PRIVATE BANKING | Staff Reporter, China

China equity-linked volume soared over fourfold to $14.2b

It's the highest level since 2010.

According to Dealogic, on November 27th, Ping An Insurance completed a $4.2bn equity-linked deal in what is the second largest Asia (ex Japan) equity-linked deal on record, behind Bank of China's $5.9bn issue in June 2010. This landmark deal helps to push China equity-linked volume to $14.2bn in 2013 YTD, more than fourfold year-on-year ($3.4bn) and the highest YTD level since 2010 ($15.1bn).

Subsequently, China ECM volume is up 9% year-on-year to $82.6bn in 2013 YTD.

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Another notable deal in 4Q this year include China Cinda's $2.5bn IPO completed on December 5th - the largest IPO by Chinese issuers since PICC’s $3.6bn IPO in November 2012 and helps to brings IPO volume to $8.2bn in 4Q this year, the highest quarterly level since 4Q 2011 ($9.7bn).

However, 2013 YTD IPO volume at $14.9bn is down 29% from the same 2012 period and the lowest YTD level since 2004 ($13.3bn).

Follow-ons continue to dominate China ECM with $53.5bn so far in 2013, up slightly year-on-year (4%) and the highest YTD level since 2007 ($77.8bn).  

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