Equity capital markets
Activity in the Asian equity capital markets totalled $809 million this week through 11 deals, compared to the $3.5 billion raised in the same period last week.
The largest deal of the week is a $312 million equity-linked deal for Bangkok Dusit Medical Services through bookrunners Bank of America Merrill Lynch, Credit Suisse, Phatra Securites and Siam Commercial Bank. The deal is the biggest Thai ECM transaction in 2014 so far this year and the second largest equity-linked deal in Southeast Asia in 2014 year-to-date.
Thai ECM volume has reached $1.7 billion in 2014 year-to-date, compared to the $4.8 billion raised in the same period last year and is the lowest year-to-date volume since 2010 ($410 million).
Goldman Sachs continues to lead the league table ranking with $7.9 billion, followed by UBS and Credit Suisse.
Debt capital markets
Four issuers tapped the Asia ex Japan G3 bond markets for $2.5 billion so far this week, almost half the $4.9 billion raised in the same period last week.
Volume was led by the Hong Kong government’s $1 billion Islamic bond, which priced on September 10 through bookrunners Standard Chartered, HSBC, National Bank of Abu Dhabi PJSC and CIMB. The debut deal for the issuer is the fourth largest G3 sukuk transaction globally so far this year.
G3 global Islamic bond issuance stands at $12.2 billion year-to-date, up 11% from the $10.9 billion in the same prior-year period and is the second highest year-to-date level on record behind $12.4 billion in 2012.
HSBC continues to top the league table ranking with $17.4 billion, followed by Citi and Deutsche Bank, respectively.