Equity Capital Markets
Asia (ex Japan) issuers have raised $3.9 billion through 14 deals so far this week, up from the $2.5 billion raised in the same period last week.
The most notable transaction this week is Poly Real Estate Group’s $1.4 billion follow-on through sole bookrunner CITIC Securities. The deal is the largest Real Estate sector issuance in Asia (ex Japan) so far this year and the biggest Real Estate A-share deal on record, followed by China Vanke’s$1.3 Follow-on in August 2007.
The deal help push Real Estate sector ECM volume in Asia (ex Japan) to $8.3 billion so far this year, down slightly on the $8.5 billion raised in the same 2015 period. Chinese issuance accounted for 78% of the region’s volume at $6.5 billion and the highest YTD volume for the sector on record.
CITIC Securities continues its helm at the top of the league table ranking with $7.6 billion in 2016 YTD. Morgan Stanley and GF Securities follow with $7.1 billion and $6.7 billion, respectively.
Asia (ex Japan) ECM Bookrunner Rankings - 2016 YTD | ||||
Bookrunner | Deal Value ($m) | No. | %share | |
1 | CITIC Securities | 7,586 | 29 | 7.3 |
2 | Morgan Stanley | 7,125 | 24 | 6.9 |
3 | GF Securities Co Ltd | 6,711 | 26 | 6.5 |
4 | Deutsche Bank | 6,467 | 20 | 6.3 |
5 | Southwest Securities Co Ltd | 4,672 | 19 | 4.5 |
6 | Huatai Securities Co Ltd | 4,580 | 14 | 4.4 |
7 | Haitong Securities Ltd | 4,450 | 22 | 4.3 |
8 | Guosen Securities Co Ltd | 3,684 | 13 | 3.6 |
9 | Guotai Junan Securities Co Ltd | 3,634 | 28 | 3.5 |
10 | China International Capital Corp Ltd | 3,386 | 12 | 3.3 |
Debt Capital Markets
The Asia (ex Japan) G3 debt capital markets saw three issuers tap the market for a combined total of $862 million so far this week, down from the $3.3 billion raised in the same period last week.
Xihui Haiwai I Investment Holdings and Hanrui Overseas Investment both raised $300 million in what are the largest G3 bond deals this week in the region.
Chinese issuers have tapped the G3 bond markets for $51.6 billion so far this year, down from $61.7 billion raised in 2015 YTD but still mark the second highest YTD level on record.
HSBC remains at the G3 bond league table in Asia (ex Japan) with $11.1 billion. Bank of America Merrill Lynch and Citi follow with $7.9 billion and $7.7 billion, respectively.
Asia (ex Japan) G3 DCM Bookrunner Rankings - 2016 YTD | ||||
Bookrunner | Deal Value ($m) | No. | %share | |
1 | HSBC | 11,064 | 65 | 10.4 |
2 | Bank of America Merrill Lynch | 7,925 | 34 | 7.5 |
3 | Citi | 7,727 | 42 | 7.3 |
4 | JPMorgan | 6,063 | 32 | 5.7 |
5 | Standard Chartered Bank | 4,754 | 27 | 4.5 |
6 | Bank of China | 4,456 | 24 | 4.2 |
7 | Deutsche Bank | 4,288 | 20 | 4.0 |
8 | BNP Paribas | 3,967 | 22 | 3.7 |
9 | Barclays | 3,901 | 18 | 3.7 |
10 | Goldman Sachs | 3,465 | 14 | 3.3 |