Equity Capital Markets
A total of $4.4 billion has been raised in the Asian equity capital markets through 16 deals this week, up from the $1.9 billion raised in the same period last week and brings year-to-date ECM issuance in the region to $48.7bn, up 2% year-on-year.
China Zheshang Bank’s $1.7 billion IPO completed through a consortium of nine bookrunners is the largest deal of the week and the largest IPO globally since China Engineering’s $1.9bn IPO on December 3, 2015.
Hong Kong stock exchange tops the exchange rankings for new listings* globally so far this year, on the back of China Zheshang Bank and Bank of Tianjin IPOs, with $3.5 billion, more than double the $1.3 billion raised in the same period last year. In contrast, global new listings volume fell to $13.0 billion from the $38.1 billion raised in 2015 YTD.
GF Securities continues to lead the bookrunner ranking with $4.9 billion in 2016 YTD, while CITIC Securities and Guosen Securities follow with $3.2 billion and $2.5 billion, respectively.
*includes primary and secondary listings
| Asia (ex Japan) ECM Bookrunner Rankings - 2016 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | GF Securities | 4,916 | 13 | 10.1 |
| 2 | CITIC Securities | 3,185 | 17 | 6.5 |
| 3 | Guosen Securities | 2,540 | 8 | 5.2 |
| 4 | Haitong Securities Ltd | 2,449 | 15 | 5.0 |
| 5 | Guotai Junan Securities | 2,011 | 16 | 4.1 |
| 6 | Deutsche Bank | 2,008 | 9 | 4.1 |
| 7 | China International Capital Corp | 1,849 | 8 | 3.8 |
| 8 | Morgan Stanley | 1,815 | 11 | 3.7 |
| 9 | Huatai Securities | 1,770 | 9 | 3.6 |
| 10 | Sinolink Securities | 1,587 | 2 | 3.3 |
Debt Capital Markets
Five issuers have tapped the Asia G3 bond markets this week for a combined total of $3.3 billion, down from the $4.5bn via nine deals in the same period last week.
The largest deal of the week is Perusahaan Penerbit SBSN Indonesia III’s $2.5 billion sovereign bond through bookrunners Standard Chartered Bank, Deutsche Bank, Dubai Islamic Bank, CIMB Group and Cit. The deal marks the first Indonesian G3 bond since Aeronautic Investments 18’s $144 million trade in December last year.
Southeast Asia G3 bond volume dropped 11% year-on-year to $18.1 billion in 2016 YTD from the 2015 YTD record ($20.1 billion) but still stands as the second strongest YTD period for such deals on record.
HSBC continues to lead the G3 DCM bookrunner ranking in the region in 2016 YTD with $4.7 billion while Citi and Standard Chartered Bank follow with $3.9 billion and $3.1 billion respectively.
| Asia (ex Japan) G3 DCM Bookrunner Rankings - 2016 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | HSBC | 4,680 | 27 | 10.9 |
| 2 | Citi | 3,900 | 17 | 9.1 |
| 3 | Standard Chartered Bank | 3,135 | 13 | 7.3 |
| 4 | JPMorgan | 2,868 | 14 | 6.7 |
| 5 | Bank of America Merrill Lynch | 2,674 | 11 | 6.2 |
| 6 | Deutsche Bank | 2,099 | 9 | 4.9 |
| 7 | Morgan Stanley | 1,946 | 8 | 4.5 |
| 8 | Bank of China | 1,580 | 8 | 3.7 |
| 9 | BNP Paribas | 1,322 | 9 | 3.1 |
| 10 | Credit Suisse | 1,215 | 8 | 2.8 |
