Equity Capital Markets
Asia (ex Japan) issuers have raised $12.6 billion through 27 deals so far this week, up on the $3.5 billion raised in the same period last week.
Volume is driven by Postal Savings Bank of China’s $7.4 billion Hong Kong IPO priced on September 21, through a consortium of 26 bookrunners. This is the biggest IPO globally since Alibaba’s $25.0 billion listing on the NYSE in September 2014. The deal has also set a record for the longest bookrunner roster ever for an IPO globally, surpassing the previous record of 22 bookrunners set by China Huarong Asset Management in October 2015.
Hong Kong Stock Exchange continues to lead the global new listing* issuance with 39 deals priced in 2016 YTD for a total of $17.0 billion, down 15% on the same 2015 period ($19.9 billion via 49 deals). New York Stock Exchange and Shanghai Stock Exchange follow with $8.4 billion (22 deals) and $8.2 billion (58 deals), respectively.
CITIC Securities remains at the top of league table ranking with $14.2 billion in 2016 YTD. Morgan Stanley and GF Securities complete the top three rankings with $11.1 billion and $10.6 billion, respectively.
*New listings include both primary and secondary listings
| Asia (ex Japan) ECM Bookrunner Rankings - 2016 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | CITIC Securities | 14,226 | 51 | 7.7 |
| 2 | Morgan Stanley | 11,094 | 37 | 6.0 |
| 3 | GF Securities Co Ltd | 10,635 | 37 | 5.8 |
| 4 | Deutsche Bank | 7,715 | 28 | 4.2 |
| 5 | China International Capital Corp Ltd | 7,486 | 29 | 4.1 |
| 6 | China Securities Co Ltd | 7,395 | 39 | 4.0 |
| 7 | Guotai Junan Securities Co Ltd | 7,303 | 51 | 4.0 |
| 8 | Haitong Securities Ltd | 7,168 | 39 | 3.9 |
| 9 | Huatai Securities Co Ltd | 6,438 | 20 | 3.5 |
| 10 | Guosen Securities Co Ltd | 5,604 | 19 | 3.0 |
Debt Capital Markets
Six Asian issuers have tapped the G3 debt capital markets for a total of $4.5 billion, compared with $2.5 billion raised in the same period last week.
The largest deal this week is a $3.0 billion USD-denominated Reg S/144A bond by Sinopec Group Overseas Development (2016), guaranteed by China Petrochemical Corp, via a consortium of eight bookrunners. This is Sinopec’s second foray into the international market so far this year, after the company’s $3.0 billion USD issuance in April.
Asia (ex Japan) corporate G3 issuance has totaled $64.3 billion in 2016 YTD, down from $75.4 billion in the same 2015 period and the lowest YTD level since 2012 ($57.4 billion).
HSBC leads the G3 bond league table in Asia (ex Japan) with $15.3 billion. Citi and Bank of America Merrill Lynch follow with $11.5 billion and $11.3 billion, respectively.
| Asia (ex Japan) G3 DCM Bookrunner Rankings - 2016 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | HSBC | 15,265 | 104 | 9.7 |
| 2 | Citi | 11,530 | 74 | 7.3 |
| 3 | Bank of America Merrill Lynch | 11,271 | 65 | 7.1 |
| 4 | JPMorgan | 8,722 | 54 | 5.5 |
| 5 | Standard Chartered Bank | 7,982 | 56 | 5.1 |
| 6 | Bank of China | 7,390 | 50 | 4.7 |
| 7 | Deutsche Bank | 6,316 | 35 | 4.0 |
| 8 | BNP Paribas | 5,327 | 33 | 3.4 |
| 9 | Barclays | 5,244 | 30 | 3.3 |
| 10 | Goldman Sachs | 4,724 | 22 | 3.0 |
