Citi emerged as the top underwriter for equity capital markets (ECM) in Asia ex-Japan for the first quarter (Q1) of 2024, continuing the strong momentum built in 2023. At the end of Q1, Citi commanded a total issuance volume that was double that of the next closest competitor.
Citi has led majority of the largest transactions year-to-date across Asia markets, successfully executing and pricing a combination of domestic and cross-border block trades, real estate investment trusts (REITs), Global Depository Receipt (GDRs), American Depositary Receipts (ADRs) and convertible bonds.
Notable transactions over this period includes the US$ 2.1bn block trade by British American Tobacco (BAT) in ITC Limited, the US$2bn combination block trade for Hana Bank, the US$1.1bn block trade by Tata Sons in Tata Consultancy Services (TCS) and the US$689mn GDR for GlobalWafers.
“We continue to see increased activity levels and have a strong pipeline of transactions waiting for the right windows to come to market. Investors continue to pivot to growth, and the Asia region outperforms in this regard across several sectors and thematics,” said Udhay Furtado, head of Asia North/Australia and Asia South ECM Origination and Solutions at Citi.
Around the region, ECM issuance activity in India is at record levels since the beginning of the year, with the country hitting US$14bn1 of deal volume in the first quarter of 2024, making it the second busiest country globally after the US. Citi also took the top spot as the leading ECM underwriter in India for Q1.
“Asia Pacific ECM issuances continue to remain robust particularly in markets such as India, Korea and Taiwan which accounted for bulk of the Asia deal volume in Q1. Citi’s pan-Asia footprint and on-ground expertise and capabilities has helped us stay ahead of the subdued market environment and capture wallet share across the region,” said Kenneth Chow, head of Asia North/Australia and Asia South ECM Origination and Solutions at Citi.
