A total of $2.7 billion was raised from nine issues this week, pushing year-to-date volumes to $6.4 billion from 19 deals. This is the highest year-to-date level since 2004 when $7.2 billion was raised from 70 issues, and up 144% from the $2.6 billion reached in the same period last year. However, the year-to-date deal flow of 19 issues was the slowest since 2001 when 19 issues were also priced.
Bank of America-Merrill Lynch leads the bookrunner ranking for the year so far with $1.9 billion from two deals, followed by UBS on $1.4 billion and Morgan Stanley and RBS with $1.2 billion each.
Bank of ChinaÆs $2.4 billion follow-on offering this week was the second largest issue so far this year. It was led by Morgan Stanley and RBS. Ascendas Real Estate Investment Trust (A-REIT) also raised $201 million from an accelerated bookbuild via bookrunners Citi and Macquarie.
Debt Capital Markets
The debt capital markets saw another large trade price this week with Export-Import Bank of Korea (Kexim) raising $2 billion via bookrunners Bank of America-Merrill Lynch, Citi, Deutsche Bank, HSBC and RBS. Activity for the year so far stands at $3.5 billion from two deals, the highest year-to-date level for the region ever.
Deutsche Bank and HSBC sit at the top of the league table for the year so far, both with $894 million, while Credit Suisse rounds out the top three on $496 million.
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