Equity Capital Markets
A total of $1.4 billion has been raised in the Asian equity capital markets so far this week through 16 deals, down slightly on the $1.8 billion raised in the same period last week, but activity is up on the 13 deals completed last week.
The largest deal of the week was a $309 million equity-linked deal for Hong Kong issuer ASM Pacific Technology through bookrunners HSBC and UBS. The deal is the second largest ECM transaction from a Hong Kong issuer so far in 2014, and the third largest exchangeable bond in Asia ex-Japan in 2014 YTD.
This brings YTD Asia ex-Japan equity-linked volume to $2.6 billion, up slightly from 2013 YTD ($2.3 billion) and the highest YTD volume since 2011 ($6.6 billion).
The top three banks remain unchanged with Goldman Sachs topping the league table ranking with $2.9 billion, followed by HSBC and Haitong Securities, respectively.
Debt Capital Markets
AIA Group was the only issuer to tap the Asian G3 bond markets for $1.0 billion through Deutsche Bank, Morgan Stanley, HSBC and Citi this week, compared with $1.1 billion raised through three issues in the same period last week.
The deal is the largest Hong Kong DCM transaction since Hutchison Whampoa Europe Finance (13) issued a $2.3 billion deal in May 2013.
Citi continues to lead the league table ranking with $5.4 billion in 2014 YTD, followed by HSBC and Bank of Merrill Lynch, respectively.