five transactions. This brings total G3 bond issuance in the region to $100.1 billion in 2013 YTD, up 11% year-on-year ($90.0 billion)
Hyundai Capital America’s $1.0 billion issue through bookrunners JPMorgan, HSBC, Credit Suisse, Citi and Bank of America Merrill Lynch was the largest bond of the week, also the largest G3 bond by South Korean issuers since Korea Development Bank - KDB’s $1.0 billion issue priced in mid-January. The deal helps to push Citi up two notches to third place in the league table ranking.
Despite this, South Korean G3 DCM volume totals $11.9 billion so far in 2013 and ranks third in the Asia (ex Japan) G3 DCM nation ranking, down from $18.9 billion raised in 2012 YTD when it ranked first place.
HSBC and Goldman Sachs continue to rank first and second in the league with $11.3 billion and $8.7 billion in 2013 YTD, followed by Citi with $8.6 billion.
