Equity Capital Markets
A total of $3.6 billion has been raised in the equity capital markets through 26 deals so far this week, down from the $13.8 billion raised in the same period last week.
The largest deal of the week is a $1 billion follow-on for Infosys through sole bookrunner Deutsche Bank, which is the second biggest Indian ECM transaction in 2014 YTD.
India ECM volume has reached $11.2 billion in 2014 YTD, up 13% on 2013 YTD ($10 billion). Follow-ons account for the majority of issuance with $10.8 billion in 2014 YTD, up 11% year-on-year while IPOs fell to $224 million in 2014 YTD, the lowest YTD 2001 ($50 million) and equity-linked issuance totals $220 million, compared to zero issuance last year.
Morgan Stanley leads the league table ranking with $16.5 billion in 2014 YTD, followed by Goldman Sachs and JPMorgan, respectively.
| Asia (ex Japan) ECM Bookrunner Rankings - 2014 YTD | ||||
| Pos. | Bookrunner | Deal Value ($m) | No. | %share |
| 1 | Morgan Stanley | 16,509 | 62 | 7.6 |
| 2 | Goldman Sachs | 14,827 | 63 | 6.8 |
| 3 | JP Morgan | 12,549 | 66 | 5.8 |
| 4 | Credit Suisse | 11,877 | 80 | 5.5 |
| 5 | Citi | 10,650 | 59 | 4.9 |
| 6 | Deutsche Bank | 10,358 | 51 | 4.8 |
| 7 | UBS | 8,704 | 71 | 4.0 |
| 8 | CITIC Securities | 8,195 | 55 | 3.8 |
| 9 | Bank of America Merrill Lynch | 6,659 | 35 | 3.1 |
| 10 | China Securities | 6,072 | 24 | 2.8 |
Debt Capital Markets
Four issuers have tapped the Asia (ex Japan) G3 bond markets for $1.1 billion so far this week, down from the $6.2 billion raised in the same period last week.
The largest deal of the week is a $500 million trade for Charming Light Investments through bookrunners Standard Chartered, UBS, Morgan Stanley, Bank of Communications, China Merchants Bank and Bank of China.
China G3 bond issuance has surged to $106.2 billion in 2014 YTD, the first time on record that it has breached the $100 billion mark and up 82% year-on-year.
HSBC continues to lead the league table ranking with $24.7 billion in 2014 YTD. Citi and Deutsche Bank follow, respectively.
| Asia (ex Japan) G3 DCM Bookrunner Rankings - 2014 YTD | ||||
| Pos. | Bookrunner | Deal Value ($m) | No. | %share |
| 1 | HSBC | 24,675 | 166 | 11.6 |
| 2 | Citi | 21,409 | 116 | 10.1 |
| 3 | Deutsche Bank | 15,936 | 88 | 7.5 |
| 4 | JP Morgan | 15,006 | 94 | 7.1 |
| 5 | Bank of America Merrill Lynch | 14,973 | 84 | 7.1 |
| 6 | Standard Chartered | 13,571 | 101 | 6.4 |
| 7 | Goldman Sachs | 12,646 | 55 | 6.0 |
| 8 | Morgan Stanley | 10,045 | 60 | 4.7 |
| 9 | UBS | 8,756 | 66 | 4.1 |
| 10 | Bank of China | 7,401 | 46 | 3.5 |
