Equity Capital Markets
Asia (ex Japan) issuers have raised $3.4 billion through 24 deals so far this week, down on the $4.4 billion raised in the same period last week.
The largest deal of the week is the $1.23 billion follow-on by China Resources Beer (Holdings), through joint bookrunners Nomura and UBS. This is also the second largest follow-on priced on the Hong Kong Stock Exchange in 2016 YTD, after PICC Property & Casualty’s $1.25 billion offering priced in April.
Asia (ex Japan) follow-on volume has reached $106.2 billion in 2016 YTD, down 18% on the amount raised in the same 2015 period ($129.2 billion). Chinese issuers lead with $91.0 billion, accounting for 86% of the region’s total and on a par with 2015 YTD ($90.6 billion).
CITIC Securities remains at the top of league table ranking with $13.7 billion in 2016 YTD. Morgan Stanley and GF Securities complete the top three rankings with $8.9 billion and $8.5 billion, respectively.
| Asia (ex Japan) ECM Bookrunner Rankings - 2016 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | CITIC Securities | 13,666 | 46 | 9.2 |
| 2 | Morgan Stanley | 8,930 | 31 | 6.0 |
| 3 | GF Securities Co Ltd | 8,542 | 33 | 5.8 |
| 4 | Deutsche Bank | 7,294 | 26 | 4.9 |
| 5 | Guotai Junan Securities Co Ltd | 6,516 | 46 | 4.4 |
| 6 | China International Capital Corp Ltd | 6,260 | 24 | 4.2 |
| 7 | Huatai Securities Co Ltd | 5,663 | 18 | 3.8 |
| 8 | Southwest Securities Co Ltd | 5,460 | 22 | 3.7 |
| 9 | China Securities Co Ltd | 5,179 | 28 | 3.5 |
| 10 | Haitong Securities Ltd | 5,042 | 32 | 3.4 |
Debt Capital Markets
Three Asian issuers have tapped the G3 debt capital markets for a total of $2.3 billion, compared with $2.9 billion raised in the same period last week.
The largest deal this week is Novelis Corp’s $1.2 billion USD-denominated bond via a consortium of nine bookrunners, in what is also the biggest DCM deal from an Indian issuer in 2016 YTD and also the largest G3 bond from a Metal & Steel company since July 2014, when Tata Group priced a $1.5 billion deal through its subsidiary ABJA Investment.
India G3 DCM issuance totals $7.5 billion so far this year, down on the $7.7 billion raised in 2015 YTD and the lowest YTD level since 2012 ($5.4 billion).
HSBC leads the G3 bond league table in Asia (ex Japan) with $13.5 billion. Bank of America Merrill Lynch and Citi follow with $10.4 billion and $9.5 billion, respectively.
| Asia (ex Japan) G3 DCM Bookrunner Rankings - 2016 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | HSBC | 13,490 | 85 | 10.0 |
| 2 | Bank of America Merrill Lynch | 10,361 | 52 | 7.7 |
| 3 | Citi | 9,494 | 57 | 7.0 |
| 4 | JPMorgan | 7,413 | 41 | 5.5 |
| 5 | Standard Chartered Bank | 7,071 | 46 | 5.2 |
| 6 | Bank of China | 6,017 | 36 | 4.4 |
| 7 | Deutsche Bank | 5,262 | 27 | 3.9 |
| 8 | Barclays | 4,674 | 26 | 3.5 |
| 9 | BNP Paribas | 4,537 | 25 | 3.4 |
| 10 | Industrial & Commercial Bank of China - ICBC | 4,064 | 34 | 3.0 |
