Equity Capital Markets
A total of $1.0 billion has been raised in the equity capital markets so far this week through 12 deals, up from the $856 million raised in the same period last week, which brings Asia ex-Japan YTD volume to $23.9bn in 2014, down 14% year-on-year.
Yantai Jereh Oilfield Services Group’s $492 million follow-on through bookrunner GF Securities was the largest deal of the week and helps to bring total follow-on volume by Chinese issuers to $7.1 billion so far in 2014,
Korea Aerospace Industries’ $140 million follow-on through bookrunners Nomura and Credit Suisse was the second largest deal of the week, and the largest transaction in the equity capital markets by South Korean issuers so far this year.
The top three banks remain unchanged with Goldman Sachs topping the league table ranking with $2.7 billion, followed by HSBC and Haitong Securities, respectively.
Debt Capital Markets
Two Asian borrowers have tapped the G3 debt capital markets for $798 million so far this week, down significantly from $2.5 billion raised through five issues last week.
The largest deal of the week was a $500 million bond by Chinese real estate issuer Agile Property Holdings through bookrunners Standard Chartered Bank, JPMorgan, Morgan Stanley, ICBC, HSBC and Agricultural Bank of China.
Chinese real estate issuers have tapped the G3 bond market for a total of $5.6 billion so far in 2014 and the leading nation in the Asia (ex Japan) G3 real estate DCM, despite volume fell 16% from 2013 YTD ($7.0bn).
Citi continues to lead the league table ranking with $4.9 billion, followed by Bank of America Merrill Lynch and HSBC, respectively.