Equity Capital Markets
A total of $3.0 billion has been raised in the equity capital markets so far this week through 20 deals, compared to the $6.8 billion raised in the same period last week.
The largest transaction this week was a $503 million follow-on for Bank of Ningbo through bookrunners Deutsche Bank and Guotai Junan Securities.
Another notable deal to price this week was Naver Corp’s $269 million accelerated offering* through sole bookrunner UBS.
South Korean issuers have raised $3.8 billion via accelerated offerings in 2014 year-to-date, the highest YTD volume since 2007 ($4.9 billion) and up 38% year-on-year.
Meanwhile, Asian issuers have raised $170.8 billion in the first nine months of the year, up 52% year-on-year and the highest YTD level since 2010 ($187.5 billion). Follow-ons led ECM issuance with $95.7 billion, up 19% year-on-year.
IPOs saw the biggest surge in volume with $60.3 billion in the first nine months of 2014, more than triple the $18.8 billion raised in the same 2013 period and the highest level since 2011 ($62.1 billion). Volume was led by Alibaba Group Holding’s $25.0 billion IPO, which stands as the biggest IPO globally on record.
Goldman Sachs topped the first-nine-month league table ranking with $12.5 billion, followed by Credit Suisse and Morgan Stanley.
*Includes bought deals
Debt Capital Markets
There were no G3 bonds issued in the debt capital markets in Asia ex-Japan this week, compared with the $6.2 billion raised through 14 deals in the same period last week.
Asian issuers have tapped the G3 bond markets for a total of $153.4 billion in the first nine months of 2014, already surpassing historical full year volumes on record and up 27% year-on-year. Volume was led by 2Q 2014 with $67.9 billion, the highest quarterly volume on record while 3Q 2014 volume fell to $41.6 billion.
China led G3 issuance in the region with a record $68.3 billion in the first nine months of 2014 and up 60% on the $42.6 billion raised in the comparable 2013 period. Followed by South Korea and India with $23.4 billion and $13.9 billion, respectively.
HSBC maintained its lead in the league table ranking for the first nine months of 2014 with $18.2 billion, followed by Citi and Deutsche Bank, respectively.
