Equity capital markets
Asia ex-Japan issuers raised a total of $3.2 billion in the equity capital markets so far this week through 24 transactions, compared to the $2.8 billion raised during the same period last week. This brings year-to-date issuance to $95 billion, up 11% year-on-year.
The largest deal of the week was Dongfang Electric’s $647 million equity-linked deal through bookrunners Citic Securities, Credit Suisse and J.P. Morgan. The deal is the second-biggest equity-linked deal in the region so far this year and Asia’s largest machinery sector ECM deal in 2014 year-to-date.
Regional equity-linked issuance stands at $9.3 billion in 2014 so far, the highest year-to-date level since 2011 ($15.3 billion) and up 4% on 2013 year-to-date ($9 billion).
Another notable transaction this week was a $451 million follow-on for Siliconware Precision Industries through sole bookrunner UBS. The deal is the largest Taiwanese ECM transaction in 2014 year-to-date and pushes to third place in the year-to-date league table ranking.
Taiwan ECM volume has reached $4.3 billion so far this year, down 30% on the $6.2 billion raised in the same 2013 period.
Goldman Sachs leads the league ranking with $6.1 billion, followed by Credit Suisse and UBS.
Debt capital markets
Eight Asian borrowers have tapped the G3 debt capital markets for $6.7 billion so far this week, almost triple the $2.4 billion raised in the same period last week and pushes year-to-date issuance to a record $120.9 billion, up 28% year-on-year.
ONGC Videsh’s $2.2 billion trade through bookrunners Standard Chartered, Deutsche Bank, BNP Paribas, RBS and Citi was the biggest transaction of the week and also the largest G3 bond from an Indian issuer on record.
Indian issuers have tapped the G3 bond markets for a total of $11.2 billion in 2014 year-to-date, up 12% on the same 2013 period and the highest year-to-date level on record.
HSBC maintains its lead in the league table ranking with $14.5 billion in 2014 year-to-date, followed by Citi and Deutsche Bank.
