Equity Capital Markets
The Asian equity markets have raised $2.8 billion through 27 transactions so far this week, up from $1.8 billion and 23 transactions in the same period last week and brings YTD total volume in the region to $134.5bn, down 6% year-on-year.
A $503 million IPO in Oslo for Singapore issuer BW LPG was the largest ECM transaction of the week through bookrunners Bank of America Merrill Lynch, SEB and Deutsche Bank. This was followed by a sell-down by Zurich Insurance in New China Life Insurance through a $450 million accelerated offering.
Goldman Sachs continues to lead the league table ranking with $15.9bn in 2013 YTD, followed by UBS and JPMorgan, respectively.
Debt Capital Markets
Four issuers have tapped the Asian G3 debt capital markets for $1.8 billion so far this week, up from just $600 million raised through one issue in the previous week and brings 2012 YTD issuance to $140.3bn, up from $130.9 billion in 2012 YTD. This breaks the $140 billion mark for the first time.
The largest deal of the week was a $750 million issue for ICICI Bank (Dubai) through bookrunners Barclays, Citi, Deutsche Bank, HSBC, Bank of America Merrill Lynch and Standard Chartered Bank. The deal is the largest Indian G3 bond since Vedanta Resources’ $1.7 billion bond, completed in May, 2013. It helps push India G3 DCM volume to $12.2 billion so far this year, up 55% year-on-year and the highest YTD level on record.
The top three banks remain unchanged with HSBC topping the league table ranking with $15.9 billion so far in 2013, followed by Deutsche Bank and Citi, respectively.