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M&A activity offers ray of hope for Asia’s markets

Date: 26 Jul 2010

There was a dispiriting slump in Asia ex-Japan’s equity and debt markets last week, with follow-on equity offerings almost half of the previous week’s. Nevertheless, regional M&A dealmaking has rallied 20% so far in 2010 year-on-year.

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Leigh Powell

Equity and debt markets in Asia-Pacific ex-Japan experienced a dispiriting slump in both deal value and volume last week.

A total of 31 equity capital market (ECM) transactions were priced totaling just over US$4 billion, compared with 32 deals for US$6.2 billion the week before, according to data provider Dealogic.

Most noteworthy was that while two additional follow-ons were transacted last week (17) for US$2.4 billion, the total was almost half of the previous week’s tally (US$4.6 billion from 15 deals).

The largest ECM deal executed last week was Adani Enterprise’s upsized US$850 million qualified institutional placement (QIP). The transaction incorporated a huge bookrunner group, comprised of Bank of America-Merrill Lynch, IDFC, Morgan Stanley, Citi, UBS,...

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