Equity capital markets
The Asian equity markets have raised $3.3 billion through 20 deals so far this week, compared to $5.7 billion in the same period last week.
The largest deal of the week was $1.2 billion follow-on for Power Grid Corp of India through bookrunners State Bank of India, Citi, ICICI Bank, Kotak Mahindra and UBS. The deal is the second biggest Indian ECM deal in 2013 year-to-date behind NTPC’s $2.2 billion follow-on completed in February.
The deal brings India ECM volume to $10 billion so far this year, down 27% from the $13.7 billion raised in the same 2012 period.
China Everbright International also completed a $472 million top-up placement through bookrunners Morgan Stanley and China Everbright Group in what was the second largest deal of the week and also the third-biggest Chinese ECM transaction in the utility and energy sector in 2013 year-to-date.
China Everbright Bank is also slated to complete its $2.6 billion new listing later today and if completed successfully, the deal would be the largest Chinese new listing in 2013 year-to-date.
The top three banks remain unchanged with Goldman Sachs topping the league table ranking with $17 billion, followed by UBS and JP Morgan, respectively.
Debt capital markets
Two issuers have tapped the Asian G3 debt capital markets for $760 million so far this week, down from the $4.2 billion raised in the same period last week.
The largest deal of the week was a $700 million trade for Jaguar Land Rover Automotive plc through Standard Chartered, JP Morgan, BNP Paribas, RBS, Credit Suisse and Citi. The deal is also the ninth biggest G3 trade from the nation in 2013 year-to-date.
Indian issuers have tapped the G3 bond markets for a total of $14 billion so far this year, up 71% year-on-year and volume has already surpassed historical annual volume.
HSBC continues to lead with $16.1 billion in 2013 year-to-date, followed by Deutsche Bank and Citi, respectively.