Equity Capital Markets
Asia (ex-Japan) ECM deals activity was down this week to just 16 deals, from 53 during the previous week, raising a total of $4.8bn.
On November 15, China Communications Construction Group completed a $2.4bn convertible via UBS, CITIC Securities and Huatai Securities, in what is the largest Asia (ex Japan) ECM transaction this week and also the second largest convertible in the region so far in 2017, behind China Everbright Bank’s $4.3bn transaction completed in March.
Convertible volume from the Construction/Building industry ($3.7bn) is at a record high following the deal (previous record was $1.5bn for full year 2016). Asia (ex Japan) convertible volume stands at $22.4bn so far in 2017, up from $20.2bn in the same 2016 period and the second highest YTD volume since 2010 ($25.0bn). China accounts for 81% of the total issuance with $18.1bn in 2017 YTD, followed by Taiwan and India with 12% ($2.6bn) and 3% ($771m) respectively.
Goldman Sachs has climbed a position for a second successive week, now ranked second on $10bn, CITIC Securities leads the ECM league table with $13.8bn in 2017 YTD, and China Securities Co Ltd is third with $9.9bn.
| Pos. | Bookrunner | Deal Value ($m) | No. | %share |
|---|---|---|---|---|
| 1 | CITIC Securities | 13,827.7 | 78 | 6.4 |
| 2 | Goldman Sachs | 9,928.3 | 44 | 4.6 |
| 3 | China Securities Co Ltd | 9,861.8 | 46 | 4.56 |
| 4 | UBS | 9,605.7 | 41 | 4.45 |
| 5 | China International Capital Corp Ltd | 9,562.6 | 48 | 4.43 |
Debt Capital Markets
Asia (ex-Japan) G3 issuance volume is down slightly this week at $5bn via 11 deals compared to $6.2bn priced during the previous week.
On November 16, China Jianyin Investment Corp priced a $1.5bn triple tranch EUR/USD-denominated bond via a consortium of 15 banks.
Notably this week, WTT HK priced a $670m USD-denominated bond on November 14, 2017 via bookrunners Citi, Huatai Securities, HSBC, Nomura, and Standard Chartered Bank. The deal is the first international bond priced by the company and its first USD-denominated bond.
HSBC leads the G3 DCM league table in 2017 YTD with $25.4bn, followed by Citi with $21.2bn and Standard Chartered Bank with $15.6bn.
| Pos. | Bookrunner | Deal Value ($m) | No. | %share |
|---|---|---|---|---|
| 1 | HSBC | 25,390.3 | 186 | 8.27 |
| 2 | Citi | 21,189.7 | 146 | 6.9 |
| 3 | Standard Chartered Bank | 15,605.8 | 118 | 5.08 |
| 4 | Bank of China | 15,188.9 | 128 | 4.95 |
| 5 | JPMorgan | 13,990.6 | 97 | 4.55 |
