Equity Capital Markets
Asia (ex Japan) issuers have raised $2.6 billion through 30 deals this week, down from $3.4 billion raised via 40 deals last week.
The largest deal of the week is the issuance of a convertible bond by China Railway Construction Corp, a Chinese Construction/Building company, for $488 million through bookrunners China International Capital Corp and JPMorgan.
Asia (ex Japan) issuers have issued a total of $20.3 billion in convertible bonds this year so far, a 78% increase compared to $11.4 billion raised in the same period last year, and the highest volume since 2013 ($22.1 billion).
CITIC Securities leads the ECM league table ranking with $17.1 billion in 2016 YTD. Morgan Stanley and GF Securities complete the top three with $14.0 billion and $12.2 billion, respectively.
| Asia (ex Japan) ECM Bookrunner Rankings - 2016 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | CITIC Securities | 17,053 | 72 | 6.9 |
| 2 | Morgan Stanley | 14,046 | 47 | 5.7 |
| 3 | GF Securities Co Ltd | 12,248 | 53 | 4.9 |
| 4 | Deutsche Bank | 9,624 | 45 | 3.9 |
| 5 | Huatai Securities Co Ltd | 9,613 | 35 | 3.9 |
| 6 | China Securities Co Ltd | 9,312 | 52 | 3.7 |
| 7 | China International Capital Corp Ltd | 9,296 | 41 | 3.7 |
| 8 | Haitong Securities Ltd | 9,046 | 59 | 3.6 |
| 9 | Guotai Junan Securities Co Ltd | 8,940 | 65 | 3.6 |
| 10 | Guosen Securities Co Ltd | 8,109 | 29 | 3.3 |
Debt Capital Markets
Seven Asian (ex Japan) issuers have tapped the G3 debt capital market for a total of $3.2 billion, down from $7.2 billion raised via nine deals last week.
The largest deal of the week is China Minsheng Banking Corp’s $1.4 billion issuance of USD-denominated preferred shares through a consortium of 16 bookrunners. This is followed by USD-denominated corporate IG bond issued by China’s Yunnan Energy Investment Overseas Finance for $440 million and USD-denominated Corporate HY bond issued by China’s Country Garden Holdings for $350 million.
HSBC leads the G3 bond league table in Asia (ex Japan) with $21.7 billion in 2016 YTD. Citi and Bank of America Merrill Lynch follow with $16.1 billion and $14.5 billion, respectively.
| Asia (ex Japan) G3 DCM Bookrunner Rankings - 2016 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | HSBC | 21,725 | 148 | 9.8 |
| 2 | Citi | 16,059 | 104 | 7.2 |
| 3 | Bank of America Merrill Lynch | 14,476 | 82 | 6.5 |
| 4 | Standard Chartered Bank | 11,489 | 82 | 5.2 |
| 5 | JPMorgan | 11,334 | 73 | 5.1 |
| 6 | Bank of China | 10,372 | 78 | 4.7 |
| 7 | BNP Paribas | 7,873 | 52 | 3.5 |
| 8 | Deutsche Bank | 7,149 | 43 | 3.2 |
| 9 | UBS | 7,113 | 65 | 3.2 |
| 10 | Goldman Sachs | 6,757 | 34 | 3.0 |
