Equity Capital Markets
Asia (ex Japan) issuers have raised a total of $3.3bn through 33 deals this week, up 225% from the $1.0bn raised last week via 16 deals.
The largest deal of the week was a follow-on by Melco Resorts & Entertainment Limited for $336m via bookrunners Deutsche Bank, UBS, and Morgan Stanley.
This ECM transaction is the largest Asia (ex Japan) transaction in the Leisure & Recreation sector this YTD. Volume stands at $847m via 16 deals so far this year. Macao accounts for 68% of total volume with $573m via four deals so far in 2017, its highest YTD volume on record.
China International Capital Corp leads the ECM league table with $6.7 billion in 2017 YTD. CITIC Securities follows and Goldman Sachs leapfrogs into third with $6.3 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 | 7.94 |
| 2 | CITIC Securities | 6,336 | 27 | 7.49 |
| 3 | Goldman Sachs | 4,547 | 15 | 5.37 |
| 4 | China Securities Co Ltd | 4,503 | 23 | 5.32 |
| 5 | Guotai Junan Securities Co Ltd | 4,120 | 25 | 4.87 |
| 6 | UBS | 3,588 | 16 | 4.24 |
| 7 | Haitong Securities Ltd | 3,430 | 28 | 4.05 |
| 8 | Citi | 2,862 | 22 | 3.38 |
| 9 | Huatai Securities Co Ltd | 2,685 | 11 | 3.17 |
| 10 | Morgan Stanley | 2,013 | 14 | 2.38 |
Debt Capital Markets
Eight Asian (ex Japan) issuers have tapped the G3 debt capital markets this week for a total of $6.6bn, up 213% on the $2.1bn issued last week via 3 deals.
The largest deal of the week is a $2.0bn USD-denominated investment-grade bond by PT Perusahaan Listrik Negara from Indonesia, via 2 bookrunners: HSBC and Citi.
In anticipation of the US Federal Reserve raising rates again, two banks in AeJ priced USD-denominated AT1 bonds this week, including Woori Bank in South Korea and Bank of East Asia in Hong Kong, for $500m each.
HSBC leads the G3 DCM league table in 2017 YTD with $13.1bn. This is followed by Citi and Standard Chartered Bank with $10.9bn and $7.9bn, respectively.
| Asia (ex Japan) G3 DCM Bookrunner Rankings - 2017 YTD | ||||
| Bookrunner | Deal Value ($m) | No | %share | |
| 1 | HSBC | 13,183 | 81 | 9.17 |
| 2 | Citi | 10,868 | 66 | 7.56 |
| 3 | Standard Chartered Bank | 7,879 | 50 | 5.48 |
| 4 | JPMorgan | 7,580 | 43 | 5.27 |
| 5 | Deutsche Bank | 7,160 | 39 | 4.98 |
| 6 | Bank of China | 6,301 | 50 | 4.38 |
| 7 | Bank of America Merrill Lynch | 5,108 | 34 | 3.55 |
| 8 | Morgan Stanley | 4,904 | 29 | 3.41 |
| 9 | Goldman Sachs | 4,825 | 21 | 3.36 |
| 10 | UBS | 4,561 | 33 | 3.17 |
