ECM
INDIA EQUITY, EQUITY-LINKED ISSUANCE DOWN 9.3% YTD
Equity and equity-linked issuance by Indian companies raised a total of US$8.1 billion during the first nine months of 2013, a 9.3% decline from the comparable period in 2012.
Follow-on offerings captured majority of India’s equity capital markets activity with US$7.8 billion worth of proceeds, a 6.1% decrease from the first nine months of 2012, and accounted for 96.1% of the market activity this year. This is the lowest nine-month period in terms of proceeds amount since 2008 when volume fell to US$6.6 billion.
Initial public offerings (IPO) totaled US$290.1 million and saw a minimal increase of 2.9% compared to the proceeds raised during the first nine months of 2012.
Citi topped the ranking for India’s equity and equity-linked underwriting so far this year, with related proceeds of US$1.0 billion from 10 deals and accounted for 13.0% of India’s equity capital markets.
According to estimates from Thomson Reuters/Freeman Consulting, India’s equity capital raisings generated estimated fees worth US$62.3 million during the first nine months of 2013, a 99.7% increase from the same period last year.
With estimated fees of US$6.7 million, Axis Bank took the lead for India ECM fee ranking this year, and captured 10.8% market share of the fee pool.
DCM
OVERALL INDIA BOND ISSUANCE SLOWS DOWN 15.8% YTD
Primary bond offerings from Indian issuers stood at US$40.3 billion during the first nine months of 2013, down 15.8% after coming from a record nine-month volume last year (US$47.8 billion). Total proceeds this third quarter of 2013 reached US$3.9 billion, a 74.1% sequential decline from the second quarter of 2013 and a 78.8% drop from the third quarter of 2012. This quarter witnessed the lowest quarterly level in proceeds since second quarter of 2006 (US$3.8 billion).
Indian companies tapping the offshore US-dollar bond markets in the first nine month of 2013 hit a record high of US$10.2 billion, up 62.9% from the same period in 2012 and also surpassed last year’s record annual volume of US$8.1 billion.
Underwriting fees totaled US$109.5 billion so far this year, a 5.7% increase from the comparable period last year, according to estimates from Thomson Reuters and Freeman Consulting Co. Axis Bank, with US$9.2% million in related fees, accounted for 8.4% of the market share during the first nine months of 2013.
FINANCIALS TAKE THE LEAD WITH 63% MARKET SHARE
The majority of bond proceeds were issued by companies from India’s Financials industry with 62.6% market share worth US$25.2 billion in proceeds, down 29.3% from the same period last year.
Energy & Power raised US$7.2 billion to date, a 35.8% increase over the comparative period in 2012, and captured 17.9% of the market share.
INDIAN RUPEE BONDS DOWN 19.9% YTD
Indian Rupee-denominated bonds amounted to INR 1,727.5 billion from 414 new issues so far this year, a 19.9% decrease in proceeds from the first nine months of 2012 (INR2,157.4 billion).
The Financials sector accounted for 65.5% of the Indian Rupee bond markets where proceeds amounted to INR 1,136.0 billion, a 23.0% decline in proceeds compared to the first nine months of 2012. Energy & Power sector accounted for 14.9% of the market share, with INR 256.3 billion in proceeds, a slight 0.3% increase from the same period last year.
Asia Pacific’s aggregate local currency bond volume reached a record nine-month high of US$462.1 billion where Indian Rupee-denominated bonds accounted for 6.7% of the market share.
INDIA EQUITY, EQUITY-LINKED ISSUANCE DOWN 9.3% YTD
Equity and equity-linked issuance by Indian companies raised a total of US$8.1 billion during the first nine months of 2013, a 9.3% decline from the comparable period in 2012.
Follow-on offerings captured majority of India’s equity capital markets activity with US$7.8 billion worth of proceeds, a 6.1% decrease from the first nine months of 2012, and accounted for 96.1% of the market activity this year. This is the lowest nine-month period in terms of proceeds amount since 2008 when volume fell to US$6.6 billion.
Initial public offerings (IPO) totaled US$290.1 million and saw a minimal increase of 2.9% compared to the proceeds raised during the first nine months of 2012.
Citi topped the ranking for India’s equity and equity-linked underwriting so far this year, with related proceeds of US$1.0 billion from 10 deals and accounted for 13.0% of India’s equity capital markets.
According to estimates from Thomson Reuters/Freeman Consulting, India’s equity capital raisings generated estimated fees worth US$62.3 million during the first nine months of 2013, a 99.7% increase from the same period last year.
With estimated fees of US$6.7 million, Axis Bank took the lead for India ECM fee ranking this year, and captured 10.8% market share of the fee pool.
DCM
OVERALL INDIA BOND ISSUANCE SLOWS DOWN 15.8% YTD
Primary bond offerings from Indian issuers stood at US$40.3 billion during the first nine months of 2013, down 15.8% after coming from a record nine-month volume last year (US$47.8 billion). Total proceeds this third quarter of 2013 reached US$3.9 billion, a 74.1% sequential decline from the second quarter of 2013 and a 78.8% drop from the third quarter of 2012. This quarter witnessed the lowest quarterly level in proceeds since second quarter of 2006 (US$3.8 billion).
Indian companies tapping the offshore US-dollar bond markets in the first nine month of 2013 hit a record high of US$10.2 billion, up 62.9% from the same period in 2012 and also surpassed last year’s record annual volume of US$8.1 billion.
Underwriting fees totaled US$109.5 billion so far this year, a 5.7% increase from the comparable period last year, according to estimates from Thomson Reuters and Freeman Consulting Co. Axis Bank, with US$9.2% million in related fees, accounted for 8.4% of the market share during the first nine months of 2013.
FINANCIALS TAKE THE LEAD WITH 63% MARKET SHARE
The majority of bond proceeds were issued by companies from India’s Financials industry with 62.6% market share worth US$25.2 billion in proceeds, down 29.3% from the same period last year.
Energy & Power raised US$7.2 billion to date, a 35.8% increase over the comparative period in 2012, and captured 17.9% of the market share.
INDIAN RUPEE BONDS DOWN 19.9% YTD
Indian Rupee-denominated bonds amounted to INR 1,727.5 billion from 414 new issues so far this year, a 19.9% decrease in proceeds from the first nine months of 2012 (INR2,157.4 billion).
The Financials sector accounted for 65.5% of the Indian Rupee bond markets where proceeds amounted to INR 1,136.0 billion, a 23.0% decline in proceeds compared to the first nine months of 2012. Energy & Power sector accounted for 14.9% of the market share, with INR 256.3 billion in proceeds, a slight 0.3% increase from the same period last year.
Asia Pacific’s aggregate local currency bond volume reached a record nine-month high of US$462.1 billion where Indian Rupee-denominated bonds accounted for 6.7% of the market share.
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