Equity Capital Markets
Asia (ex Japan) issuers have raised $4.0 billion through 26 deals so far this week, up slightly on the $3.2 raised in the same period last week and brings total year-to-date issuance to $126.2 billion, down 29% year-on-year.
BYD’s $2.2 billion A-share placement through bookrunners China Merchants Securities, UBS, Goldman Sachs, China International Capital Corp and Guosen Securities is the largest deal of the week and also the fourth largest ECM transaction in the region so far this year.
A-share ECM volume has increased 9% year-on-year to $83.2bn so far this year while overall ECM issuance by Chinese issuers has dropped 20% during the same period to $104.1 billion.
CITIC Securities leads the league table ranking with $12.9 billion in 2016 YTD. Morgan Stanley and GF Securities follow with $8.1 billion and $8.0 billion, respectively.
| Asia (ex Japan) ECM Bookrunner Rankings - 2016 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | CITIC Securities | 12,923 | 40 | 10.2 |
| 2 | Morgan Stanley | 8,128 | 29 | 6.4 |
| 3 | GF Securities | 8,025 | 28 | 6.4 |
| 4 | Deutsche Bank | 6,600 | 23 | 5.2 |
| 5 | Southwest Securities | 5,460 | 22 | 4.3 |
| 6 | Huatai Securities | 5,446 | 17 | 4.3 |
| 7 | Haitong Securities | 4,809 | 30 | 3.8 |
| 8 | Guotai Junan Securities | 4,484 | 38 | 3.6 |
| 9 | China International Capital Corp | 4,401 | 18 | 3.5 |
| 10 | Guosen Securities | 4,181 | 15 | 3.3 |
Debt Capital Markets
Six Asian issuers have tapped the G3 debt capital markets for a total of $3.4 billion, down from the $6.5 billion raised in the week prior and brings overall G3 issuance in the region to $124.2 billion so far this year, down slightly from the record $131.2 billion raised in 2015 YTD.
The largest deal this is ONGC Videsh Vankorneft’s $1 billion trade through bookrunners Mizuho, Standard Chartered, Sumitomo Mitsui Financial Group, DBS, Mitsubishi UFJ Financial Group and Citi. The deal is the largest G3 bond from an Indian issuer since Bharti Airtel’s $1 billion debt package in June, 2015.
Indian issuers have raised $4.0 billion through nine deals so far this year, down 37% year-on-year.
Another notable deal is Minmetals Bounteous Finance (BVI)’s $1 billion fundraising. The deal is the largest Chinese G3 trade from the Metal & Steel sector in 2016 so far. Chinese issuers have raised $62.1 billion in the G3 bond markets so far this year, down 8% from the 2015 YTD record ($67.5 billion)
HSBC continues its helm at the top of the G3 bond league table in Asia (ex Japan) with $12.9 billion. Bank of America Merrill Lynch and Citi follow with $9.0 billion and $8.7 billion, respectively.
| Asia (ex Japan) G3 DCM Bookrunner Rankings - 2015 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | HSBC | 12,914 | 77 | 10.5 |
| 2 | Bank of America Merrill Lynch | 9,018 | 42 | 7.3 |
| 3 | Citi | 8,784 | 48 | 7.1 |
| 4 | JPMorgan | 6,379 | 35 | 5.2 |
| 5 | Standard Chartered Bank | 6,063 | 37 | 4.9 |
| 6 | Bank of China | 5,611 | 31 | 4.6 |
| 7 | Deutsche Bank | 4,981 | 24 | 4.0 |
| 8 | BNP Paribas | 4,537 | 25 | 3.7 |
| 9 | Barclays | 4,000 | 19 | 3.2 |
| 10 | Industrial & Commercial Bank of China - ICBC | 3,789 | 30 | 3.1 |
