Equity Capital Markets
A total of $756 million has been raised in the equity capital markets so far this week through seven deals, down from the $3.0 billion raised in the same period last week and is the lowest weekly level since the week of February 17 ($655 million).
Inotera Memoris Inc priced an $418m follow-on via bookrunners Credit Suisse, Morgan Stanley, Bank of America Merrill Lynch and UBS in what is the largest Asia ex-Japan ECM transaction this week and also the third largest Asia ex-Japan technology ECM transaction so far in 2014.
Keeping in line with the technology theme, the largest IPO this week was Cheetah Mobile’s $168 million IPO through Morgan Stanley, JPMorgan and Credit Suisse. The deal is the second Chinese group to list in the US this year after Weibo’s $328 million IPO on April 16.
New US listings by Chinese issuers have reached $973 million in 2014 so far, the highest YTD level since 2011 ($1.6 billion).
Asia ex-Japan technology sector ECM volume has reached $13.8bn via 103 deals in 2014 YTD, more than double the $5.0bn raised in the same period in 2013; and the highest YTD volume on record and the highest YTD activity since 2010 (123 deals).
Goldman Sachs continues to lead the league table ranking with $4.8 billion. Followed by China Securities and HSBC.
Debt Capital Markets
Four issuers have tapped the Asia ex-Japan G3 bond markets for $3.8 billion so far this week, down from the $8.3 billion raised in the same period last week.
China Cinda Finance (2014) and CNPC General Capital both tapped the market for $1.5 billion each, respectively this week.
The deals have pushed Chinese G3 bond volume to a record $36.8 billion in the G3 debt capital markets in 2014 YTD, up 31% year-on-year.
Citi leads the league table ranking with $10.3 billion, followed by HSBC and Deutsche Bank.