Equity Capital Markets
The Asian equity capital markets have raised $2.4 billion through 17 transactions this week, up from the $1.6 billion raised through 22 deals last week.
OUE Hospitality Trust’s $475 million IPO through bookrunners Credit Suisse, Goldman Sachs, Standard Chartered, Bank of America Merrill Lynch, Deutsche Bank and OCBC was the largest deal of the week. Another notable transaction was the $400 million IPO for SPH Reit, which was arranged by Credit Suisse, DBS and OCBC.
These two deals bring Asia (ex-Japan) Reit ECM volume to $4.2 billion in 2013 year-to-date, more than double the $1.7 billion raised in the same period last year and the highest year-to-date level on record.
Debt Capital Markets
Three issuers have tapped the Asian G3 debt capital markets for $682 million so far this week, down from $1.2 billion raised in the same period last week. Despite the low issuance activity this week, year-to-date volume stands at a record $95.2 billion in 2013, which is a 13% increase on the same period last year when there was $84.4 billion worth of issuance.
The largest deal of the week was Korea Development Bank’s $256 million euro-denominated trade through bookrunners DZ Bank, Barclays, KDB and Credit Agricole CIB. A second deal to complete this week was also from a South Korean issuer — MagnaChip Semiconductor Corp tapped the G3 markets for $224 million through bookrunners Barclays and Morgan Stanley.
South Korean issuers have tapped the G3 debt capital markets for a total of $9.6 billion in 2013 so far, down 84% from the record $17.6 billion raised in the same period 2012 and the lowest year-to-date level since 2008, which saw $9.2 billion worth of issuance.
HSBC continues to lead the league table ranking with $10.8 billion, followed by Goldman Sachs and Deutsche Bank.