Equity Capital Markets
A total of $3.4 billion has been raised by Asia ex-Japan issuers in the equity capital markets so far this week through 19 deals, up 13% on the $3.0 billion raised in the same period last week.
The largest deal of the week is a $654 million IPO for Tianhe Chemicals Group through bookrunners Morgan Stanley, UBS, Bank of America Merrill Lynch, Goldman Sachs, Bank of China, ICBC and Investec Bank. The deal is the fifth biggest IPO in Asia ex-Japan so far this year and, globally, the largest IPO from the chemicals sector since Alpek SA de CV priced its $792 million IPO in April 2012.
Another notable deal to complete this week is Boustead Plantations’ $328 million IPO through bookrunners Affin Investment Bank, Maybank, Credit Suisse, AmInvestment Bank and CIMB Group. The deal is the second biggest IPO in Southeast Asia so far this year behind PACC Offshore Services Holdings’ $335 million IPO priced in April.
Asia ex-Japan IPO volume has reached $20.2 billion so far this year, the highest YTD level since 2011 ($44.6 billion) and almost double the $11.6 billion raised in the same 2013 period.
Goldman Sachs continues to lead the league table ranking with $5.7 billion, followed by Credit Suisse and China Securities.
Debt Capital Markets
Six issuers have tapped the Asia ex-Japan G3 debt capital markets for $4.3 billion so far this week, down from the $6.0 billion raised in the same period last week.
PTT Exploration & Production completed a $1.0 billion trade via JPMorgan, HSBC, Credit Suisse and Bank of America Merrill Lynch in what is the fifth largest G3 bond from a Thai issuer on record.
Thai issuers have tapped the G3 bond markets for $2.1 billion in 2014 YTD via three deals, compared to the $1.8 billion raised via five trades in the same 2013 period, and is the highest YTD level on record. In contrast, overall Thai bond issuance in any currency has reached $10.2 billion so far this year, down 6% from the record $10.9 billion raised in 2013 YTD.
HSBC continues to lead the league table with $12.7 billion, followed by Citi and JPMorgan.
