Equity Capital Markets
A total of $4.9 billion has been raised in the Asian equity capital market this week through 38 deals, slightly up on the $4.8 billion raised in the same period last week.
The largest deal of the week is China Grand Automotive Services’ $982 million follow-on offering on the Shanghai Stock Exchange through joint bookrunners Southwest Securities, China International Capital Corp and Goldman Sachs. This deal is also the second biggest ECM deal from the auto/truck sector in the region so far this year.
Asian issuers have raised a total of $164.8 billion in the equity capital markets in the 1H 2015, up 81% year-on-year and the highest 1H total on record. Chinese issuers accounted for 73% of the regional volume with $121 billion in 1H 2015, also the highest 1H volume on record.
Goldman Sachs led the bookrunner ranking with $12.5 billion for 1H 2015. CITIC Securities and UBS followed with $12.2 billion and $11.0 billion, respectively.
Asia (ex Japan) ECM Bookrunner Rankings - 2015 1H | ||||
Bookrunner | Deal Value ($m) | No. | %share | |
1 | Goldman Sachs | 12,507 | 35 | 7.7 |
2 | CITIC Securities | 12,208 | 42 | 7.5 |
3 | UBS | 11,027 | 40 | 6.8 |
4 | Credit Suisse | 6,956 | 35 | 4.3 |
5 | Morgan Stanley | 6,722 | 40 | 4.1 |
6 | JP Morgan | 6,567 | 28 | 4.0 |
7 | Guotai Junan Securities | 5,858 | 26 | 3.6 |
8 | Haitong Securities | 5,224 | 45 | 3.2 |
9 | Deutsche Bank | 5,045 | 19 | 3.1 |
10 | Citi | 3,908 | 27 | 2.4 |
Debt Capital Markets
Two issuers have tapped the Asia ex Japan G3 debt capital market for $1.2 billion so far this week, compared to $7.4 billion raised via 8 deals in the same period last week.
The largest deal this week is Asian Development Bank’s $1 billion bond through bookrunners Goldman Sachs and Bank of America Merrill Lynch. Asia SSA G3 DCM issuance has reached $29.6 billion in 2015 YTD, up on the $26 billion from the same 2014 period and the also highest YTD total on record.
G3 bond issuance in 1H 2015 totaled $123.3 billion in Asia ex Japan, up 9.9% year-on-year and the highest 1H volume on record. Chinese issuers accounted half of the regional volume with $62.8 billion raised in 1H 2015, up 30% on the same 2014 period and the highest 1H total on record.
HSBC topped the league table ranking in 1H 2015 with $13.6 billion while Citi and JPMorgan rounded off the top three with $11.9 billion and $8.7 billion, respectively.
Asia (ex Japan) G3 DCM Bookrunner Rankings - 2015 1H | ||||
Bookrunner | Deal Value ($m) | No. | %share | |
1 | HSBC | 13,566 | 76 | 11.0 |
2 | Citi | 11,868 | 58 | 9.6 |
3 | JP Morgan | 8,700 | 44 | 7.1 |
4 | Deutsche Bank | 7,502 | 50 | 6.1 |
5 | Standard Chartered | 7,254 | 40 | 5.9 |
6 | Bank of America Merrill Lynch | 7,108 | 49 | 5.8 |
7 | Morgan Stanley | 6,136 | 33 | 5.0 |
8 | Goldman Sachs | 4,856 | 21 | 3.9 |
9 | Bank of China | 4,219 | 27 | 3.4 |
10 | DBS | 3,707 | 21 | 3.0 |