Equity Capital Markets
A total of $1.5 billion has been raised in the Asian equity capital markets through 17 deals so far this week, slightly higher than the $1.2 billion raised in the same period last week.
Chong Hing Bank’s $478 millon rights offer through Bank of China, DBS and Nomura was the largest deal of the week.
Asia (ex Japan) rights offerings* volume totals $13.0 billion in 2015 YTD, down 14% on the $15.1 billion raised in the same period last year.
FIG issuers account for 29% of total issuance with $3.7 billion in 2015 YTD, down from the 38% share held in the same 2014 period.
CITIC Securities maintains its leads in the league table ranking with $14.8 billion. UBS and Goldman Sachs follow with $13.9 billion and $12.8 billion, respectively.
*includes rights and open offers
| Asia (ex Japan) ECM Bookrunner Rankings - 2015 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | CITIC Securities | 14,844 | 51 | 7.5 |
| 2 | UBS | 13,913 | 48 | 7.0 |
| 3 | Goldman Sachs | 12,836 | 38 | 6.4 |
| 4 | Morgan Stanley | 8,377 | 48 | 4.2 |
| 5 | Credit Suisse | 7,360 | 42 | 3.7 |
| 6 | Guotai Junan Securities | 7,270 | 35 | 3.7 |
| 7 | JP Morgan | 6,643 | 31 | 3.3 |
| 8 | Haitong Securities | 6,012 | 55 | 3.0 |
| 9 | Deutsche Bank | 5,561 | 22 | 2.8 |
| 10 | China Merchants Securities | 5,468 | 32 | 2.8 |
Debt Capital Markets
Three Asia (ex Japan) issuers have tapped the G3 bond market for a total of $1.5 billion so far this week, compared to $3.6 billion raised in the same period last week.
Korea National Oil’s $600 million trade through bookrunners UBS, Goldman Sachs, HSBC, Barclays, Citi and Korea Development Bank is the largest deal of the week.
South Korean issuers have raised a total of $14.8 billion in the G3 bond markets so far this year, down 37% from the record $23.5 billion raised in 2014 YTD.
Another notable deal to come to the market this week is Islamic Republic of Pakistan which raised $500m through bookrunners Standard Chartered. Deutsche Bank and Citi.
The deal marks the eight time the issuer has tapped the G3 markets on record and brings SSA issuance from Asia (ex Japan) issuers to a record $37.3 billion, up 3% year-on-year.
HSBC leads the league table ranking with $16.6 billion in 2015 YTD while Citi and JP Morgan follow with $13.8 billion and $10.9 billion, respectively.
| Asia (ex Japan) G3 DCM Bookrunner Rankings - 2015 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | HSBC | 16,558 | 103 | 10.7 |
| 2 | Citi | 13,809 | 78 | 8.9 |
| 3 | JP Morgan | 10,945 | 57 | 7.1 |
| 4 | Deutsche Bank | 9,661 | 64 | 6.2 |
| 5 | Bank of America Merrill Lynch | 9,275 | 60 | 6.0 |
| 6 | Standard Chartered Bank | 9,081 | 53 | 5.9 |
| 7 | Goldman Sachs | 7,262 | 32 | 4.7 |
| 8 | Morgan Stanley | 6,623 | 37 | 4.3 |
| 9 | Bank of China | 5,415 | 42 | 3.5 |
| 10 | DBS | 4,709 | 31 | 3.0 |
