Equity Capital Markets
The equity capital markets saw steady issuance this week with $2.9 billion raised from 36 issues. Morgan Stanley continues to dominate the league table rankings with $10 billion, followed by J.P. Morgan on $9.3 billion and UBS on $8.8 billion.
Genting Singapore's $1.2 billion rights issue, which was led by CIMB Group and DBS, was the largest deal of the week. The deal pushes rights issue volume in the region to $13.4 billion so far this year, with issuance from Malaysia accounting for 15% of the deal value -- behind Singapore (37%) and South Korea (24%).
Poly (Hong Kong) Investments raised $397 million from a top-up placement via bookrunners Bank of China and Citi; while Calyon, Citi, Morgan Stanley and UBS led a $348 million accelerated bookbuild for United Spirits.
Citic Securities moved up a notch in the rankings to seventh place with $5.5 billion, having led three A-share deals totalling $387 million on a sole basis this week -- Huayi Brothers Media Corp's $176 million IPO, Beijing Wangfujing Department Store's $120 million convertible and Siasun Robot & Automation's $90 million IPO.
Deals scheduled to price next week include Posco Engineering & Construction's $827 million IPO via Bank of America Merrill Lynch and Daewoo Securities.
Debt Capital Markets
Adaro Indonesia's $800 million bond was the sole debt issue this week. The deal was led by Credit Suisse, DBS and UBS, and marks the largest trade in the region since Hutchison Whampoa raised a combined $3 billion from a two-tranche issue in early September.
The top 10 league table rankings remain unchanged, with Deutsche Bank ahead on $6.2 billion, followed by HSBC on $5.5 billion and Citi with $4.7 billion.