Equity Capital Markets
Asia (ex Japan) issuers have raised a total of $1.6bn through 21 deals this week, down 66% on the $4.6bn raised last week via 54 deals.
On June 28, Cultural Investment Holdings completed a $337m follow on via sole bookrunner Guotai Junan Securities in what is the largest Asia (ex Japan) ECM transaction this week, and also the second largest Leisure & Recreation ECM transaction on the Shanghai Stock Exchange on record.
Shanghai Stock Exchange ECM volume stands at $39.1bn via 163 deals in 2017 YTD, up from $33.1bn via 94 deals in the same 2016 period, and the second highest volume on record behind the $47.7bn (137 deals) raised in 2015.
China International Capital Corp leads the ECM league table with $7.1bn in 2017 YTD, followed by CITIC Securities with $7.08bn and Goldman Sachs is third with $6.0n.
| Asia (ex Japan) ECM Bookrunner Rankings - 2017 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | China International Capital Corp Ltd | 7,142.6 | 32 | 6.45 |
| 2 | CITIC Securities | 7,084.4 | 35 | 6.39 |
| 3 | Goldman Sachs | 5,971.2 | 22 | 5.39 |
| 4 | China Securities Co Ltd | 4,866.6 | 27 | 4.39 |
| 5 | Guotai Junan Securities Co Ltd | 4,745.2 | 30 | 4.28 |
| 6 | UBS | 3,987.0 | 19 | 3.6 |
| 7 | Citi | 3,860.5 | 29 | 3.48 |
| 8 | Morgan Stanley | 3,836.1 | 22 | 3.46 |
| 9 | Haitong Securities Ltd | 3,823.0 | 35 | 3.45 |
| 10 | GF Securities Co Ltd | 3,119.9 | 36 | 2.82 |
Debt Capital Markets
Eleven Asian (ex Japan) issuers have tapped the G3 debt capital markets this week for a total of $5.4bn, up 35% on the $8.3bn issued last week via 13 deals.
On 28 Jun 2017, Baidu Inc returned to the market after two years with a $1.5bn SEC-registered bond via bookrunners Goldman Sachs, JPMorgan, and HSBC. This is also the first time a Chinese issuer has tapped the SEC-registered market this year - JD.com priced a $1bn issue in April last year.
Two Indian issuers have tapped the G3 market this week. On 29 Jun, Samvardhana Motherson Automotive Systems Group priced a $338m EUR-denominated bond via bookrunner ANZ, Barclays, BNP Paribas, Deutsche Bank, HSBC, Mitsubishi UFJ Financial Group, Standard Chartered Bank, State Bank of India, UBS, and UniCredit. Also Rural Electrification Corp priced a $450m Green bond via bookrunners ANZ, Barclays, BNP Paribas, HSBC, Mizuho Securities, and Mitsubishi UFJ Financial Group.
Indian G3 DCM sits at $8.3bn via 21 deals this year-to-date. This marks the highest year-to-date record for Indian G3 activities by this stage of the year.
HSBC leads the G3 DCM league table in 2017 YTD with $16.7bn. This is followed by Citi with $13.2bn and Standard Chartered Bank with $10.8bn.
| Asia (ex Japan) G3 DCM Bookrunner Rankings - 2017 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | HSBC | 16,732.2 | 109 | 9.16 |
| 2 | Citi | 13,187.9 | 89 | 7.22 |
| 3 | Standard Chartered Bank | 10,762.0 | 72 | 5.89 |
| 4 | JPMorgan | 8,923.6 | 54 | 4.89 |
| 5 | Deutsche Bank | 8,510.9 | 47 | 4.66 |
| 6 | Bank of China | 8,151.8 | 67 | 4.46 |
| 7 | Bank of America Merrill Lynch | 6,986.7 | 45 | 3.83 |
| 8 | Goldman Sachs | 6,217.8 | 29 | 3.41 |
| 9 | UBS | 5,808.1 | 46 | 3.18 |
| 10 | Credit Suisse | 5,586.3 | 35 | 3.06 |
