Equity Capital Markets
Asia (ex Japan) issuers have raised $3.0 billion through 19 deals this week, down 47% from the $5.6 billion via 42 deals completed in the previous week.
The largest deal of the week is China’s Hebei Baoshuo Co Ltd’s $1.1 billion follow-on through sole bookrunner AVIC Securities Co Ltd, in what is the largest Asia (ex Japan) ECM transaction this week, and also the second largest Asia (ex Japan) ECM transaction in the Chemicals sector in 2016 YTD, behind Henan Billions Chemicals ($1.5 billion) priced in September.
There has been a flurry of IPO activity across the APAC (ex Japan) region this week, as 2016 draws to a close. New listings account for seventy percent of ECM deals carried out. The majority of these were Chinese corporates listing onshore. China’s consumer products sector accounted for the largest portion of new listings and also raised the most value.
CITIC Securities leads the ECM league table ranking with $17.7 billion in 2016 YTD. Morgan Stanley and GF Securities complete the top three with $14.4 billion and $12.5 billion, respectively.
| Asia (ex Japan) ECM Bookrunner Rankings - 2016 YTD | ||||
| Pos. | Bookrunner | Deal Value ($m) | No. | %share |
| 1 | CITIC Securities | 17,796 | 76 | 6.75 |
| 2 | Morgan Stanley | 14,491 | 51 | 5.5 |
| 3 | GF Securities Co Ltd | 12,544 | 57 | 4.76 |
| 4 | Deutsche Bank | 10,587 | 50 | 4.02 |
| 5 | China Securities Co Ltd | 10,410 | 57 | 3.95 |
| 6 | Haitong Securities Ltd | 10,286 | 67 | 3.9 |
| 7 | Huatai Securities Co Ltd | 9,645 | 36 | 3.66 |
| 8 | China International Capital Corp Ltd | 9,367 | 42 | 3.55 |
| 9 | Guotai Junan Securities Co Ltd | 9,035 | 67 | 3.43 |
| 10 | Guosen Securities Co Ltd | 8,969 | 37 | 3.4 |
Debt Capital Markets
Four Asian issuers have tapped the G3 debt capital markets for a total of $580 million, less than the $864 million raised via six deals in the same period last week.
The largest deal of the week is a $250 million high yield bond by China’s KWG Property Holding Ltd through sole bookrunner Goldman Sachs.
Chinese real estate companies continue their fundraising activities in Asia (ex Japan) this week, with total issuing of $400 million via 2 deals, accounting for over 68% of weekly volume.
HSBC leads the G3 bond league table in Asia (ex Japan) with $22.5 billion in 2016 YTD. Citi and Bank of America Merrill Lynch follow with $16.0 billion and $14.5 billion, respectively.
| Asia (ex Japan) G3 DCM Bookrunner Rankings - 2016 YTD | ||||
| Pos. | Bookrunner | Deal Value ($m) | No. | %share |
| 1 | HSBC | 22,508 | 153 | 9.88 |
| 2 | Citi | 16,059 | 104 | 7.05 |
| 3 | Bank of America Merrill Lynch | 14,576 | 83 | 6.4 |
| 4 | Standard Chartered Bank | 11,899 | 85 | 5.23 |
| 5 | JPMorgan | 11,484 | 74 | 5.04 |
| 6 | Bank of China | 10,522 | 79 | 4.62 |
| 7 | BNP Paribas | 7,928 | 53 | 3.48 |
| 8 | UBS | 7,271 | 67 | 3.19 |
| 9 | Deutsche Bank | 7,189 | 44 | 3.16 |
| 10 | Goldman Sachs | 7,057 | 36 | 3.1 |
