Equity Capital Markets
The equity capital markets have raised a total of $6.6 billion via 36 issues in the past two weeks -- the highest level achieved over a two-week period so far this year. Year-to-date issuance stands at $23.6 billion, down 34% from the $35.9 billion raised in the same period last year.
UBS leads the field at the top of the league table ranking with $3.4 billion, followed by Morgan Stanley on $3.0 billion and Goldman Sachs on $2.7 billion.
The $1.9 billion accelerated bookbuild in ICBC last week was the fourth largest issue from the region so far this year and propelled sole bookrunner Goldman Sachs to the third spot in the ranking from eighth place. China Zhongwang Holdings' $1.3 billion IPO also priced last week via Citic Securities, J.P. Morgan and UBS. J.P. Morgan sits in fifth place in the league table.
A $1.5 billion fully marketed rights issue for Axiata Group (formerly known as TM International) was the biggest issue this week. CIMB Investment Bank, Goldman Sachs, J.P. Morgan, Maybank Investment Bank, Morgan Stanley and RHB Investment Bank were the bookrunners.
Debt Capital Markets
The debt capital markets saw two trades from Korean banks totalling $1.2 billion this week following zero volume last week. HSBC climbed to the top of the league ranking with $2.8 billion, and is followed by Deutsche Bank on $2.5 billion and Barclays Capital with $2.1 billion.
Citi and HSBC printed a $1 billion trade for Kookmin Bank, the largest deal of the week. The covered bond pushed HSBC up a notch in the ranking, while Citi moved up two places to fourth with $1.9 billion.
Korea Development Bank's $200 million deal was the other trade of the week and led by Morgan Stanley. The US bank entered the top 10 to sit in tenth place with $628 million.