Equity Capital Markets
A total of $4.5 billion has been raised through 18 deals in the equity capital markets in Asia (ex Japan) so far this week, compared to the $5.8 billion raised in the same period last week.
Fosun International’s $1.5 billion follow-on through bookrunners China Merchants Bank and Fosun Holdings is the largest deal of the week.
Another notable deal expected to complete today is China International Capital Corp’s estimated $810 million if it prices at the highest end of the range.
Excluding this deal, Asia (ex Japan) issuers have already raised $6.0 billion through new listings in October so far, the highest monthly volume since June 2015 ($17.6 billion) and up from just $1.0 billion raised last month.
CITIC Securities leads the league table ranking with $15.3 billion. UBS and Goldman Sachs follow with $14.0 billion and $13.3 billion, respectively.
| Asia (ex Japan) ECM Bookrunner Rankings - 2015 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | CITIC Securities | 15,307 | 56 | 7.2 |
| 2 | UBS | 14,019 | 49 | 6.6 |
| 3 | Goldman Sachs | 13,319 | 41 | 6.3 |
| 4 | Morgan Stanley | 9,478 | 55 | 4.5 |
| 5 | Credit Suisse | 7,913 | 46 | 3.7 |
| 6 | Guotai Junan Securities | 7,423 | 37 | 3.5 |
| 7 | JP Morgan | 6,927 | 32 | 3.3 |
| 8 | Haitong Securities | 6,103 | 60 | 2.9 |
| 9 | Deutsche Bank | 5,959 | 26 | 2.8 |
| 10 | China Merchants Securities | 5,573 | 33 | 2.6 |
Debt Capital Markets
Nine issuers have tapped the Asia (ex Japan) G3 capital markets for a total of $4.8 billion so far this week, compared to $1.1 billion raised in the same period last week and the highest weekly issuance since June 22 ($7.5 billion via nine deals).
The largest deal of the week is Democratic Socialist Republic of Sri Lanka’s $1.5 billion trade through bookrunners Standard Chartered, Deutsche Bank, HSBC and Citi. The deal is largest bond offering from Sri Lanka on record.
G3 issuance from the Indian sub-continent has reached $10.5 billion so far this year, the lowest YTD volume since 2012 ($9.4 billion) and down 47% year-on-year.
HSBC remains at the top of the league table ranking with $17.7 billion in 2015 YTD while Citi and JPMorgan follow with $14.8 billion and $11.8 billion, respectively.
| Asia (ex Japan) G3 DCM Bookrunner Rankings - 2015 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | HSBC | 17,682 | 111 | 10.7 |
| 2 | Citi | 14,786 | 83 | 8.9 |
| 3 | JP Morgan | 11,757 | 63 | 7.1 |
| 4 | Deutsche Bank | 10,410 | 68 | 6.3 |
| 5 | Bank of America Merrill Lynch | 10,048 | 66 | 6.1 |
| 6 | Standard Chartered Bank | 9,982 | 57 | 6.0 |
| 7 | Goldman Sachs | 7,362 | 33 | 4.4 |
| 8 | Morgan Stanley | 7,059 | 41 | 4.3 |
| 9 | Bank of China | 5,924 | 47 | 3.6 |
| 10 | DBS | 5,037 | 34 | 3.0 |
