Equity Capital Markets
Asia (ex Japan) issuers have raised $5.1 billion through 16 deals in the equity capital markets so far this week, up slightly from the $5.0 billion raised last week.
There have been three $1bn+ transactions so far this week, raising $3.3 billion, the highest weekly $1bn+ activity since the week of May 18th, 2015 (four transactions with $8.8 billion). Despite the activity, Asia (ex Japan) ECM volume has dropped to $111.0 billion in 2016 YTD, down 33% from the record $165.5 billion raised in the same period last year.
Kangmei Pharmaceutical’s $1.2 billion follow-on is the largest transaction this week and brings Healthcare ECM volume in the region to $7.6 billion in 2016 YTD, less than half the record $13.6 billion raised in the same period last year.
Another notable deal completed this week is Orient Securities’ $1.0 billion new listing* via consortium of 17 bookrunners in what stands as the fourth biggest listing in the region so far this year. Asia (ex Japan) new listings volume stands at $18.5 billion, the lowest level for the period since 2013 ($12.9 billion) and less than half the $48.2 billion raised in the same period last year.
China Development Bank Financial Leasing is also slated to price its estimated $868 million IPO today and if priced as planned, it’ll be the ninth largest FIG sector ECM transaction in Asia (ex Japan) so far this year.
CITIC Securities remains at the top of the league table ranking with $9.0 billion in 2016 YTD. GF Securities and Morgan Stanley follow with $7.9 billion and $7.5 billion, respectively.
*Includes primary and secondary listings
| Asia (ex Japan) ECM Bookrunner Rankings - 2016 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | CITIC Securities | 9,017 | 31 | 8.2 |
| 2 | GF Securities | 7,930 | 27 | 7.2 |
| 3 | Morgan Stanley | 7,488 | 25 | 6.8 |
| 4 | Deutsche Bank | 6,467 | 20 | 5.9 |
| 5 | Huatai Securities | 5,128 | 15 | 4.6 |
| 6 | Southwest Securities | 5,034 | 20 | 4.6 |
| 7 | Haitong Securities | 4,509 | 23 | 4.1 |
| 8 | Guotai Junan Securities | 4,509 | 29 | 3.3 |
| 9 | Guosen Securities | 3,684 | 13 | 3.3 |
| 10 | China International Capital Corp | 3,451 | 13 | 3.1 |
Debt Capital Markets
Three Asian issuers have tapped the G3 debt capital markets for a total of $265 million, the lowest weekly level since the week of August 24th ($250 million via four issuers) and brings YTD issuance to $106.8 billion, down 14% from 2015 record ($124.9 billion).
CITIC Envirotech’s $180 million trade is the largest G3 transaction this week through bookrunners China Securities, DBS and CITIC Securities and G3 issuance by Chinese issuers to $51.9 billion, down 18% year-on-year.
HSBC continues to lead 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 | 7,975 | 35 | 7.5 |
| 3 | Citi | 7,727 | 42 | 7.2 |
| 4 | JP Morgan | 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 | 3.2 |
