Equity Capital Markets
A total of $4.4 billion has been raised in Asian equity capital markets this week through 29 deals, down from the $7.6 billion raised in the same period last week.
The largest deal of the week is a $3.2 billion sell-down in Sun Pharmaceutical’s by Daiichi Sankyo through sole bookrunner Goldman Sachs. The deal is also the fifth largest Indian ECM transaction on record.
Asia ex Japan accelerated offerings* volume has reached $22 billion in 2015 YTD, more than double the $10.7 billion raised in the same period last year. India accounts for 46% of the region’s volume with $10.1 billion, up from just $1.2 billion in the comparable 2014 period.
Goldman Sachs leads the league table ranking in 2015 YTD with $8.6 billion while UBS and CITIC Securities follow with $5.7 billion and $4.3 billion, respectively.
*includes accelerated offerings and bought deals
| Asia (ex Japan) ECM Bookrunner Rankings - 2015 YTD | ||||
| Pos. | Bookrunner | Deal Value ($m) | No. | %share |
| 1 | Goldman Sachs | 8,560 | 21 | 11.7 |
| 2 | UBS | 5,700 | 26 | 7.8 |
| 3 | CITIC Securities | 4,343 | 20 | 6.0 |
| 4 | Credit Suisse | 3,542 | 12 | 4.9 |
| 5 | Morgan Stanley | 3,096 | 21 | 4.2 |
| 6 | China Investment Securities | 2,320 | 7 | 3.2 |
| 7 | JP Morgan | 2,097 | 13 | 2.9 |
| 8 | China Everbright Group | 1,932 | 5 | 2.6 |
| 9 | Deutsche Bank | 1,843 | 9 | 2.5 |
| 10 | Guotai Junan Securities | 1,641 | 11 | 2.3 |
Debt Capital Markets
Five issuers tapped the Asian G3 debt capital markets for a total of $10.7 billion so far this week, up from the $7.2 billion raised in the same period last week.
Volume was primarily driven by Sinopec Group Overseas Development’s dual-currency $6.4 billion bond through a consortium of 15 bookrunners. The deal is the largest dual-currency G3 bond from an Asia ex Japan issuer on record and also the seventh biggest Oil & Gas sector on record globally.
G3 issuance from the Oil & Gas sector stands at $13.4 billion through 10 deals, the highest YTD volume on record and up slightly from the $12.2 billion raised in the same period last year.
HSBC continues to lead the league table ranking with $9 billion while Citi and Deutsche Bank follow with $7 billion and $5.3 billion, respectively.
| Asia (ex Japan) G3 DCM Bookrunner Rankings - 2015 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | HSBC | 8,989 | 46 | 11.9 |
| 2 | Citi | 7,031 | 31 | 9.3 |
| 3 | JP Morgan | 5,286 | 25 | 7.0 |
| 4 | Deutsche Bank | 5,166 | 32 | 6.8 |
| 5 | Bank of America Merrill Lynch | 4,974 | 33 | 6.6 |
| 6 | Morgan Stanley | 4,918 | 25 | 6.5 |
| 7 | Standard Chartered | 4,627 | 22 | 6.1 |
| 8 | Goldman Sachs | 2,451 | 10 | 3.3 |
| 9 | Bank of China | 2,403 | 15 | 3.2 |
| 10 | ICBC | 2,308 | 11 | 3.1 |
