Equity Capital Markets
A total of $1.9 billion has been raised through 26 deals in the equity capital markets in Asia (ex Japan) so far this week, down from the $2.9 billion raised through 32 deals in the same period last week.
Huaneng Power International Inc’s $737 million follow-on through sole bookrunner CITIC Securities is the largest deal of the week.
It is the fifth biggest Utility & Energy sector ECM transaction in the region so far this year behind China National Nuclear Power’s $2.2 billion IPO in June this year.
Asia (ex Japan) accounts for 21% of global Utility & Energy sector ECM with $10.3 billion through 41 deals so far this year, down slightly on the $10.8 billion raised in the same period last year.
CITIC Securities leads the league table ranking with $16.1 billion. UBS and Goldman Sachs follow with $14.1 billion and $13.4 billion, respectively.
| Asia (ex Japan) ECM Bookrunner Rankings - 2015 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | CITIC Securities | 16,090 | 58 | 7.4 |
| 2 | UBS | 14,102 | 50 | 6.5 |
| 3 | Goldman Sachs | 13,451 | 43 | 6.2 |
| 4 | Morgan Stanley | 9,561 | 56 | 4.4 |
| 5 | Credit Suisse | 7,997 | 47 | 3.7 |
| 6 | Guotai Junan Securities | 7,912 | 39 | 3.6 |
| 7 | JP Morgan | 7,004 | 33 | 3.2 |
| 8 | Haitong Securities | 6,488 | 62 | 3.0 |
| 9 | Deutsche Bank | 6,003 | 27 | 2.7 |
| 10 | China Merchants Securities | 5,590 | 34 | 2.6 |
Debt Capital Markets
Seven issuers have tapped the Asia (ex Japan) G3 capital markets for a total of $3.8 billion so far this week, compared to $4.8 billion via five deals in the same period last week.
The largest deal of the week is Huarong Finance II’s $1.8 billion multi-tranche bond through a consortium of 17 bookrunners The deal is also the seventh largest FIG G3 bond from Asia (ex Japan) so far this year.
G3 FIG issuance from Chinese issuers has reached a record $36.7 billion in 2015 YTD, up 29% year-on-year. Chinese issuers account for 77% of Asia (ex Japan) G3 FIG issuance this year, compared to the 55% share in the same 2014 period.
Another notable transaction this week is Axiata SPV’s $500 million trade through bookrunner Deutsche Bank and CIMB Bank. The deal is the fifth largest G3 Islamic bond so far this year.
Asia (ex Japan) issuers have tapped the G3 Islamic Bond markets for $7.1 billion so far this year, more than double the $2.8 billion raised in the same 2014 period. Malaysian issuers account for bulk of the volume with $3.6 billion in 2015 YTD, up from just $300 million.
HSBC continues to lead the league table ranking with $17.9 billion in 2015 YTD while Citi and JP Morgan follow with $15.6 billion and $11.8 billion, respectively.
| Asia (ex Japan) G3 DCM Bookrunner Rankings - 2015 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | HSBC | 17,915 | 114 | 10.3 |
| 2 | Citi | 15,611 | 87 | 8.9 |
| 3 | JP Morgan | 11,877 | 65 | 6.8 |
| 4 | Bank of America Merrill Lynch | 11,152 | 71 | 6.4 |
| 5 | Deutsche Bank | 10,772 | 70 | 6.2 |
| 6 | Standard Chartered Bank | 10,260 | 59 | 5.9 |
| 7 | Goldman Sachs | 7,758 | 36 | 4.4 |
| 8 | Morgan Stanley | 7,272 | 42 | 4.2 |
| 9 | Bank of China | 6,306 | 51 | 3.6 |
| 10 | BNP Paribas | 5,444 | 41 | 3.1 |
