Equity Capital Markets
The Asian equity markets have raised $5.1 billion through 24 deals so far this week, compared to the $7.4 billion raised in the same period last week.
China Cinda Asset Management completed its $2.5 billion IPO at the top of the range through a consortium of 18 bookrunners in what was the largest deal of the week. The deal is also the sixth largest IPO globally this year and the biggest Chinese IPO since People’s Insurance Co (Group) of China’s $3.6bn IPO in November 2012.
The deal brings Asia (ex Japan) IPO volume to $33.4 billion in 2013 YTD, down 18% year-on-year and is the lowest YTD level since 2008 ($19.6 billion)
The top three banks remain unchanged with Goldman Sachs topping the league table ranking with $17.0 billion, followed by UBS and JPMorgan, respectively.
Debt Capital Markets
Seven issuers have tapped the Asian G3 debt capital markets for $3.7 billion this year, up from $946 million in the prior week and is the highest weekly level since October 21 ($5.9 billion). 2013 YTD volume stands at $145.0 billion and has already surpassed historical annual levels.
The largest deal of the week was a $1.0 billion trade for Bharti Airtel International (Netherlands) through Standard Chartered, JPMorgan, UBS, Deutsche Bank, BNP Paribas and Barclays. The deal is the biggest Indian G3 bond since Vedanta Resources’ $1.7 billion bond in May, 2013.
CSSC Capital 2013‘s $798 million trade through bookrunners China Construction Bank, Barclays, Citic Securities and Bank of China was the second biggest deal of the week and the biggest Asian G3 bond from the transportation sector on record.
Another notable deal this week was a $496 million trade for Bao-Trans Enterprises through Deutsche Bank, ICBC, HSBC and Bank of China.
Bank of China has edged up to tenth place in the league table rankings while HSBC continues to lead with $16.0 billion in 2013 YTD, followed by Deutsche Bank and Citi, respectively.