Equity Capital Markets
A total of $3.6 billion has been raised in the Asian equity capital markets this week through 27 deals, compared to the $4.7 billion raised in the same period last week.
Follow-ons accounted for the majority of issuance this week with $3.5 billion via 23 deals, compared to $702 million through 13 transactions last week.
China Pacific Insurance’s $700 million follow-on through sole bookrunner Goldman Sachs is the largest transaction of the week and propels Goldman Sachs to the top of the league table ranking with $4.3 billion in 2015 YTD. UBS and CITIC Securities follow with $4.1 billion and $2.6 billion, respectively.
| Asia (ex Japan) ECM Bookrunner Rankings - 2015 YTD | ||||
| Pos. | Bookrunner | Deal Value ($m) | No. | %share |
| 1 | Goldman Sachs | 4,282 | 14 | 9.5 |
| 2 | UBS | 4,123 | 18 | 9.1 |
| 3 | CITIC Securities | 2,645 | 14 | 5.8 |
| 4 | Credit Suisse | 2,486 | 10 | 5.5 |
| 5 | China Investment Securities | 2,012 | 4 | 4.4 |
| 6 | China Everbright | 1,800 | 4 | 4.0 |
| 7 | Guotai Junan Securities | 1,449 | 7 | 3.2 |
| 8 | Morgan Stanley | 1,354 | 9 | 3.0 |
| 9 | Deutsche Bank | 1,080 | 6 | 2.4 |
| 10 | NH Investment & Securities Co Ltd | 1,029 | 3 | 2.3 |
Debt Capital Markets
Four issuers have tapped the Asia ex Japan G3 debt capital markets for $1.1 billion, compared to $8.5 billion issued in the same period last week and is the quietest weekly volume since the week of Feb 16 when only two deals were priced raising $326 million. Despite the fall in weekly issuance, this week’s volume helped push the regional G3 bond issuance in 2015 YTD to $50.9 billion, the first time volume has breached the $50 billion barrier on record and up 24% year-on-year.
The largest deal of the week is Hyundai Capital America’s $1 billion dual tranche trade through bookrunners Sumitomo Mitsui Financial Group, Morgan Stanley, RBC Capital Markets, HSBC, Barclays and SG CIB.
G3 bond issuance by South Korean issuers totals $4.8 billion via 23 deals, down 54% on 2014 YTD ($10.4 billion).
| Asia (ex Japan) G3 DCM Bookrunner Rankings - 2015 YTD | ||||
| Pos. | Bookrunner | Deal Value ($m) | No. | %share |
| 1 | HSBC | 5,919 | 34 | 11.6 |
| 2 | Citi | 5,018 | 22 | 9.9 |
| 3 | Deutsche Bank | 3,992 | 24 | 7.9 |
| 4 | JP Morgan | 3,494 | 19 | 6.9 |
| 5 | Bank of America Merrill Lynch | 3,455 | 23 | 6.8 |
| 6 | Morgan Stanley | 3,311 | 17 | 6.5 |
| 7 | Standard Chartered | 3,220 | 17 | 6.3 |
| 8 | Goldman Sachs | 2,026 | 9 | 4.0 |
| 9 | ICBC | 1,660 | 8 | 3.3 |
| 10 | Credit Suisse | 1,572 | 9 | 3.1 |
