Equity Capital Markets
Asia (ex Japan) issuers have raised $2.5 billion through 21 deals so far this week, down slightly on the $3.7 billion last week.
The largest deal of the week is Chongqing New Century Cruise’s $764 million follow-on through sole book Haitong Securities. The deal is also the largest Transport sector ECM transaction globally so far this year.
This deal brings A-share ECM issuance to $60.8 billion so far this year, up 34% year-on-year. Despite the increase, overall Asia (ex Japan) ECM volume is down 28% during the same period to $84.5 billion.
CITIC Securities continues its lead in the league table ranking with $6.6 billion in 2016 YTD. Followed by GF Securities and Huatai Securities with $6.3 billion and $4.6 billion, respectively.
| Asia (ex Japan) ECM Bookrunner Rankings - 2016 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | CITIC Securities | 6,595 | 26 | 7.8 |
| 2 | GF Securities Co Ltd | 6,327 | 23 | 7.5 |
| 3 | Huatai Securities Co Ltd | 4,580 | 14 | 5.4 |
| 4 | Haitong Securities Ltd | 4,448 | 21 | 5.3 |
| 5 | Guosen Securities Co Ltd | 3,440 | 12 | 4.1 |
| 6 | Southwest Securities Co Ltd | 3,237 | 16 | 3.8 |
| 7 | Guotai Junan Securities Co Ltd | 3,205 | 22 | 3.8 |
| 8 | Morgan Stanley | 3,093 | 18 | 3.7 |
| 9 | China International Capital Corp Ltd | 2,996 | 11 | 3.6 |
| 10 | Deutsche Bank | 2,782 | 15 | 3.3 |
Debt Capital Markets
11 issuers have tapped the G3 debt capital markets so far this week raising a total of $10.6 billion, up from just $3.7 billion in the same period last week and the highest weekly issuance in almost a month (week of April 18th with $11.6 billion)
The increase was driven by Chinese issuers with $9.9 billion through eight deals, the highest weekly total since November 17th ($10.6 billion through four deals). China Development Bank Corp’s $2.7 billion trade is the largest deal of the week and is also the sixth biggest G3 trade in the region so far this year.
Notably, Axis Bank raised $500m in green bonds this week and pushes global green bond to $22.2 billion, almost double $12.7 billion.
HSBC remains at top of the G3 bond league table in Asia (ex Japan) with $10.0 billion. Bank of America Merrill Lynch and Citi follow with $7.3 billion and $7.0 billion, respectively.
| Asia (ex Japan) G3 DCM Bookrunner Rankings - 2016 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | HSBC | 10,050 | 56 | 11.1 |
| 2 | Bank of America Merrill Lynch | 7,281 | 30 | 8.1 |
| 3 | Citi | 7,008 | 37 | 7.8 |
| 4 | JPMorgan | 5,151 | 29 | 5.7 |
| 5 | Standard Chartered Bank | 4,562 | 24 | 5.1 |
| 6 | Bank of China | 3,813 | 19 | 4.2 |
| 7 | BNP Paribas | 3,533 | 17 | 3.9 |
| 8 | Deutsche Bank | 3,297 | 17 | 3.7 |
| 9 | Morgan Stanley | 3,017 | 15 | 3.3 |
| 10 | Goldman Sachs | 2,954 | 12 | 3.3 |
