Equity Capital Markets
Asia (ex-Japan) ECM volume stands at $4.3bn via 25 deals so far this week, up 66% from the $2.6bn via 25 deals completed last week.
On Aug 30, Indian issuer NTPC completed a $1.5bn follow-on via Citi, Jefferies, Axis Bank, and Yes Bank. This is the largest Asia (ex-Japan) ECM transaction this week and the largest Asia (ex-Japan) transaction in Utilities & Energy sector this YTD.
Indian ECM volume stands at $14.2bn via 146 deals so far this year, almost tripled from the $5.1bn via 91 deals in 2016 YTD. Follow-ons account for 76% of total volume with $10.7bn via 55 deals so far in 2017, up from the $3.0bn raised in the same 2016 period.
CITIC Securities leads the ECM league table with $8.5bn in 2017 YTD, followed by China International Capital Corp with $8.0bn and Goldman Sachs is third with $7.7bn.
| Asia (ex Japan) ECM Bookrunner Rankings - 2017 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | CITIC Securities | 8,519.0 | 51 | 5.79 |
| 2 | China International Capital Corp Ltd | 8,010.4 | 39 | 5.45 |
| 3 | Goldman Sachs | 7,737.1 | 30 | 5.26 |
| 4 | Citi | 6,260.4 | 41 | 4.26 |
| 5 | Guotai Junan Securities Co Ltd | 5,991.3 | 40 | 4.07 |
| 6 | China Securities Co Ltd | 5,826.2 | 34 | 3.96 |
| 7 | UBS | 5,007.4 | 24 | 3.4 |
| 8 | Morgan Stanley | 4,615.9 | 26 | 3.14 |
| 9 | Haitong Securities Ltd | 4,501.9 | 45 | 3.06 |
| 10 | GF Securities Co Ltd | 4,043.0 | 49 | 2.75 |
Debt Capital Markets
Asia (ex-Japan) G3 DCM volume totaled $1.7bn via 4 deals this week, down 46% from the $3.2bn raised last week via 4 deals.
On August 30, 2017, BDO Unibank priced a $700m USD-denominated bond via bookrunners Bank of America Merrill Lynch, HSBC, and Well Fargo Securities. This is the largest deal priced this week and the largest financial institution deal priced in the Philippine followed by Rizal Commerical Banking Corp’s $320m bond priced on October 26, 2015.
Hana Financial Group priced a $350m USD-denominated bond on August 31, 2017 via bookrunners Credit Agricole and Standard Chartered Bank. This followed last year’s Formosa bond by the issuer priced for $103m on July 17, 2015. Formosa issuance increased to $4.8bn in Asia (ex-Japan) so far this year, up from $2.8bn raised in the same 2016 period, marking the second highest YTD volume on record behind 2015 ($5.0bn).
HSBC leads the G3 DCM league table in 2017 YTD with $20.1bn. This is followed by Citi with $16.2bn and Standard Chartered Bank with $12.9bn.
| Asia (ex Japan) G3 DCM Bookrunner Rankings - 2017 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | HSBC | 20,109.9 | 141 | 8.92 |
| 2 | Citi | 16,201.3 | 112 | 7.18 |
| 3 | Standard Chartered Bank | 12,852.0 | 95 | 5.7 |
| 4 | Deutsche Bank | 10,915.9 | 60 | 4.84 |
| 5 | JPMorgan | 10,838.9 | 74 | 4.81 |
| 6 | Bank of China | 10,162.8 | 91 | 4.51 |
| 7 | Bank of America Merrill Lynch | 8,736.0 | 59 | 3.87 |
| 8 | Goldman Sachs | 7,763.9 | 38 | 3.44 |
| 9 | UBS | 7,177.5 | 64 | 3.18 |
| 10 | BNP Paribas | 6,855.5 | 51 | 3.04 |
