Equity Capital Markets
Asia (ex Japan) issuers have raised a total of $803 million through 11 deals this week, down 88% from the $6.7 billion raised last week via 44 deals.
The largest deal of the week was the IPO by Jiangsu Provincial Agricultural Reclamation & Development Co Ltd for $351 million via sole bookrunner Guosen Securities Co Ltd.
Asia (ex Japan) Agribusiness IPO volume stands at a YTD record $478m via 6 deals, up from $110m via 2 deals in 2016 YTD. China accounts for 99% of total volume with $472m via 5 deals so far in 2017, the second highest YTD volume on record, just behind 2016 ($492m).
China International Capital Corp leads the ECM league table with $6.7 billion in 2017 YTD. CITIC Securities and China Securities follow with $6.2 billion and $4.5 billion, respectively.
Asia (ex Japan) ECM Bookrunner Rankings - 2017 YTD | ||||
Bookrunner | Deal Value ($m) | No. | %share | |
1 | China International Capital Corp Ltd | 6,721 | 28 | 8.3 |
2 | CITIC Securities | 6,201 | 26 | 7.66 |
3 | China Securities Co Ltd | 4,503 | 23 | 5.56 |
4 | Goldman Sachs | 4,264 | 13 | 5.26 |
5 | Guotai Junan Securities Co Ltd | 4,120 | 25 | 5.09 |
6 | Haitong Securities Ltd | 3,430 | 28 | 4.23 |
7 | UBS | 3,345 | 13 | 4.13 |
8 | Huatai Securities Co Ltd | 2,685 | 11 | 3.31 |
9 | Citi | 2,612 | 19 | 3.22 |
10 | Guosen Securities Co Ltd | 1,940 | 18 | 2.39 |
Debt Capital Markets
Nine Asian (ex Japan) issuers have tapped the G3 debt capital markets this week for a total of $2.1 billion, down 84% on the $13.2 billion issued last week via 9 deals.
The largest deal of the week is a $1.5 billion USD-denominated sovereign bond by the Democratic Socialist Republic of Sri Lanka, via a consortium of 7 bookrunners.
The Democratic Socialist Republic of Sri Lanka has consistently issued US-dollar bonds each year since 2009 (bar 2013), increasing its borrowing steadily each year, from $500m up to $3 billion in 2016.
HSBC leads the G3 DCM league table in 2017 YTD with $11 billion. This is followed by Citi and Standard Chartered Bank with $9.3 billion and $7.7 billion respectively.
Asia (ex Japan) G3 DCM Bookrunner Rankings - 2017 YTD | ||||
Bookrunner | Deal Value ($m) | No. | %share | |
1 | HSBC | 11,011 | 75 | 8.07 |
2 | Citi | 9,340 | 60 | 6.85 |
3 | Standard Chartered Bank | 7,717 | 49 | 5.66 |
4 | JPMorgan | 7,508 | 42 | 5.5 |
5 | Deutsche Bank | 6,660 | 38 | 4.88 |
6 | Bank of China | 6,190 | 49 | 4.54 |
7 | Morgan Stanley | 4,854 | 29 | 3.56 |
8 | Bank of America Merrill Lynch | 4,808 | 33 | 3.52 |
9 | Goldman Sachs | 4,575 | 20 | 3.35 |
10 | UBS | 4,026 | 31 | 2.95 |