Equity capital markets
Activity in the equity capital markets totalled $1.2 billion from 10 transactions during the past week, bringing year-to-date volume to $4.5 billion, down from the $21 billion raised in the same period last year. That marks the weakest start to a year since 2003 ($1.2 billion).
Pegatron’s $300 million equity-linked issue was the biggest deal of the week and was led by Citi and DBS, which enabled both banks to jump to fourth and ninth place respectively in the league table ranking.
Citi was also the bookrunner for SM Investment’s $250 million equity-linked deal, along with J.P. Morgan. It was the third-biggest deal of the week, just behind Carlyle’s $270 million sell-down of its stake in India’s Housing Development Finance Corp, led by Deutsche Bank.
J.P. Morgan continues to lead the league table ranking with $728 million, followed by China Merchants Bank and Hongyuan Securities.
Top 10 Asia ex-Japan ECM bookrunner rankings
Debt capital markets
Six Asian borrowers raised $2.9 billion in the G3 debt capital markets this week, which brings year-to-date issuance to $16.1 billion, more than double the $8.8 billion raised in the same period last year.
The week’s biggest trade was a $1 billion trade for Hutchison Whampoa International that re-opened its mid-January $1.5 billion issuance and was led by HSBC and Goldman Sachs. The second-biggest trade of the week was a $600 million upsized bond from Wharf Holdings, led by HSBC, J.P. Morgan and Standard Chartered.
The top three banks in the league table ranking remain unchanged with J.P. Morgan taking $2.9 billion while HSBC and Goldman Sachs follow in second and third place, respectively.
Top 10 Asia ex-Japan DCM bookrunner rankings