Equity Capital Markets
A total of $4.3 billion has been raised in the equity capital markets so far this week through 21 deals, more than quadruple the $1.0 billion raised in the same period last week.
The largest transaction of the week was a $1.6 billion equity linked deal for Zhejiang Zheneng Electric Power through bookrunners China International Capital Corp, Morgan Stanley and Citic Securities. The deal stands as the largest equity-linked transaction in Asia ex-Japan so far this year and the second biggest equity linked deal globally in 2014 YTD.
Asia ex-Japan equity linked deal volume has reached $16.4 billion in 2014 YTD and down 26% year-on-year. Chinese issuers account for the majority of issuance with $11.0 billion in 2014 YTD, compared to $14.7 billion seen in the same 2013 period.
Goldman Sachs continues to lead the league table ranking with $12.9 billion, followed by Morgan Stanley and Credit Suisse.
Debt Capital Markets
Four issuers have tapped the G3 debt capital markets in Asia ex-Japan for $7.6 billion so far this week, more than triple the $2.1 billion raised in the same week prior.
Volume was largely driven by Bank of China’s $6.5bn trade through bookrunners Standard Chartered Bank, Morgan Stanley, BNP Paribas, HSBC, Citic Securities, China Merchant Securities, Bank of China and Credit Suisse. This marks the first time the issuer has issued additional Tier 1 preference shares and marks the largest contingent capital deal on record.
Global contingent capital deal volume has reached $100.4 billion so far this year, compared to $18.8bn in the same 2013 period. Chinese issuers account for 58% of total issuance with $58.1 billion in 2014 YTD.
HSBC remains in the top spot in the league table ranking with $19.6 billion. Citi and Deutsche Bank follow, respectively.
