Equity Capital Markets
A total of $893 million has been raised in the equity capital markets so far this week through 14 deals, compared to the $889 million raised in the same period last week, bringing the regional ECM volume to $62.0 billion in 2014 YTD, down 8% year-on-year.
The largest deal to price so far this week is Jumei International Holdings’ $245 million IPO through bookrunners Goldman Sachs, Credit Suisse, JPMorgan and China Renaissance Partners. The deal is the second biggest US-listed IPO by a Chinese issuers so far this year behind Weibo Corp’s $328 million IPO on April 16.
US-listed IPO volume by Chinese issuers has reached $1.2 billion via seven deals n 2014 YTD, surpassing the 2013 full year volume ($918 million through eight deals) and the highest YTD level since 2011 ($1.9 billion).
In other notable news this week, China CNR Corp is slated to price its $1.5 billion new listing* later today. If completed successfully, the deal would be the fourth largest Asia ex-Japan ECM deal in the region so far this year and the second biggest new listing in the region in 2014 YTD.
Goldman Sachs continues to lead the league table ranking with $5.1 billion. Followed by China Securities and Credit Suisse.
*New Listings includes IPOs and Follow-on transactions where previously listed and listing on a new exchange for the first time.
Debt Capital Markets
Eight issuers have tapped the Asia ex-Japan G3 bond markets for $5.9 billion so far this week, up 76% on the $3.4 billion raised in the same period last week and brings year-to-date issuance to $89.0 billion in 2014, up slightly on the $88.1 billion raised in the same 2013 period.
The largest deal of the week was a $2.0 billion bond for Bharti Airtel International (Netherlands) through bookrunners Standard Chartered, JPMorgan, BNP Paribas, HSBC, Barclays and Bank of America Merrill Lynch. The deal is the largest G3 bond by an Indian issuer on record.
Indian issuers have tapped the G3 bond markets for a total of $7.4 billion in 2014 so far, down 9% on the record $8.1 billion raised in the same period last year.
Another notable deal to complete this week is a $1.4 billion trade for PT Perusahaan Gas Negara Indonesia through bookrunners Standard Chartered Bank, JPMorgan and ANZ. The deal is the second biggest Utility & Energy sector deal in Asia (ex Japan) in 2014 YTD.
Asia ex-Japan utility & energy sector G3 bond volume has reached $7.3 billion in 2014 so far, up 60% year-on-year and is the highest YTD level on record.
HSBC has taken the lead in the league table ranking with $10.7 billion, followed by Citi and JPMorgan.
