Equity Capital Markets
Asia (ex Japan) issuers have raised a total of $3.9bn through 25 deals this week, almost doubled from the $2.0bn raised last week via 28 deals.
On July 5, Guotai Junan Securities completed a $1.0bn convertible bond via bookrunners Essence Securities and Dongxing Securities, which ranked as the largest Asia (ex Japan) ECM transaction this week and the second largest convertible bond completed so far this year.
Convertible bond volume by Chinese issuers reached $6.7bn so far this year, down from the record volume of $12.4bn in the same 2016 period but still the second highest YTD volume in six years.
China International Capital Corp leads the ECM league table with $7.18bn in 2017 YTD, followed by CITIC Securities with $7.17bn and Goldman Sachs is third with $6.0bn.
| Asia (ex Japan) ECM Bookrunner Rankings - 2017 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | China International Capital Corp Ltd | 7,185.4 | 33 | 6.24 |
| 2 | CITIC Securities | 7,165.0 | 36 | 6.22 |
| 3 | Goldman Sachs | 5,971.2 | 22 | 5.19 |
| 4 | Guotai Junan Securities Co Ltd | 5,076.3 | 32 | 4.41 |
| 5 | China Securities Co Ltd | 4,866.6 | 27 | 4.23 |
| 6 | UBS | 4,138.0 | 21 | 3.59 |
| 7 | Citi | 3,934.5 | 30 | 3.42 |
| 8 | Haitong Securities Ltd | 3,868.5 | 37 | 3.36 |
| 9 | Morgan Stanley | 3,836.1 | 22 | 3.33 |
| 10 | GF Securities Co Ltd | 3,156.7 | 37 | 2.74 |
Debt Capital Markets
Asian (ex Japan) issuers have tapped the G3 debt capital markets this week for a total of $3.5bn via 6 deals, down 40% on the $5.9bn issued last week via 14 deals.
On July 5, 2017, Hindustan Petroleum Corp priced a $500m USD-denominated bond in the international market via bookrunners Citi, DBS, Mitsubishi UFJ Financial Group, Standard Chartered Bank, and State Bank of India. The deal is the first USD-denominated bond completed by the issuer also its largest bond priced since April 9, 2010 ($225m).
Indian international issuance has reached $10.3bn via 28 deals in 2017 YTD, up from $3.1bn raised in the same 2016 period. It is the busiest YTD period for Indian deal activity on record, and the third largest YTD volume after 2013 ($11.3bn) and 2014 ($11.7bn).
HSBC leads the G3 DCM league table in 2017 YTD with $17.1bn. This is followed by Citi with $13.3bn and Standard Chartered Bank with $10.9bn.
| Asia (ex Japan) G3 DCM Bookrunner Rankings - 2017 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | HSBC | 17,086.4 | 113 | 9.15 |
| 2 | Citi | 13,331.9 | 91 | 7.14 |
| 3 | Standard Chartered Bank | 10,906.0 | 74 | 5.84 |
| 4 | JPMorgan | 9,199.2 | 59 | 4.93 |
| 5 | Deutsche Bank | 8,510.9 | 47 | 4.56 |
| 6 | Bank of China | 8,457.4 | 71 | 4.53 |
| 7 | Bank of America Merrill Lynch | 7,030.8 | 46 | 3.77 |
| 8 | Goldman Sachs | 6,307.3 | 30 | 3.38 |
| 9 | UBS | 5,808.1 | 46 | 3.11 |
| 10 | Morgan Stanley | 5,645.9 | 37 | 3.02 |
