Equity Capital Markets
A total of $2.7 billion has been raised by Asia ex-Japan issuers in the equity capital markets so far this week, down from the $4.0 billion raised in the same period last week.
The largest deal of the week was Luye Pharma Group’s $764 million IPO through bookrunners UBS, Citi and Citic Securities. The deal is the fourth largest IPO in Asia ex-Japan so far this year and the largest global healthcare sector IPO in 2014 year-to-date.
The first half of the year saw a total of $89.9 billion raised in Asia ex-Japan, the highest semi-annual volume since 2H 2012 ($91.7 billion) and up 10% on 1H 2013 ($82.0 billion).
Volume was led by IPOs, which totaled $24.7 billion in 1H 2014, almost double the $12.7 billion raised in the comparable 2013 period, and was the highest first-half level since 2011 ($47.6 billion).
Goldman Sachs led the 1H 2014 bookrunner ranking with $6.0 billion, followed by Credit Suisse and China Securities.
Debt Capital Markets
Three Asian borrowers have tapped the G3 debt capital markets for $2.4 billion so far this week, down from the $3.6 billion raised in the same period last week.
The largest deal of the week was Republic of Indonesia’s $1.4 billion sovereign bond through bookrunners Deutsche Bank, Citi and Bank of America Merrill Lynch. The deal is the largest single tranche Euro-denominated sovereign bond issuance in the region on record.
Asia ex-Japan issuers have raised a combined total of $111.3 billion in the first half of 2014, up 19% year-on-year and the highest semi-annual volume on record.
G3 issuance was driven by a surge in USD-denominated bonds with $103.4 billion in 1H 2014, up 18% on 1H 2013 ($87.5bn). Euro-denominated issuance also climbed 28% during the same period to $5.8 billion in 1H 2014, also a half year record.
HSBC topped league table ranking in 1H with $14.2 billion, followed by Citi and JPMorgan, respectively.
