Equity Capital Markets
Total ECM issuance by Asia (ex Japan) issuers has dropped to $2.7 billion through 19 deals so far this week , from $8.2 billion raised in the same period last week.
The largest deal this week is Xian Longi Silicon Materials Corp’s $446 million follow-on through sole bookrunner Guosen Securities. The deal is also the tenth largest follow-on from a Chinese Tech firm so far this year.
Chinese Tech firms have raised $29.7 billion so far this year through the equity capital markets, almost triple the $11.1 billion raised in the same period last year.
CITIC Securities continues to lead the league table ranking with $13.7 billion in 2016 YTD. Morgan Stanley and GF Securities follow with $10.8 billion and $9.1 billion, respectively.
| Asia (ex Japan) ECM Bookrunner Rankings - 2016 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | CITIC Securities | 13,750 | 48 | 8.0 |
| 2 | Morgan Stanley | 10,771 | 36 | 6.3 |
| 3 | GF Securities | 9,148 | 36 | 5.4 |
| 4 | Deutsche Bank | 7,429 | 27 | 4.4 |
| 5 | Guotai Junan Securities | 7,149 | 50 | 4.2 |
| 6 | China Securities | 7,004 | 37 | 4.1 |
| 7 | Haitong Securities | 6,882 | 38 | 4.0 |
| 8 | China International Capital Corp | 6,544 | 26 | 3.8 |
| 9 | Huatai Securities | 6,438 | 20 | 3.8 |
| 10 | Guosen Securities | 5,604 | 19 | 3.3 |
Debt Capital Markets
Four Asian issuers have tapped the G3 debt capital markets for a total of $3.3 billion, less than half te $7.3 billion raised in the prior week.
Industrial Bank’s $1.0 billion dual tranche trade through a consortium of 10 bookrunners is the largest deal of the week. This is the issuer’s first foray into the USD-denominated market and is the sixth largest G3 bond by a Chinese bank so far this year.
Chinese banks’ have tapped the G3 bond markets for a total of $20.9 billion so far this year, the highest total on record, narrowly surpassing the $20.7 billion raised in the same period last year.
HSBC continues its lead in the in the G3 bond league table in Asia (ex Japan) with $15.3 billion. Citi and Bank of America Merrill Lynch follow with $11.2 billion and $11.1 billion, respectively.
| Asia (ex Japan) G3 DCM Bookrunner Rankings - 2016 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | HSBC | 15,323 | 103 | 10.0 |
| 2 | Citi | 11,193 | 72 | 7.3 |
| 3 | Bank of America Merrill Lynch | 11,134 | 63 | 7.3 |
| 4 | JPMorgan | 8,219 | 50 | 5.4 |
| 5 | Standard Chartered Bank | 7,952 | 55 | 5.2 |
| 6 | Bank of China | 7,108 | 48 | 4.6 |
| 7 | Deutsche Bank | 6,066 | 34 | 4.0 |
| 8 | Barclays | 5,244 | 30 | 3.4 |
| 9 | BNP Paribas | 5,136 | 31 | 3.4 |
| 10 | Morgan Stanley | 4,504 | 33 | 2.9 |
