Equity Capital Markets
Asia (ex-Japan) ECM volume stands at $8.8bn via 33 deals this week, significant increase from the $2.8bn via 41 deals completed last week.
On October 17, Chinese issuer Irico Display Devices completed a $2.9bn follow-on via a sole bookrunner China Securities, the largest Asia (ex-Japan) ECM transaction this week. Another notable deal priced this week is General Insurance Corp of India's $1.7bn IPO via five bookrunners, which is the second largest transaction in India this YTD, behind State Bank of India's $2.3bn follow-on completed in June.
India ECM volume has reached $21.7bn via 210 deals in 2017 YTD, up significantly from the $8.2bn raised in 2016 YTD and the highest YTD volume since 2010 ($23.0bn). IPO accounts for 38% of total volume with $8.2bn in 2017 YTD, the highest YTD volume on record.
CITIC Securities leads the ECM league table with $11.4bn in 2017 YTD, followed by China Securities Co Ltd by $9.3bn and China International Capital Corp is third with $9.1bn.
| Pos. | Bookrunner | Deal Value ($m) | No. | %share |
|---|---|---|---|---|
| 1 | CITIC Securities | 11,428.0 | 67 | 6.27 |
| 2 | China Securities Co Ltd | 9,276.2 | 41 | 5.09 |
| 3 | China International Capital Corp Ltd | 9,110.2 | 43 | 5 |
| 4 | Goldman Sachs | 8,378.2 | 36 | 4.6 |
| 5 | Citi | 7,998.1 | 54 | 4.39 |
Debt Capital Markets
Asia (ex-Japan) G3 issuance volume stands at $4.9bn via 11 deals this week, up 39% from the $3.6bn via 5 deals raised last week.
On October 19, 2017 China Merchants Bank priced a $1.0bn USD-denominated bond via a consortium of 8 bookrunners. The deal is the issuer’s debut perpetual preferred shares, and the largest deal priced in the region for international market this week.
Notably, GMR Hyderabad International Airport priced a $350 USD-denominated bond on October 19, 2017 via bookrunners Citi, HSBC, and JPMorgan. The deal achieved the lowest yield for 10-year USD-denominated high yield bond in the region. Indian USD-denominated issuance reached 12.6bn via 35 deals this year-to-date and marked the highest YTD volume surpassing record set in 2014 ($11.8bn via 28 deals).
HSBC leads the G3 DCM league table in 2017 YTD with $23.1bn, followed by Citi with $18.5bn and Standard Chartered Bank with $14.1bn.
| Pos. | Bookrunner | Deal Value ($m) | No. | %share |
|---|---|---|---|---|
| 1 | HSBC | 23,086.5 | 168 | 8.39 |
| 2 | Citi | 18,494.6 | 129 | 6.72 |
| 3 | Standard Chartered Bank | 14,144.6 | 106 | 5.14 |
| 4 | Bank of China | 12,955.8 | 112 | 4.71 |
| 5 | JPMorgan | 12,632.9 | 88 | 4.59 |
