Dealogic league table roundup, July 5

Goldman Sachs and HSBC continue to lead equity capital markets and debt capital markets league tables, respectively.


Equity capital markets
A total of $2.1 billion has been raised through 15 transactions in the equity capital markets this week, up slightly on the $1.5 billion raised in the same period last week, and is the highest weekly issuance in almost a month (June 3 with $2.6 billion).

Volume was led by an $850 million accelerated offering for Fubon Financial Holding through sole bookrunner J.P. Morgan. Followed by Macau Legend Development’s $283 million IPO through bookrunners Credit Agricole, Citic Securities and Credit Suisse.

Asia (ex-Japan) equity capital markets raised $81.2 billion in the first half of 2013, up 5% on the $77.1 billion reached during the same 2012 period. Follow-on volume reached $60.4 billion through 501 deals, the highest first-half volume on record. In contrast, IPO volume of $12.6 billion was at the lowest first-half level since 2009 ($3.7 billion).

Chinese issuers accounted for almost half the ECM issuance with $42.5 billion through 166 deals during the first six months of the year, on par with the first half of 2012 ($41.1 billion through 222 deals). IPO volume fell 66% to $4.2 billion from $12.5 billion during the same period in 2012. No Chinese A-share IPOs were issued as the market has remained frozen for nine straight months, the longest pause since 2005, when the market closed for 12 months.

Goldman Sachs maintains its lead in the league table ranking with $9.4 billion, followed by UBS and Morgan Stanley.



Debt capital markets
Asian issuers tapped the G3 debt capital markets for a total of $93.5 billion in the first half, up 18% on the $79.1 billion raised during the first half of 2012 and the highest semi-annual volume on record.

Deapite the half-year record, second-quarter volume at $43.6 billion is down slightly from the first three months, which set a quarterly record of $49.9 billion.

Four out of the top 10 G3 transactions on record were completed in the first half of 2013: Cnooc’s $4 billion bond, Sinopec’s $3.5 billion trade, Pertamina’s $3.3 billion trade and 1MDB’s $3 billion bond

There was no G3 issuance so far this week, compared with the $406 million seen last week.

The top three banks in the league table ranking remains unchanged with HSBC taking $10.8 billion in 2013 year-to-date, followed by Goldman Sachs and Deutsche Bank, respectively.


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