Equity Capital Markets
A total of $4.8 billion has been raised in the equity capital markets through 34 deals so far this week, up 55% on the volume issued last week and the highest weekly issuance since the week of October 13 ($5 billion via 37 deals).
The largest deal of the week was a $489 million follow-on for Pang Da Automobile Trade through bookrunners UBS and Haitong Securities and marks the second largest ECM transaction in the Auto/Truck sector in Asia ex Japan in 2014 YTD.
Asia ex Japan ECM volume in the auto/truck sector has reached $4.5 billion in 2014 so far, almost double the $2.3 billion raised in the same period last year. Chinese issuers account for the majority of issuance with $2.8 billion, more than double the $1.2 billion raised in 2013 YTD.
Goldman Sachs continues to lead the Asia ex Japan equity capital markets league table ranking with $14.0 billion, followed by JP Morgan and Credit Suisse, respectively.
| Asia (ex Japan) ECM Bookrunner Rankings - 2014 YTD | ||||
| Bookrunner | Deal value ($m) | No | % share | |
| 1 | Goldman Sachs | 13,955 | 56 | 7.2 |
| 2 | JPMorgan | 11,625 | 60 | 6.0 |
| 3 | Credit Suisse | 11,453 | 76 | 5.9 |
| 4 | Morgan Stanley | 11,252 | 58 | 5.8 |
| 5 | Citi | 10,150 | 55 | 5.2 |
| 6 | Deutsche Bank | 9,417 | 48 | 4.9 |
| 7 | UBS | 7,520 | 65 | 3.9 |
| 8 | CITIC Securities | 7,353 | 50 | 3.8 |
| 9 | China Securities | 6,072 | 24 | 3.1 |
| 10 | Bank of America Merrill Lynch | 5,953 | 30 |
3.1 |
Debt Capital Markets
Eight issuers have tapped the Asia ex Japan G3 bond markets for $12 billion so far this week, compared to the $3.6 billion raised in the same period last week.
Volume was driven by Alibaba’s $8.0 billion inaugural offering through bookrunners Citi, Deutsche Bank, JPMorgan, Goldman Sachs, Credit Suisse and Morgan Stanley. The deal is the largest debut corporate bond issue on record globally, surging past Intel Corp’s $5 billion debut bond completed in September 2011.
The deal helped nudge Asia ex Japan G3 bond volume to $201.2 billion in 2014 so far, the first time volume has broken the $200 billion barrier on record and up 42% year-on-year. G3 issuance by Chinese non-SOE issuers has reached $71.5 billion so far this year, more than double the $30.7 billion raised in the comparable 2013 period and also the highest full year volume on record.
HSBC remains the top bank in the league table ranking with $23.6 billion, followed by Citi and Deutsche Bank, respectively.
| Asia (ex Japan) G3 DCM Bookrunner Rankings - 2014 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | HSBC | 23,615 | 155 | 11.7 |
| 2 | Citi | 20,818 | 110 | 10.4 |
| 3 | Deutsche Bank | 15,444 | 83 | 7.7 |
| 4 | JPMorgan | 14,625 | 88 | 7.3 |
| 5 | Bank of America Merrill Lynch | 13,980 | 82 | 7.0 |
| 6 | Standard Chartered | 12,656 | 93 | 6.3 |
| 7 | Goldman Sachs | 11,492 | 50 | 5.7 |
| 8 | Morgan Stanley | 9,745 | 56 | 4.8 |
| 9 | UBS | 7,552 | 61 | 3.8 |
| 10 | Bank of China | 7,153 | 43 | 3.6 |
