Equity Capital Markets
A total of $4.9 billion has been raised by Asia ex-Japan issuers in the equity capital markets so far this week through 19 deals, up slightly on the $4.2 billion raised in the same period last week, bringing year-to-date issuance to $72.9 billion, down 3% year-on-year.
The largest deal of the week was a $1.8 billion follow-on for China Merchant Securities through bookrunners Huatai Securities and Huarong Securities. The deal is also the fourth biggest ECM transaction in the region in 2014 YTD.
Another notable deal to complete this week is a $1.4 billion accelerated offering* for Sands China through sole bookrunner Bank of America Merrill Lynch. The deal is the largest accelerated offering in Asia ex-Japan so far this year and also the fourth largest ECM transaction from a Macau issuer on record.
Follow-on issuance in Asia ex-Japan has reached $57.7 billion in 2014 YTD, down 15% on the $56.4 billion raised in the same 2013 period. Accelerated offerings account for 29% of total follow-on issuance so far this year with $13.7 billion, compared to $22.5 billion with 40% share in 2013 YTD.
Goldman Sachs continues to lead the league table ranking with $5.4 billion, followed by China Securities and Credit Suisse.
*Includes accelerated offerings and bought deals
Debt Capital Markets
Six issuers have tapped the Asia ex-Japan G3 debt capital markets for $1.9 billion so far this week, up slightly on the $1.7 billion raised in the prior week and pushed Asia ex-Japan G3 bond volume to a record $94.3 billion so far this year from $93.0 billion in the same 2013 period.
The most notable deal this week is Syndicate Bank (London)’s $400 million trade through bookrunners Standard Chartered Bank, Deutsche Bank, HSBC, State Bank of India and Citi.
FIG issuers from India have raised a total of $3.4 billion through eight deals so far this year, up 19% year-on-year and the highest YTD level since 2011 ($4.4 billion). In contrast, overall G3 issuance from the country totals $8.1 billion, down 18% on the same 2013 period ($9.8 billion).
Three issuers from the real estate sector have also tapped the G3 bond markets this week for $1.1 billion and so far this year — Bestgain Real Estate Lyra, Kaisa Group Holdings and Logan Property Holdings.
Asia ex-Japan G3 issuance from the real estate sector stands at $15.6 billion in 2014 YTD, down slightly on the record $16.1 billion raised in 2013 YTD.
HSBC continues to lead the league table with $11.6 billion, followed by Citi and Deutsche Bank.
