Equity Capital Markets
A total of $3.1 billion has been raised in the equity capital markets this week so far, up 9% on the $2.9bn raised in the same period last week and brings YTD ECM volume in the region to $40.7 billion in 2016 YTD, up 15% year-on-year.
The largest deal of the week is Guangzhou Baiyun International Airport’s $536 million convertible through sole bookrunner China Galaxy Financial Holdings. The deal is the fourth largest convertible bond in the region in 2016 so far and brings YTD issuance to $3.9 billion, almost triple the $1.3 billion seen in 2015 YTD, and the highest total for the period since 2011 ($6.6 billion).
Notably, Jiayuan International Group also completed its IPO this week raising $144 million on the Hong Kong stock exchange. The deal is the fifth biggest new listing in the region so far this year and brings total new listings* volume in Hong Kong to $692 million through five deals, up from the $386 million raised in the same period last year through 11 transactions.
GF Securities continues to lead the league table ranking with $4.8 billion in 2016 YTD, while CITIC Securities and Guosen Securities follow with $2.7 billion and $2.5 billion, respectively.
| Asia (ex Japan) ECM Bookrunner Rankings - 2016 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | GF Securities | 4,848 | 11 | 11.9 |
| 2 | CITIC Securities | 2,673 | 11 | 6.6 |
| 3 | Guosen Securities | 2,540 | 8 | 6.2 |
| 4 | Haitong Securities Ltd | 2,111 | 12 | 5.2 |
| 5 | Deutsche Bank | 1,957 | 8 | 4.8 |
| 6 | Guotai Junan Securities | 1,665 | 13 | 4.1 |
| 7 | China International Capital Corp | 1,662 | 7 | 4.1 |
| 8 | Sinolink Securities | 1,587 | 2 | 3.9 |
| 9 | Huatai Securities | 1,369 | 8 | 3.4 |
| 10 | China Securities | 1,279 | 5 | 3.1 |
*New listings include primary and secondary listings
Debt Capital Markets
Only 2 issuers have tapped the Asian G3 debt capital markets so far this week for a total of $1.2 billion, down from the $6.1 billion raised in the same period last week.
Export-Import Bank of China’s $640 million trade through bookrunners Mizuho, China Minsheng Banking Corp, Bank of Communications, Agricultural Bank of China and Mitsubishi UFJ Financial Group and brings total SSA G3 issuance to $15.1 billion via 17 deals so far this year, slightly down from the $15.3 billion raised via 25 transactions in 2015 YTD.
United Overseas Bank’s $545 million covered bond is the other deal to price this week through UBS, BNP Paribas, HSBC, UOB, DZ Bank, Natixis, Commerzbank Group. The deal also marks the first euro-denominated covered bond issued by an Asian issuer.
HSBC remains at the top of the G3 DCM bookrunner ranking in the region in 2016 YTD with $3.4 billion while Standard Chartered and Bank of America Merrill Lynch follow with $2.4 billion and $2.3 billion, respectively.
| Asia (ex Japan) G3 DCM Bookrunner Rankings - 2016 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | HSBC | 3,421 | 17 | 11.9 |
| 2 | Standard Chartered Bank | 2,369 | 10 | 8.2 |
| 3 | Bank of America Merrill Lynch | 2,301 | 8 | 8.0 |
| 4 | Citi | 1,872 | 9 | 6.5 |
| 5 | JPMorgan | 1,674 | 9 | 5.8 |
| 6 | Morgan Stanley | 1,573 | 5 | 5.5 |
| 7 | Bank of China | 1,512 | 6 | 5.3 |
| 8 | Deutsche Bank | 1,267 | 6 | 4.4 |
| 9 | BNP Paribas | 865 | 6 | 3.0 |
| 10 | Barclays | 853 | 6 | 3.0 |
