Equity capital markets
A total of $898 million has been raised in the equity capital markets so far this week through 10 deals, down from the $3.7 billion raised in the same period last week and the lowest weekly level since the week of February 17th ($655 million).
Hua Hong Semiconductor’s $332 million IPO through bookrunner Goldman Sachs is the largest deal of the week and the biggest IPO in the region so far this month.
Another notable deal is Mol Global’s $169 million IPO through bookrunners Citi, Deutsche Bank and UBS. The deal is the first US-listing by a Malaysian issuer on record.
Malaysian issuers have raised $1.4 billion via IPOs in 2014 so far, the lowest YTD volume since 2008 ($189 million) and down 44% year-on-year.
Goldman Sachs continues to lead the league table ranking with $12.8 billion, followed by Credit Suisse and Morgan Stanley.
| Asia ex-Japan ECM bookrunner rankings 2014 YTD | ||||
| # | Bookrunner | Value ($m) | No. | % share |
| 1 | Goldman Sachs | 12,815 | 50 | 7.4 |
| 2 | Credit Suisse | 10,714 | 68 | 6.2 |
| 3 | Morgan Stanley | 10,211 | 53 | 5.9 |
| 4 | JP Morgan | 10,158 | 52 | 5.9 |
| 5 | Citi | 9,451 | 49 | 5.5 |
| 6 | Deutsche Bank | 8,803 | 45 | 5.1 |
| 7 | UBS | 6,675 | 58 | 3.9 |
| 8 | China Securities | 5,887 | 22 | 3.4 |
| 9 | Citic Securities | 5,416 | 39 | 3.1 |
| 10 | Bank of America Merrill Lynch | 4,892 | 28 | 2.8 |
Debt capital markets
Five issuers tapped the G3 debt capital markets in Asia ex Japan for $2 billion so far this week, five times the $400 million raised in the same week prior.
The largest trade of the week was a $626 million bond for Xingtao Assets through sole bookrunner Morgan Stanley.
Another deal to complete this week was Greenland Global Investment’s $500 million note through bookrunners Standard Chartered, JPMorgan, HSBC and Bank of China.
Real estate issuers in the region have raised $23.7 billion in G3 bonds so far this year, up 19% on 2013 YTD ($19.8 billion) and the highest YTD level on record.
HSBC remains in the top spot in the league table ranking with $18.4 billion. Citi and Deutsche Bank follow, respectively.
| Asia ex-Japan DCM bookrunner rankings 2014 YTD | ||||
| # | Bookrunner | Value ($m) | No. | % share |
| 1 | HSBC | 18,409 | 130 | 11.8 |
| 2 | Citi | 15,326 | 93 | 9.8 |
| 3 | Deutsche Bank | 12,251 | 71 | 7.9 |
| 4 | JP Morgan | 11,638 | 75 | 7.5 |
| 5 | Standard Chartered | 10,552 | 82 | 6.8 |
| 6 | Bank of America Merrill Lynch | 10,193 | 67 | 6.5 |
| 7 | Goldman Sachs | 7,771 | 40 | 5.0 |
| 8 | UBS | 6,833 | 56 | 4.4 |
| 9 | Morgan Stanley | 6,567 | 45 | 4.2 |
| 10 | Barclays | 6,190 | 36 | 4.0 |
