Asia Pacific ECM Preliminary Review for Q1 2013

Equity listings in Asia Pacific Sees Improvement
Asia Pacific-listed equity and equity-linked transactions started positive with a 6.2% increase to US$45.6 billion compared to the first quarter of 2012 (US$42.9 billion). However, total proceeds so far this quarter saw a 13.3% sequential decline from the fourth quarter of 2012 (US$52.6 billion).

Hong Kong Stock Exchange captured 24.2% of this year’s equity, and equity-linked listings in Asia Pacific with US$11.0 billion in proceeds, driven by Sinopec Corp’s US$3.1 billion follow-on offering in February.
Proceeds from IPOs listed in Asia Pacific Stock Exchanges reached US$3.3 billion, down 56.2% from the first quarter of 2012, and the lowest start to a year since first quarter of 2009 when proceeds fell to US$370.0 million. Bolstered by Mapletree Greater China Commercial Trust’s largest ever REIT IPO in Singapore, the Singapore Stock Exchange captured 43.9% of this year’s original IPO listings in Asia Pacific.
Asian stake sell downs, particularly through block trades, pushed follow-on offerings up 8.0% to US$33.0 billion from the first quarter of 2012, and witnessed the best ever first quarterly level this year. Follow-on offerings accounted for 72.5% of the region’s equity capital market activity.

Total proceeds from Asian stake sell downs through block trades reached US$11.5 billion, a 6% drop after a record start during the first quarter of 2012 (US$12.3 billion) and a 30% decline from the highest quarterly level during the fourth quarter of 2012 (US$16.5 billion).

Financials Capture 28% of ECM Activity for 1Q 2013
The Financials sector accounted for the majority of the equity issuance in Asia Pacific thus far with US$12.6 billion in proceeds, a 21.2% decline from the first quarter of 2012, and captured 27.6% of the market activity.
Proceeds from Asian stake sell downs through block trades in the Financials industry reached US$3.8 billion, down 58.3% from the same period last year, the lowest start since the first quarter of 2011 (US$1.9 billion).

UBS takes the lead for Asia Pacific-listed ECM underwriting League Table so far this year, with deals worth US$7.0 billion, a 67.3% increase in related proceeds compared to the same period last year and gained 5.6 market share points to account for 15.4% of the market share.

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