Equity Capital Markets
It was a relatively subdued week in the equity capital markets with $1.7 billion raised from 16 issues -- potentially the lowest weekly deal flow since the end of February. The market was also plagued by a couple of pulled IPOs by New Century Shipbuilding and Swire Properties. UBS continues to lead the field in the league table rankings with $4.9 billion, followed by J.P. Morgan and Goldman Sachs on $4.4 billion and $4 billion respectively.
A $336 million A-share IPO for Liaoning Oxiranchem was the largest deal of the week and led by Citic Securities. In India Satluj Jal Vidyut Nigam (SJVN) raised $242 million from an IPO via bookrunners IDBI Bank, IDFC, JM Financial and SBI Capital Markets.
J.P. Morgan nudged ahead of Goldman Sachs in the rankings following Essar Energy Holdings' $1.9 billion IPO that priced late last week, which it led together with Deutsche Bank. The German house moved into the top 10 to secure the eighth rung on the back of this deal.
Issues scheduled to price next week include: IPOs for Mando Corp ($357 million) via Citi, J.P. Morgan, HMC Investment Securities and Woori Finance Holdings; and NVC Lighting Technology Corp ($231 million), which is led by Goldman Sachs and HSBC.
Debt Capital Markets
The debt capital markets saw four trades raise a total of $838 million this week. Deutsche Bank sits at the top of the league table rankings with $3.3 billion, followed by Citi and Barclays Capital on $2.63 billion and $2.58 billion respectively.
Li & Fung's $400 million trade was the largest deal of the week and led by Citi, HSBC and J.P. Morgan. The deal helped push Citi up a notch in the rankings (the bank also ran two other bonds this week for Sigma Capital and Fantasia Holdings) while J.P. Morgan shifted up one place to secure the eighth spot with $1.4 billion.
Sigma Capital's $271 million issue, which was guaranteed by Indonesian property developer Lippo Karawaci, was arranged by Citi and Deutsche Bank.
Fantasia Holdings Group raised $120 million via Bank of America Merrill Lynch, Citi and UBS. This was the seventh US dollar-denominated bond from the Chinese property sector so far this year, which compares to zero issuance in the same period last year.