Equity Capital Markets
The Asian equity markets have raised $4.2 billion so far this week through 38 deals, up from $199 million raised in the previous week, and is the highest weekly level since the week of December 9 ($7.8 billion through 40 deals).
The largest deal of the week was China Oilfield Services’ $759 million follow-on through bookrunners China International Capital Corp, Credit Suisse, JPMorgan, Goldman Sachs and Morgan Stanley. The deal is the largest global ECM transaction so far this year.
The A-share new listing market was kick-started this week through Zhejiang Wolwo Bio-Pharmaceutical’s $116 million IPO in what was the first A-share new listing since October 2012.
China International Capital Corp currently leads the Asia-ex Japan ECM league table ranking with $554 million for 2014 YTD, followed by Guosen Securities and Haitong Securities, respectively.
Goldman Sachs capped off the 2013 regional ECM league table with $17.3 billion. UBS and Credit Suisse rounded off the top three with $12.2 billion and $8.5 billion, respectively.
Total issuance for the region stood at $165.0 billion in 2013, down slightly on the $168.8 billion in 2012. The largest deal of 2013 was China Merchants Bank’s $5.5 billion follow-on in what was the fourth largest deal globally. Global ECM volume, on the other hand, increased 26% year-on-year to $833.6 billion.
Debt Capital Markets
11 issuers have already tapped the Asian G3 debt capital markets for $11.3 billion in 2014 so far, the highest weekly volume on record and surpassing the previous weekly record set in the week of April 8 2013 ($7.9 billion).
Volume was led by Republic of Indonesia’s $4.0 billion sovereign bond through bookrunners Deutsche Bank, Citi and Bank of America Merrill Lynch in what is the second biggest G3 bond in the region on record behind Hutchison Whampoa International’s $5.0 billion bond priced in November 2003.
Citi leads the league table ranking with $2.5 billion in 2014 YTD, followed by Deutsche Bank and Bank of America Merrill Lynch, respectively.
G3 bond issuance in the region totaled a record $149.3 billion in 2013, up 7 % on 2012 ($139.6 billion). Chinese issuers led the issuance with $58.2 billion in 2013, more than double the $28.7 billion raised in 2012. South Korea and India followed, with $24.2 billion and $14.0 billion, respectively.
HSBC topped the 2013 league table ranking with $16.1 billion, followed by Deutsche Bank and Citi, respectively.