Equity capital markets
Equity capital markets activity totalled $6.7 billion through 19 deals during the past week, up from a mere $27 million during the first week of the year, making this the busiest start to a year on record.
Volume was driven by Industrial Bank Co’s $3.8 billion follow-on through bookrunners Credit Suisse, Citic Securities, Goldman Sachs and Hongta Securities. It is the world’s biggest ECM deal so far in 2013, and the biggest Chinese ECM transaction since Bank of Communications’ $4.7 billion follow-on in August 2012.
Goldman Sachs finished 2012 on top of the Asia (ex-Japan) ECM league table with $13.3 billion. UBS and Citi rounded off the top three with $12.7 billion and $11.8 billion, respectively.
Regional issuance reached $168 billion in 2012, up slightly on the $167.7 billion raised during the same 2011 period. Four out of the top 10 global new listings in 2012 were from issuers in Asia (ex Japan) — led by PICC’s $3.6 billion IPO in November 2012.
Debt capital markets
14 Asian borrowers raised $4.8 billion in the G3 debt capital markets during the past week, up from just $1.3 billion in the week prior and brings year-to-date volume to $6 billion, down 41% on the year-to-date record set in 2011 ($10.3 billion) but still on course to be the second-busiest year on record.
An $800 million trade for Shimao Property Holdings was the biggest deal of the week through HSBC, Standard Chartered, UBS, Goldman Sachs and J.P. Morgan.
HSBC topped the 2012 league table ranking with $18.6 billion, followed by J.P. Morgan and Citi with $14 billion and $13.3 billion, respectively.
Regional volume totalled $139 billion during 2012, up 73% on the $80.6 billion raised during 2011 and marking the highest full-year level on record. China led G3 issuance in the region with $29.2 billion in 2012. South Korea and Hong Kong followed with $26.5 billion and $24.1 billion, respectively.
