Equity Capital Markets
A total of $2.4 billion has been raised in the Asian equity capital markets so far this week through 11 deals, compared to the $3.4 billion raised in the same period last week, bringing year-to-date issuance to $35.4 billion, down 15% year-on-year.
The largest deal of the week is a $814 million follow-on for AVIC Capital through bookrunners China Securities, Avic Securities and Credit Suisse.
Asia ex-Japan follow-on volume has reached $20.5 billion so far this year, the lowest YTD level since 2011 ($15.5 billion) and down 37% on 2013 YTD ($32.8 billion).
Another notable deal to complete this week is YY’s $400 million equity-linked deal through bookrunners Citi, Deutsche Bank and Morgan Stanley. The deal is the third largest equity-linked deal in Asia ex-Japan in 2014 YTD and the tenth biggest US-listed equity-linked deal by Chinese issuers on record.
The top three banks remain unchanged in the league table rankings with Goldman Sachs taking $3.4 billion, followed by HSBC and Haitong Securities.
Debt Capital Markets
Three issuers have tapped the Asia ex-Japan G3 bond markets for $674 million, compared to the $3.71 billion raised in the same period last week.
The largest deal of the week is IDBI Bank (Dubai)’s $300 million trade through bookrunners BNP Paribas, HSBC, RBS, Citi and Credit Agricole CIB.
Indian issuers have tapped the G3 bond markets for $1.9 billion in 2014 YTD, less than half the $4.5 billion raised in the same 2013 period and the lowest YTD period since 2010 ($797 million).
Citi maintains its lead in the league table ranking with $5.7 billion in 2014 YTD, followed by HSBC and Bank of Merrill Lynch, respectively.
