Equity Capital Markets
A total of $2.2 billion has been raised in the equity capital markets in Asia (ex Japan) through 16 deals so far this week, up slightly on the $1.9 billion raised in the same period last week and brings total issuance in the region to $37.4 billion in 2016 so far, up 15% year-on-year.
Volume, this week, was bolstered by two accelerated offerings* for a combined total of $1.2 billion. The larger of the two is NTPC’s $732 million accelerated offering* through bookrunners State Bank of India, ICIC Bank, Edelweiss Financial Services and Deutsche Bank. The Ministry of Power was the selling shareholder. This deal is also the largest Indian ECM transaction since India Oil Corp’s $1.4bn transaction in August 2015.
The other deal is Samsung C&T Group’s $460 million accelerated offering through bookrunners Citi and Credit Suisse. The deal is the second biggest South Korean ECM transaction this year so far behind Samsung Engineering’s $1.1 billion deal in mid-February and pushes the nation’s ECM volume to $3.2 billion in 2016 YTD, more than double the $1.5 billion raised in the comparable period last year.
Accelerated offerings volume in the region has reached $2.4 billion far this year, down significantly from $11.2 billion raised in the same period last year and the lowest level for the period since 2010 ($1.9 billion).
The top three banks in the league table ranking remain the same with GF Securities leading with $4.8 billion in 2016 YTD, while CITIC Securities and Guosen Securities follow with $2.4 billion and $2.3 billion, respectively.
* Includes bought deals and accelerated offerings
| Asia (ex Japan) ECM Bookrunner Rankings - 2016 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | GF Securities | 4,848 | 11 | 13.0 |
| 2 | CITIC Securities | 2,427 | 8 | 6.5 |
| 3 | Guosen Securities | 2,266 | 7 | 6.1 |
| 4 | Haitong Securities | 2,039 | 11 | 5.5 |
| 5 | Deutsche Bank | 1,957 | 8 | 5.2 |
| 6 | China International Capital Corp | 1,662 | 7 | 4.4 |
| 7 | Sinolink Securities | 1,587 | 2 | 4.2 |
| 8 | Huatai Securities | 1,308 | 7 | 3.5 |
| 9 | Guotai Junan Securities | 1,267 | 11 | 3.4 |
| 10 | Industrial Securities | 1,146 | 6 | 3.1 |
Debt Capital Markets
Seven issuers have tapped the G3 bond markets in Asia (ex Japan) so far this week for a combined total of $6.1 billion, almost double the $3.2 billion raised last week and marks the busiest week for the bond markets since the week of November 30th ($6.3 billion).
Bank of China’s $2.0 billion triple tranche is the largest deal of the week through bookrunners Standard Chartered, Bank of China and Citi.
FIG G3 issuance in the region has 32% year-on-year dropped to $6.0 billion but still stands as the second fastest start to a year on record.
Notably, three Southeast Asian issuers also tapped the market this week for $506 million and brings YTD issuance to $10.2bn, down 26% from the 2015 YTD record ($13.8 billion.) Temasek Financial (I)’s $1.2 billion trade through bookrunners Deutsche Bank, HSBC, Citi and Barclays is the largest of three. The deal is also the largest Singapore G3 bond in 2016 so far.
HSBC continues its helm at the top of the G3 DCM bookrunner ranking in the region in 2016 YTD with $3.3 billion while Standard Chartered jumped up three notches to second place with $2.4 billion. Bank of America Merrill Lynch rounds of the top three with $2.3 billion.
| Asia (ex Japan) G3 DCM Bookrunner Rankings - 2016 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | HSBC | 3,343 | 16 | 12.1 |
| 2 | Standard Chartered Bank | 2,369 | 10 | 8.6 |
| 3 | Bank of America Merrill Lynch | 2,301 | 8 | 8.4 |
| 4 | Citi | 1,872 | 9 | 6.8 |
| 5 | JPMorgan | 1,674 | 9 | 6.1 |
| 6 | Morgan Stanley | 1,573 | 5 | 5.7 |
| 7 | Bank of China | 1,512 | 6 | 5.5 |
| 8 | Deutsche Bank | 1,267 | 6 | 4.6 |
| 9 | Barclays | 853 | 6 | 3.1 |
| 10 | Credit Suisse | 817 | 5 | 3.0 |
