Equity Capital Markets
A total of $3.2 billion has been raised by Asia ex-Japan issuers in the equity capital markets so far this week through 14 deals, compared to $2.6 billion and 21 deals raised in the same period last week and the highest weekly volume since April 21 ($3.5 billion).
The largest deal of the week was a $1.8 billion IPO for JD.com in what was the largest US-listed ECM deal by Asia ex-Japan issuers in 2014 YTD, and the largest Chinese new listing since China Everbright Bank raised $3.2 billion in December 2013.
Chinese issuers have raised $13.1 billion and account for 69% of Asia ex-Japan new listing volume so far in 2014, up sharply from just $3.7 billion in 2013 YTD. This helps to bring the region’s new listing volume to $19.1 billion so far this year, the highest YTD level since 2011 ($40.8 billion) and up from $9.7 billion raised in the comparable 2013 period.
Conversely, ECM volume from Asian ex-Japan issuers totals $66.9 billion in 2014 YTD, down 8% on the $72.5 billion raised in the same 2013 period.
Goldman Sachs continues to lead the league table ranking with $5.2 billion, followed by Credit Suisse and China Securities.
Debt Capital Markets
Nan Fung Treasury was the only issuer to tap the Asian G3 bond market, for $200 million through bookrunners Standard Chartered Bank, HSBC, Agricultural Bank of China, Credit Suisse and Bank of America Merrill Lynch. This compared to $5.9 billion raised through eight issues last week.
Hong Kong issuers have raised $5.7 billion through 15 deals in the G3 debt capital markets in 2014 YTD, down on the $10.3 billion raised via 21 deals in the same 2013 period and the lowest YTD level since 2011 ($1.5 billion through eight issues).
HSBC continues to lead the league table with $10.8 billion, followed by Citi and JPMorgan.