Equity Capital Markets
A total of $3.4 billion has been raised in the equity capital markets through 24 deals so far this week, compared to the $5.3 billion raised in the same period last week.
SinoPharm Group’s $728 million follow-on through bookrunners China International Capital Corp, Morgan Stanley and UBS was the largest deal of the week and also the second largest Healthcare sector ECM deal in the region in 2014 so far.
Asia ex-Japan ECM volume in the Healthcare sector totals $7.5 billion so far this year, almost double the $3.5 billion raised in the same period last year and the second highest full year volume on record behind 2010 ($8.1 billion).
Goldman Sachs continues to lead the Asia ex-Japan equity capital markets league table ranking with $14.1 billion, followed by JPMorgan and Morgan Stanley, respectively.
Debt Capital Markets
Four issuers have tapped the Asia ex-Japan G3 bond markets for $2.5 billion so far this week, compared to the $12.3 billion raised in the same period last week.
The largest deal of the week is a $1.0 billion trade for Islamic Republic of Pakistan through bookrunners Standard Chartered, Deutsche Bank, Dubai Islamic Bank and Citi. The deal marks the fourth SSA issuer in the region to tap the Islamic bond market in 2014 so far.
This brings Islamic bond volume in the G3 bond space to $3.8 billion in 2014 YTD, the highest level on record and up 65% on the $2.3 billion raised in the same period last year.
Similarly, SSA issuance in the Asian G3 bond markets has reached $41.3b in 2014 YTD, the first time volume has broken the $40 billion mark on an annual basis and up 47% year-on-year.
The top three banks in the league table remain unchanged with HSBC taking the top spot with $23.7 billion in 2014, followed by Citi and Deutsche Bank
