Equity capital markets underwriting fees reach lowest period since 2013 at US$3.7 bil: LSEG

Douglas Toh01-07

Fees generated in the APAC region excluding Japan accounted for 17% of total fees earned globally, while investment banking fees from the Americas and Europe accounted for 54% and 23% respectively.A ...

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Meanwhile, debt capital markets fees saw a 5% increase from a year ago to US$12.1 billion, while syndicated lending fees fell 13% y-o-y to US$2.3 billion.\nMeanwhile, the estimated advisory fees earned in the region from completed merger and acquisitions (M&A) transactions reached US$2.2 billion, down 24% compared to 2023. China International Trust Investment Corporation (CICT) took the top position for overall investment banking fees in APAC, excluding Japan, with a total of US$1.1 billion, accounting for 5.5% wallet share of the total APAC IB fee pool.\nDeal-making activity in the APAC region excluding Japan grew by 4.6% y-o-y to US$734.1 billion, while quarterly volumes have shown continuous growth despite a slow start to 2024. Although the number of announced deals fell 8.2% y-o-y, target APAC M&A stood at US$610.7 billion, up 0.9% from a year ago.\nBy value, most activity was targeted at the financial sector, which accounted for 16.3% market share worth US$119.3 billion, up 23.6% y-o-y. While industrials totalled US$106.4 billion, down 18.9% y-o-y, capturing 14.5% market share. High technology, which saw the greatest number of deals, followed with a 13.2% market share or US$96.8 billion in deal value, up 16.3% from 2023.\nIn terms of deal value, energy and power, consumer products and services, healthcare, telecommunications, as well as media and entertainment saw double-digit percentage growth from last year. Private equity-backed deals in APAC grew 29.1% y-o-y to US$114.2 billion, the highest since 2022, despite a 33.2% drop in the number of deals.\nGlobal IPOs falls to over decade-low\nOn equity capital markets (ECM), equity and equity-related offerings in the APAC region excluding Japan raised a total of US$190.9 billion in 2024, down 11.9% y-o-y, making it the lowest period since 2013. \nBy specific countries, India’s ECM activity hit an all-time high and captured 37.9% market share, followed by China, Australia and South Korea with 31.2%, 10.5% and 6.1% market share, respectively.\nOn the other hand, initial public offerings (IPO) fell by 12.0% to more than a decade-low, raising US$45.2 billion, down 33.1% from 2023. Notably, APAC IPOs accounted for 40% of the global IPO proceeds. \nFollow-on offerings dropped to an 11-year low and raised US$116.6 billion, down 4.0% from last year, despite the 7.3% increase in number of follow-ons as deals were done in smaller sizes. Convertibles raised US$29.1 billion, up 4.8% y-o-y, but the number of convertibles fell 51.7%.\nIndustrials raised US$39.7 billion, capturing 20.8% of the region’s ECM proceeds, down 7.2% from a year ago. High technology and financials rounded out the top three sectors, securing 18.3% and 11.7% of the market share, respectively. Citibank took the lead in APAC’s ECM underwriting rankings with a 7.3% market share and US$13.97 billion in related proceeds. \nChina accounted for majority of APAC bonds\nFinally, primary bond offerings from APAC-domiciled issuers raised US$4.4 trillion in bond proceeds in 2024, surpassing last year’s record high by 11.4%, while the number of bonds also grew 10.9% y-o-y. \nOf the region, China accounted for 81.7% of bond proceeds worth US$3.6 trillion, 11.0% higher y-o-y, followed by South Korea with 6.3% market share as bond proceeds grew 12.5% y-o-y to US$281.5 billion. Australia rounded out the top three and accounted for 4.4% market share as proceeds reached US$195.5 billion, up 17.6% y-o-y.\nMeanwhile, bond offerings from the government and agencies captured 43.7% of the market share, raising US$1.9 trillion, 5.6% higher from the previous year. Financials accounted for 35.3% of the region’s bond proceeds and totaled US$1.6 trillion, up 15.1% compared to 2023. Industrials followed with 8.7% market share worth US$387.5 billion, up 19.4% y-o-y. Energy and power also saw a 34.3% growth in bond proceeds compared to 2023.\nOnce again, CITIC leads the APAC-issued bonds underwriting, representing 6.3% market share with related proceeds of US$279.7 billion.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.30.0","shortVersion":"4.30.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2501735719"}