Equity Capital Markets
Asia (ex Japan) issuers have raised $1.8 billion via 15 deals, down from $5.3 billion raised in the same period last week. This week’s volume represents the lowest weekly total since the week of March 7th ($1.2 billion) and brings year-to-date volume to $73.6 billion, down 12% year-on-year.
The largest deal of the week is Yunnan Chihong Zinc & Geranium’s $398 million placement through bookrunner Changjiang Financing Services on the Shanghai Stock Exchange. The deal is also the sixth largest Metal & Steel ECM transaction globally this year.
A-share ECM account fsor the majority of the Asia (ex Japan) ECM volume so far this year with a record $54.2 billion in 2016 YTD and up 50% year-on-year. The increase has been driven by A-share private placements which have increased to $45.2 billion, more than double the $20.8 billion raised in the same period last year.
CITIC Securities continues to lead the Asia (ex Japan) ECM bookrunner ranking with $6.0 billion in 2016 YTD. GF Securities and Huatai Securities follow with $5.6 billion and $4.5 billion, respectively.
| Asia (ex Japan) ECM Bookrunner Rankings - 2016 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | CITIC Securities | 6,005 | 23 | 8.2 |
| 2 | GF Securities | 5,584 | 20 | 7.6 |
| 3 | Huatai Securities | 4,539 | 13 | 6.2 |
| 4 | Haitong Securities | 3,684 | 20 | 5.0 |
| 5 | Guosen Securities | 3,440 | 12 | 4.7 |
| 6 | Guotai Junan Securities | 2,866 | 20 | 3.9 |
| 7 | Morgan Stanley | 2,823 | 16 | 3.9 |
| 8 | Southwest Securities | 2,751 | 12 | 3.8 |
| 9 | Deutsche Bank | 2,665 | 14 | 3.6 |
| 10 | China International Capital Corp | 2,264 | 9 | 3.1 |
Debt Capital Markets
Three issuers have tapped the G3 bond markets in Asia (ex Japan) so far this week for $1.3 billion, compared to $5.4 billion raised in the prior week and the lowest weekly level since the week of March 28th ($1.1 billion). Overall regional G3 debt issuance in 2016 YTD has also dropped 21% year-on-year to $70.2 billion.
Industrial & Commercial Bank of China (Singapore)’s $800 million trade through bookrunners ICBC, HSBC, ANZ, DBS and Bank of America Merrill Lynch is the largest deal of the week.
G3 FIG issuance in the region has fallen to $14.2 billion so far this year, down from its peak in 2015 ($21.5 billion) and the lowest YTD total for the period since 2013 ($10.0 billion).
The top three banks leading the G3 bond league table remain unchanged with HSBC taking the top spot with $8.3 billion while Bank of America Merrill Lynch and Citi follow with $5.5 billion and $5.3 billion, respectively.
| Asia (ex Japan) G3 DCM Bookrunner Rankings - 2016 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | HSBC | 8,319 | 45 | 11.9 |
| 2 | Bank of America Merrill Lynch | 5,502 | 21 | 7.8 |
| 3 | Citi | 5,275 | 27 | 7.5 |
| 4 | JPMorgan | 4,401 | 23 | 6.3 |
| 5 | Standard Chartered Bank | 3,796 | 16 | 5.4 |
| 6 | Bank of China | 2,755 | 13 | 3.9 |
| 7 | Deutsche Bank | 2,742 | 14 | 3.9 |
| 8 | BNP Paribas | 2,598 | 13 | 3.7 |
| 9 | Morgan Stanley | 2,253 | 10 | 3.2 |
| 10 | Barclays | 2,096 | 10 | 3.0 |
