Equity Capital Markets
Asia (ex-Japan) ECM deals activity was down three consecutive weeks. This week’s volume stands at 4.4bn via 32 deals, down 20% from the $5.5bn (36 deals) raised last week.
On December 1st, Chinese issuer Bank of Ningbo completed a $1.5bn convertible via two bookrunners CITIC Securities and China International Capital Corp, this is the largest Asia (ex-Japan) ECM transaction this week.
Asia (ex-Japan) Finance ECM volume stands at $33.3bn via 126 deals so far this year, down from $35.4bn via 109 deals in the same period last year. China accounts for 61.9% of the total issuance with $20.6bn (31 deals) in 2017 YTD. This is followed by India and Hong Kong with $7.4bn and $1.5bn, respectively.
CITIC Securities leads the ECM league table with $15.1bn in 2017 YTD, China International Capital Corp Ltd took over the second position with $10.8bn and Goldman Sachs follows this with $10.2bn.
Pos. | Bookrunner | Deal Value ($m) | No. | %share |
---|---|---|---|---|
1 | CITIC Securities | 15,143.5 | 81 | 6.64 |
2 | China International Capital Corp Ltd | 10,831.2 | 51 | 4.75 |
3 | Goldman Sachs | 10,242.9 | 47 | 4.49 |
4 | China Securities Co Ltd | 9,986.5 | 47 | 4.38 |
5 | UBS | 9,859.0 | 43 | 4.32 |
Debt Capital Markets
Asia (ex-Japan) G3 issuance volume increased to $16.1bn (16 deals) this week from the $10.9bn (23 deals) raised in the previous week.
On November 29th, Alibaba Group Holding priced a $7.0bn USD-denominated bond via bookrunners Citi, Credit Suisse, Goldman Sachs, JP Morgan, and Morgan Stanley. This is the second largest Asia (ex-Japan) USD-denominated deal priced in 2017, behind Postal Savings Bank of China’s $7.3bn deal (September 21st). It is also the second largest DCM deal by the issuer behind its $8.0bn bond issued in 2014.
Pakistan tapped the international market twice this week, raising $2.5bn in total. The deal consists of a $1.5bn conventional tranche and a $1.0bn Sukuk tranche, and it is the largest deal by the issuer on record.
HSBC leads the G3 DCM league table in 2017 YTD with $26.3bn, followed by Citi with $24.2bn and Standard Chartered Bank with $17.4bn.
Pos. | Bookrunner | Deal Value ($m) | No. | %share |
---|---|---|---|---|
1 | HSBC | 26,319.6 | 193 | 7.82 |
2 | Citi | 24,150.7 | 160 | 7.17 |
3 | Standard Chartered Bank | 17,418.6 | 131 | 5.17 |
4 | Bank of China | 16,543.0 | 139 | 4.91 |
5 | JPMorgan | 15,564.5 | 101 | 4.62 |