Equity Capital Markets
A total of $7.0 billion has been raised in the Asian equity capital markets so far this week through 33 deals, compared to $4.3 billion raised in the same period last week through 29 deals.
Huayu Automotive Systems’ $681m follow-on through bookrunners Guotai Junan Securities and China International Capital Corp is the largest deal of the week and brings China ECM volume to $18.4 billion via 53 deals so far this year, compared to just $4.2 billion raised through 45 transactions in the same 2015 period. Volume has been driven by follow-ons with $16.0 billion, up significantly from the $2.2 billion raised in 2015 YTD.
Another notable transaction is China Railway Construction Corp’s $500 million equity-linked deal through bookrunners JPMorgan, China International Capital Corp and UBS. The deal is the first H-share listed convertible bond so far this year.
Chinese issuers are currently leading global issuance in the first few weeks of 2016. The US follows with $5.9 billion and France rounds up the top three with $1.4 billion.
GF Securities leads the league table bookrunner ranking with $3.5 billion in 2016 YTD while Guosen Securities and Sinolink Securities follow with $1.9 billion and $1.6 billion, respectively.
*Includes primary and secondary listings
| Asia (ex Japan) ECM Bookrunner Rankings - 2016 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | GF Securities Co Ltd | 3,529 | 8 | 18.9 |
| 2 | Sinolink Securities Co Ltd | 1,587 | 2 | 8.5 |
| 3 | CITIC Securities | 1,494 | 5 | 8.0 |
| 4 | China International Capital Corp Ltd | 1,318 | 4 | 7.1 |
| 5 | Guotai Junan Securities Co Ltd | 980 | 5 | 5.3 |
| 6 | Haitong Securities Ltd | 954 | 6 | 5.1 |
| 7 | Industrial Securities Co Ltd | 951 | 4 | 5.1 |
| 8 | Deutsche Bank | 938 | 4 | 5.0 |
| 9 | Guosen Securities Co Ltd | 857 | 2 | 4.6 |
| 10 | Morgan Stanley | 527 | 3 | 2.8 |
Debt Capital Markets
Five issuers have tapped the G3 debt capital markets in Asia (ex Japan) for $2.0 billion so far this week, down from the $4.5 billion raised in the same period last week.
CNMC International Capitals’s $500 million trade through sole bookrunner Bank of China is the largest deal of the week and brings overall G3 issuance in the region to $12.1 billion, less than half the $23.4 billion raised in the same period last year and the slowest start to the year since 2011 ($6.5 billion). China continues to lead issuance with $4.3 billion, but volume is down compared to the $9.0 billion raised in 2015 YTD.
HSBC leads the G3 DCM bookrunner ranking in 2016 YTD with $2.1 billion while Bank of America Merrill Lynch and Morgan Stanley follow with $1.7 billion and $909 million, respectively.
| Asia (ex Japan) G3 DCM Bookrunner Rankings - 2016 YTD | ||||
| Pos. | Bookrunner | Deal Value ($m) | No. | %share |
| 1 | HSBC | 2,093 | 9 | 17.3 |
| 2 | Bank of America Merrill Lynch | 1,687 | 5 | 14.0 |
| 3 | Morgan Stanley | 909 | 2 | 7.5 |
| 4 | TD Securities Inc | 810 | 1 | 6.7 |
| 5 | Credit Suisse | 567 | 4 | 4.7 |
| 6 | JPMorgan | 534 | 4 | 4.4 |
| 7 | Bank of China | 533 | 2 | 4.4 |
| 8 | Citi | 520 | 4 | 4.3 |
| 9 | Barclays | 449 | 4 | 3.7 |
| 10 | China International Capital Corp Ltd | 398 | 1 | 3.3 |
