Equity Capital Markets
Asia (ex Japan) issuers have raised a total of $8.3 billion through 26 deals this week, more than triple the $2.4 billion raised last week via 47 deals.
The largest deal of the week is China Everbright Bank’s convertible bond issuance for $4.3 billion via bookrunners, CITIC Securities, China International Capital Corp, UBS, Morgan Stanley, Everbright Securities, and Goldman Sachs.
This is followed by another over $1 billion deal: Air China’s $1.6 billion follow-on via bookrunners China Securities and CITIC Securities.
China International Capital Corp leads the ECM league table with $5.0 billion in 2017 YTD. CITIC Securities and Goldman Sachs follow with $5.0 billion and $3.6 billion, respectively.
| Asia (ex Japan) ECM Bookrunner Rankings - 2017 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | China International Capital Corp Ltd | 5,016 | 11 | 10.2 |
| 2 | CITIC Securities | 5,006 | 16 | 10.2 |
| 3 | Goldman Sachs | 3,615 | 8 | 7.3 |
| 4 | China Securities Co Ltd | 3,264 | 17 | 6.6 |
| 5 | Guotai Junan Securities Co Ltd | 3,097 | 15 | 6.3 |
| 6 | Haitong Securities Ltd | 2,936 | 18 | 6.0 |
| 7 | UBS | 2,387 | 7 | 4.8 |
| 8 | Huatai Securities Co Ltd | 1,501 | 5 | 3.0 |
| 9 | Bank of China | 1,381 | 7 | 2.8 |
| 10 | Citi | 1,297 | 12 | 2.6 |
Debt Capital Markets
Eight Asian (ex Japan) issuers have tapped the G3 debt capital markets this week for a total of $4.4 billion, compared to the $9.6 billion issued last week via 12 deals.
The largest deal of the week is a $2.0 billion USD-denominated investment grade corporate bond by Azure Nova International Finance via bookrunners Haitong Securities, Standard Chartered Bank, JPMorgan, HSBC, ANZ, Bank of Communications, and China International Capital Corp.
Asia (ex Japan) G3 DCM volume totals to $181.3 billion so far this year, down 29% from $254.4 billion in 2016 YTD. Deal activity is also down from 1,213 deals in the same period last year to 758 deals in 2017 YTD.
HSBC leads the G3 DCM league table in 2017 YTD with $6.7 billion, followed by JPMorgan and Citi with $5.4 billion and $5.0 billion.
| Asia (ex Japan) G3 DCM Bookrunner Rankings - 2017 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | HSBC | 6,661 | 46 | 8.4 |
| 2 | JPMorgan | 5,365 | 29 | 6.8 |
| 3 | Citi | 4,995 | 30 | 6.3 |
| 4 | Standard Chartered Bank | 4,431 | 28 | 5.6 |
| 5 | Bank of China | 3,860 | 27 | 4.9 |
| 6 | Morgan Stanley | 3,533 | 19 | 4.5 |
| 7 | Goldman Sachs | 2,990 | 13 | 3.8 |
| 8 | Deutsche Bank | 2,938 | 20 | 3.7 |
| 9 | Bank of America Merrill Lynch | 2,775 | 19 | 3.5 |
| 10 | Barclays | 2,721 | 14 | 3.4 |
