Equity Capital Markets
Asia (ex Japan) issuers have raised $3.4 billion through 23 deals so far this week, down on the $5.5 billion raised in the same period last week.
The largest deal of the week is the $1.0 billion cash placing by Dongxu Optoelectronic Technology, through joint bookrunners Guangzhou Securities and Ping An Securities. This is also the fourth largest Technology ECM deal by an Asian issuer in 2016 YTD.
Technology is the leading sector for Asia (ex Japan) ECM issuance so far this year, with $30.5 billion raised via 223 deals and accounting for 20% of the region’s total. Volume is more than doubled compared to 2015 YTD ($15.1 billion via 217 deals).
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 $9.6 billion and $8.5 billion, respectively.
| Asia (ex Japan) ECM Bookrunner Rankings - 2016 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | CITIC Securities | 13,717 | 47 | 8.9 |
| 2 | Morgan Stanley | 9,605 | 32 | 6.2 |
| 3 | GF Securities Co Ltd | 8,542 | 33 | 5.5 |
| 4 | Deutsche Bank | 7,294 | 26 | 4.7 |
| 5 | Guotai Junan Securities Co Ltd | 6,516 | 46 | 4.2 |
| 6 | China International Capital Corp Ltd | 6,345 | 25 | 4.1 |
| 7 | Huatai Securities Co Ltd | 6,258 | 19 | 4.1 |
| 8 | Southwest Securities Co Ltd | 5,460 | 22 | 3.5 |
| 9 | Haitong Securities Ltd | 5,421 | 35 | 3.5 |
| 10 | China Securities Co Ltd | 5,179 | 28 | 3.4 |
Debt Capital Markets
Four Asian issuers have tapped the G3 debt capital markets for a total of $1.8 billion, compared with $2.7 billion raised in the same period last week.
The largest deal this week is China Orient Asset Manangement’s $650 million USD-denominated bond via a consortium of 12 bookrunners.
Another notable deal is Xinyuan Real Estate’s $300 million USD-denominated high-yield bond via joint bookrunners Deutsche Bank, China Construction Bank, Barclays and Bank of America Merrill Lynch. Overall Asia (ex Japan) high-yield issuance totals $7.6 billion through 27 deals in 2016 YTD, down on $9.9 billion (30 deals) in the same 2015 YTD and the lowest YTD level since 2009 ($2.0 billion).
HSBC leads the G3 bond league table in Asia (ex Japan) with $13.6 billion. Bank of America Merrill Lynch and Citi follow with $10.5 billion and $9.6 billion, respectively.
| Asia (ex Japan) G3 DCM Bookrunner Rankings - 2016 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | HSBC | 13,590 | 86 | 9.9 |
| 2 | Bank of America Merrill Lynch | 10,535 | 54 | 7.6 |
| 3 | Citi | 9,618 | 58 | 7.0 |
| 4 | JPMorgan | 7,413 | 41 | 5.4 |
| 5 | Standard Chartered Bank | 7,156 | 48 | 5.2 |
| 6 | Bank of China | 6,070 | 37 | 4.4 |
| 7 | Deutsche Bank | 5,337 | 28 | 3.9 |
| 8 | BNP Paribas | 4,760 | 27 | 3.5 |
| 9 | Barclays | 4,749 | 27 | 3.4 |
| 10 | Industrial & Commercial Bank of China - ICBC | 4,117 | 35 | 3.0 |
