AS rights issues reached a record high in the cash-strapped Asian region during the first half of 2009, Singapore companies took the lion's share of the rights issue pie with 64.8 per cent of the US$9.8 billion raised, according to data from Thomson Reuters.

DBS Group Holdings and CapitaLand Limited accounted for about US$3.9 billion of the rights issue activity, more than a third of the US$9.8 billion raised from 94 deals in the region over the last six months.

The bank and property developer took second and ninth place respectively on Thomson Reuters' ranking of the top 10 equity and equity-related deals done in Asia, excluding Japan and Australia.

In January, DBS raised S$4 billion in a fully subscribed rights issue while CapitaLand added S$1.84 billion to its coffers in a pre-emptive move in March, anticipating bargains in future mergers and acquisitions.

To date, five real estate investment trusts have turned to rights issues to raise cash this year.

Where all equity and equity-related deals were concerned, H1 2009 was relatively quieter, with US$41.7 billion changing hands, a 31.9 per cent drop from the corresponding period in 2008.

Between them, firms from China, Singapore and South Korea held a 70.3 per cent share of the total regional activity.

Globally, H1 2009 saw an 8.4 per cent increase in equity and equity-related deals, but a 17.4 per cent decrease in dollar volume year on year to US$329.9 billion.

US issuers led the equity deal market with a 35 per cent share at US$115.4 billion.

Despite the flurry of equity activity, global initial public offerings were hit hard this year.

Only 117 issues took place and raised US$13 billion, making H1 2009 the slowest period since the second half of 1990, in terms of dollar value.

While some companies looked to investors to help shore up balance sheets, the Asian debt market was still very much in play over the last six months.

According to Thomson Reuters, Asian currency-denominated bonds also hit a record high of US$147.4 billion in H1 2009. Leading the pack of issuers were China, South Korea and India.

Chinese yuan-denominated debt in particular reached US$60.3 billion in 154 deals, a 258.2 per cent increase in proceeds year on year.