Dealogic league table roundup, Oct 31

Hutchison Whampoa completes fifth largest G3 deal in Asia ex Japan in 2014

Equity Capital Markets
A total of $864 million has been raised in the equity capital markets through 13 deals so far this week, down from the $2.6 billion raised in the same period last year and brings equity issuance in 2014 so far to $181.6 billion, up 43% on 2013 YTD ($127.5 billion).

The largest deal so far this week is Samsung SDS’s $1.1 billion IPO through bookrunners Goldman Sachs, JP Morgan and Korea Investment & Securities. The deal is the largest South Korean IPO since Samsung Life Insurance’s $4 billion IPO in April, 2010 and brings the nation’s ECM volume to $10.2 billion, the highest YTD level since 2011 ($11.8 billion) and up 33% on 2013 YTD.

Another notable deal to complete this week is a $400 million equity-linked transaction for Siliconware Precision Industries through sole bookrunner JPMorgan. The deal is the biggest Taiwan ECM transaction so far this year and also the fifth largest Technology sector equity-linked issuance in the region in 2014 YTD.

ECM issuance from Taiwanese issuers fell to $7.1 billion in 2014 YTD, down 27% on the $9.7 billion raised in the same 2013 period and the lowest YTD volume since 2010 ($7 billion). IPOs led the decline with $227 million raised in 2014 YTD, compared to $905 million in the comparable 2013 period while follow-ons and equity-linked issuance dropped 23% and 20%, respectively to $4.7 billion and $2.2 billion during the same period.

Goldman Sachs continues to lead the Asia (ex Japan) equity capital markets league table ranking with $13.4 billion, followed by JPMorgan and Credit Suisse, respectively.

Debt Capital Markets
Eight issuers have tapped the Asia ex Japan G3 bond markets for $8.2 billion so far this week, more than double the $3.1 billion raised in the same period last week, bringing YTD issuance in the region to $176.5 billion, the highest YTD volume on record and up 29% year-on-year.

Hutchison Whampoa International’s $3.5 billion dual-tranche bond through bookrunners Goldman Sachs, HSBC, Citi and Bank of America Merrill Lynch is the largest deal of the week and the second largest transaction for a Hong Kong issuer on record. The deal is also the fifth largest Asia ex Japan G3 transaction in 2014 so far.

This brings G3 issuance by Hong Kong issuers to $15.9 billion in 2014 YTD, up 34% on 2013 YTD ($11.8 billion) and the second highest YTD level on record behind 2012 ($20.4 billion).

HSBC remains in the top spot in the league table ranking with $21.8 billion, followed by Citi and Deutsche Bank, respectively.


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