Equity Capital Markets
A total of $4.6 billion has been raised in the equity capital markets in Asia (ex Japan) so far this week through 36 deals, compared to the $9.5 billion raised in the same period last week and brings Asia (ex Japan) ECM volume to $247.7 billion in 2015 YTD, the highest annual total since 2010 ($311.7bn) and up 4% year-on-year.
The largest deal of the week is Dongxu Optoelectronic Technology’s $1.2 billion follow-on through sole bookrunner Southwest Securities. The deal is also the second biggest in the Tech sector in Asia (ex Japan) behind Nanjing Huadong Electronics Information & Technology’s $1.7 billion follow-on in January, 2015.
Tech ECM issuance in the region stands at $21.6 billion so far this year, down significantly from the record $63.0 billion raised in the same 2014 period.
South Korean cosmetic company, It’s Skin, has completed a $136 million IPO through bookrunners KDB Daewoo Securities and Samsung Securities this week in what is the eighth largest IPO from a South Korean issuer in 2015 YTD.
South Korean ECM volume has reached $10.5 billion in 2015 YTD, down 44% on 2014 YTD ($13.7 billion). IPOs account for 34% of total volume with $3.6 billion in 2015 so far, and volume is down 10% year-on-year.
Citic Securities remains at the top league table ranking with $17.4 billion. Goldman Sachs and UBS follow with $15.2 billion and $14.2 billion, respectively.
| Asia (ex Japan) ECM Bookrunner Rankings - 2015 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | Citic Securities | 17,438 | 70 | 7.0 |
| 2 | Goldman Sachs | 15,258 | 55 | 6.2 |
| 3 | UBS | 14,207 | 52 | 5.7 |
| 4 | Morgan Stanley | 11,388 | 66 | 4.6 |
| 5 | Guotai Junan Securities Co Ltd | 9,288 | 48 | 3.8 |
| 6 | Credit Suisse | 8,454 | 50 | 3.4 |
| 7 | JPMorgan | 8,007 | 38 | 3.2 |
| 8 | Haitong Securities Ltd | 7,865 | 72 | 3.2 |
| 9 | Deutsche Bank | 6,692 | 31 | 2.7 |
| 10 | China Securities Co Ltd | 6,148 | 32 | 2.5 |
Debt Capital Markets
Indonesian issuer, Aeronautic Investments 18 Ltd, was the only issuer to tap the G3 bond markets this week for a $144 million, compared to $4.0 billion via six deals in the same period last week. Overall G3 bond volume in region totals $194.3 billion in 2015 YTD, down 10% year-on-year and marked the first year-on-year decline since 2011 ($81.1 billion).
G3 issuance from Indonesian issuers has reached $14.3 billion so far this year, already the highest annual volume on record.
HSBC continues to lead the league table ranking with $20.4 billion in 2015 YTD while Citi and Bank of America Merrill Lynch follow with $17.4 billion and $13.1 billion, respectively.
| Asia (ex Japan) G3 DCM Bookrunner Rankings - 2015 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | HSBC | 20,427 | 122 | 10.5 |
| 2 | Citi | 17,401 | 93 | 9.0 |
| 3 | Bank of America Merrill Lynch | 13,060 | 81 | 6.7 |
| 4 | JPMorgan | 12,582 | 69 | 6.5 |
| 5 | Deutsche Bank | 11,212 | 73 | 5.8 |
| 6 | Standard Chartered Bank | 10,870 | 63 | 5.6 |
| 7 | Morgan Stanley | 8,043 | 46 | 4.1 |
| 8 | Goldman Sachs | 7,858 | 37 | 4.0 |
| 9 | Bank of China | 6,538 | 55 | 3.4 |
| 10 | BNP Paribas | 6,219 | 46 | 3.2 |
