Equity Capital Markets
Asia (ex Japan) ECM volume stands at $2.0bn via 20 deals so far this, compared to the $2.0bn via 27 deals completed in last week.
On 1 Aug, Hengtong Optic-Electric completed a $454m follow on via bookrunner Shenwan Hongyuan, this is the largest Asia (ex Japan) ECM transaction this week.
Technology sector leads the Asia (ex Japan) ECM sector ranking with 239 deals so far in 2017, up from 216 deals in the same period last year and the highest YTD activity since 2004 (240 deals). This was driven mainly by Chinese issuers with 119 deals completed in 2017 YTD, recording the highest YTD activity level. Contrarily, volume dropped to $18.5bn from $28.6bn in 2016 YTD, ranking as the third highest YTD volume on record.
CITIC Securities leads the ECM league table with $8.0bn in 2017 YTD, followed by China International Capital Corp with $7.1bn and Goldman Sachs is third with $7.2bn.
| Asia (ex Japan) ECM Bookrunner Rankings - 2017 YTD | |||||
| Bookrunner | Deal Value ($m) | No. | %share | ||
| 1 | CITIC Securities | 8,082.2 | 46 | 6.05 | |
| 2 | China International Capital Corp | 7,717.1 | 36 | 5.77 | |
| 3 | Goldman Sachs | 7,216.4 | 26 | 5.4 | |
| 4 | Guotai Junan Securities | 5,816.1 | 39 | 4.35 | |
| 5 | Citi | 5,733.6 | 38 | 4.29 | |
| 6 | China Securities | 5,327.2 | 31 | 3.99 | |
| 7 | UBS | 4,797.1 | 23 | 3.59 | |
| 8 | Morgan Stanley | 4,306.5 | 24 | 3.22 | |
| 9 | Haitong Securities | 4,146.1 | 41 | 3.1 | |
| 10 | GF Securities | 3,870.3 | 46 | 2.9 | |
Debt Capital Markets
Asia ex Japan International issuance totaled $8.0bn via 13 deals this week, up 149% from the volume raised last week ($3.3bn).
On 3 Aug, PT Paiton Energy priced $2bn dual-tranche issue via bookrunners Barclays, Citi, DBS, Deutsche Bank, and HSBC. This is the largest transaction priced this week in the region and the 3rd largest bond priced by Indonesian corporate on record.
On 2 Aug, Sunac China Holdings priced $1bn dual-tranche issue via bookrunners China CITIC Bank, China Merchants Bank, Citi, Haitong Secuities, HSBC, Industrial & Commercial Bank of China, Industrial Bank, Morgan Stanley, and Shanghai Pudong Development Bank. This is on par with COSCO SHIPPING Holdings Co’s $1bn transaction priced in 2012 to mark the largest USD-denominated bond priced by Tianjin corporate.
HSBC leads the G3 DCM league table in 2017 YTD with $18.7bn. This is followed by Citi with $15.2bn and Standard Chartered Bank with $11.7bn.
| Asia (ex Japan) G3 DCM Bookrunner Rankings - 2017 YTD | |||||
| Bookrunner | Deal Value ($m) | No. | %share | ||
| 1 | HSBC | 18,689.5 | 131 | 8.81 | |
| 2 | Citi | 15,219.7 | 104 | 7.17 | |
| 3 | Standard Chartered Bank | 11,717.9 | 86 | 5.52 | |
| 4 | JPMorgan | 10,167.8 | 66 | 4.79 | |
| 5 | Deutsche Bank | 10,078.0 | 55 | 4.75 | |
| 6 | Bank of China | 9,790.9 | 87 | 4.61 | |
| 7 | Bank of America Merrill Lynch | 8,006.0 | 54 | 3.77 | |
| 8 | Goldman Sachs | 7,513.7 | 36 | 3.54 | |
| 9 | Morgan Stanley | 6,635.9 | 46 | 3.13 | |
| 10 | UBS | 6,572.5 | 57 | 3.1 | |
