Equity Capital Markets
The Asian equity markets have raised $732 million through seven transactions so far this week, down from the $4.2 billion raised through 16 issues last week.
Bank of the Philippine Islands’ $551 million follow-on through bookrunners Goldman Sachs, JPMorgan and Bank of the Philippine Islands was the largest deal of the week, and the largest Philippines ECM transaction since Robinsons Retail Holdings’ $626 million IPO in October 2013. The second largest deal this week was Philippine National Bank – PNB’s $255 million follow on through Credit Suisse, Deutsche Bank and Tangent Holdings Corp.
This helps to bring total Southeast Asia ECM volume to $2.7 billion in 2014 YTD, the highest YTD level since 2011 ($3.5 billion) and up slightly year-on-year ($2.4 billion).
Goldman Sachs continues to lead the league table rankings with $2.7 billion, followed by HSBC and Haitong Securities, respectively.
Debt Capital Markets
Five issuers have tapped the Asian G3 bond market for $2.8 billion this week, up sharply from the $770 million raised through two transactions last week, and helping to push 2014 YTD volume to a record $27.8 billion, up from the previous YTD record in 2013 ($24.7 billion)
Korean issuers account for three of the issues completed this week. The biggest deal of the week was Hyundai Capital America’s $1.5 billion bond through bookrunners Bank of America Merrill Lynch, Barclays, BNP Paribas, Citi and UBS.
South Korean issuers have tapped the G3 debt capital markets for a total of $8.0 billion through 16 issues so far in 2014, the highest YTD volume on record and more than double the $3.3 billion raised in the same 2013 period. Chinese issuers continue to lead the Asia ex-Japan nationality ranking in 2014 YTD in spite of volumes falling 11% from 2013 YTD to $8.2 billion.
Citi leads the league table ranking with $5.0 billion in 2014 YTD, followed by Bank of America Merrill Lynch, while HSBC climbed one spot and ranks third on the league table.