Equity Capital Markets
A total of $2.2 billion has been raised in the equity capital markets so far this week through 17 deals, down slightly from the $3.3 billion raised in the same period last week, which brings YTD volume to $121.9 billion in 2013, down 10% year-on-year.
Robinsons Retail Holdings’ $621 million IPO through bookrunners Deutsche Bank, JPMorgan, UBS and Maybank Investment Bank was the largest deal of the week and the largest Philippines’ IPO on record. The deal is also the second largest retail sector IPO globally in 2013 YTD, behind Mexico’s Grupo Sanborn’s $831 million listing in February.
Asia (ex Japan) ECM activity in the retail sector has reached $4.4 billion from 33 deals in 2013 YTD, the most active YTD period for the region on record while deal volume is at the highest level since 2011 ($4.8 billion).
Goldman Sachs continues to lead the league table ranking with $14.3 billion in 2013 YTD, followed by UBS and JPMorgan.
Debt Capital Markets
11 issuers have tapped the Asian G3 bond markets for $5.7 billion so far this week, compared to $379 million seen in the same period last week.
The largest deal of the week was a $1.5 billion trade for China Overseas Finance (Cayman) III through bookrunners JPMorgan, BNP Paribas, HSBC, Citic Securities, Bank of China and Citi in what is the largest G3 trade in the real estate/property sector in the region on record.
Another notable deal that priced this week within the sector was Evergrande Real Estate Group’s $1.0 billion trade through bookrunners JPMorgan, Goldman Sachs, Deutsche Bank and China Merchants Securities.
Asia (ex Japan) real estate/property sector G3 bond volume has surpassed previous levels to reach $23.4 billion so far this year, and up 52 % on 2012 YTD ($15.3 billion). China accounts for 78% of regional G3 bond issuance from the sector in 2013 YTD, up from 33% in the same period last year.
The top three banks in the league table ranking remain unchanged with HSBC taking $15.1 billion in 2013 YTD, followed by Deutsche Bank and Goldman Sachs.