Equity Capital Markets
A total of $2.0 billion has been raised by Asia ex-Japan issuers in the equity capital markets so far this week compared with $4.5 billion raised in the same period last week, the lowest weekly volume since May 5 ($970 million). In contrast, deal activity at 32 deals so far this week is the highest weekly activity level since April 21 (34 deals) and up from 30 deals completed last week.
The largest deal of the week was a $300 million equity-linked deal by Zhen Ding Technology Holding, the largest Taiwan Technology ECM transaction since Inotera Memories’ $418 million follow-on completed in May 2014.
The A-share IPO market reopened this week, and Guangdong Ellington Electronics Technology’s $224 million A-share IPO is the second largest deal so far this week. This brings A-share ECM volume to $32.2 billion in 2014 YTD compared with $24.1bn in 2013 YTD.
Goldman Sachs continues to lead the league table ranking with $5.9 billion, followed by Credit Suisse and China Securities.
Debt Capital Markets
Five Asian borrowers have tapped the G3 debt capital markets for $2.1 billion so far this week, down significantly on the $5.6 billion raised through nine deals last week.
The largest deal of the week was Krung Thai Bank (Cayman Islands)’s $700 million bond through bookrunners Goldman Sachs and HSBC. This helps to bring Thailand G3 DCM volume to $3.8 billion in 2014 YTD, which already surpasses the previous annual level reached in 2013 ($3.5 billion) and the highest YTD level on record.
HSBC continues to lead the league table with $13.6 billion, followed by Citi and JPMorgan.