Equity Capital Markets
The equity capital markets raised a total of $6.7 billion from 18 issues this week, bringing volume for the year so far to $33.3 billion — up 12% from the $29.7 billion recorded in the same period last year. Goldman Sachs tops the ECM bookrunner ranking for this year so far with $2.9 billion, followed by Deutsche Bank and UBS on $2 billion and $1.7 billion respectively.
Sinopec’s $3.5 billion convertible bond was the largest issue of the week. The deal was led by China International Capital Corp, CITIC Securities, Credit Suisse, Goldman Sachs and UBS. It stands as the third-biggest equity-linked deal from China on record and is also the largest ECM deal in Asia ex-Japan so far this year.
Issues scheduled to price next week include Changjiang Securities’ follow-on that is expected to raise $1.2 billion. The bookrunners are Changjiang Financing Services and Orient Securities.
Debt Capital Markets
Three Asian borrowers raised a total of $1.7 billion from the international bond market this week, pushing year-to-date volume to $16.5 billion which is up 6% more than the same period last year. J.P. Morgan continues to head the league table ranking with $1.8 billion, followed by HSBC and Goldman Sachs on $1.5 billion and $1.3 billion respectively.
Korea Development Bank’s $750 million bond was the largest deal of the week, led by Standard Chartered, UBS, HSBC, RBS, KDB and Bank of America Merrill Lynch. Standard Chartered climbed up one place in the league table to fourth, while RBS moved up two spots to seventh.