Equity Capital Markets
Issuance in the equity capital markets totalled $2.1 billion from 26 issues this week – the lowest weekly level seen since early August, when $1.9 billion was raised. The top 10 league table rankings remain unchanged with Goldman Sachs, Morgan Stanley and UBS leading the field on $20.7 billion, $18.0 billion and $16.1 billion respectively.
A $325 million accelerated bookbuild for Suntec Real Estate Investment Trust was the largest issue of the week and led by Citi, DBS and Standard Chartered Bank.
A total of four convertibles were issued this week – the most active week in over two months – led by Beijing Gehua CATV Network’s $240 million offering via bookrunner UBS.
A handful of deals are scheduled to price next week, including an $8.9 billion rights issue for Bank of China via Bank of America Merrill Lynch, Bank of China, China Construction Bank, Credit Suisse, Industrial and Commercial Bank of China and Citic Securities; the $1.5 billion IPO for Chongqing Rural Commercial Bank led by Morgan Stanley and Nomura; and Huaneng Renewables Corp’s $1.1 billion IPO via bookrunners China International Capital Corp, Goldman Sachs, Macquarie Group and Morgan Stanley.
Debt Capital Markets
The debt capital markets saw a single trade this week -- a $273 million equivalent dual-currency bond for Daewoo International Corp. The deal comprised a $100 million tranche and a W200 billion portion and was arranged by Korea Investment & Securities and Daewoo Securities.
As with ECM, the top 10 rankings in the league table remain static from last week. HSBC tops the list on $8.1 billion, followed by Deutsche Bank with $7.8 billion and UBS with $6.9 billion.
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