Equity Capital Markets
Asia (ex-Japan) ECM deals activity was down two consecutive weeks. This week’s volume stands at 2.4bn via 18 deals, halved from the $5.4bn (20 deals) raised last week.
On November 22, Thai issuer Gulf Energy Development completed a $732m IPO via a consortium of five bookrunners. This is the largest Asia (ex-Japan) ECM transaction for the week, and the third largest Southeast Asia ECM transaction in the Utility & Energy sector on record.
Asia (ex-Japan) Utility & Energy ECM volume stands at $8.4bn via 44 deals so far this year, down from the $12.2bn via 46 deals in 2016 YTD. China accounts for 48% of the total issuance with $4.1bn via 25 deals in 2017 YTD, followed by India and Thailand with $2.1bn and $1.9bn, respectively.
CITIC Securities leads the ECM league table with $14.0bn in 2017 YTD, followed by Goldman Sachs with $10.2bn and UBS took the third position with $9.9bn.
| Pos. | Bookrunner | Deal Value ($m) | No. | %share |
|---|---|---|---|---|
| 1 | CITIC Securities | 13,958.1 | 79 | 6.36 |
| 2 | Goldman Sachs | 10,206.7 | 46 | 4.65 |
| 3 | UBS | 9,882.5 | 43 | 4.5 |
| 4 | China Securities Co Ltd | 9,861.8 | 46 | 4.5 |
| 5 | China International Capital Corp Ltd | 9,562.6 | 48 | 4.36 |
Debt Capital Markets
Asia (ex-Japan) G3 issuance volume went up to $9.8bn this week via 19 deals compared to $6.4bn priced in the previous week.
On November 21, Export-Import Bank of China priced a $3.3bn 4-tranche bond via a consortium of 9 bookrunners. This is the largest transaction completed by the issuer in the international market, and the second Chinese agency deal after the China’s sovereign issuance in October following China Development Bank’s $1.7bn bond priced earlier this month.
Four real estate companies from China and the Philippines tapped the international market this week, raising $1.75bn in total, accounting for 18% of this week’s total issuance in the region.
HSBC leads the G3 DCM league table in 2017 YTD with $26.1bn, followed by Citi with $21.8bn and Standard Chartered Bank with $16.3bn.
| Pos. | Bookrunner | Deal Value ($m) | No. | %share |
|---|---|---|---|---|
| 1 | HSBC | 26,108.5 | 191 | 8.19 |
| 2 | Citi | 21,801.9 | 153 | 6.84 |
| 3 | Standard Chartered Bank | 16,271.5 | 123 | 5.1 |
| 4 | Bank of China | 15,992.7 | 133 | 5.02 |
| 5 | JPMorgan | 14,124.7 | 99 | 4.43 |
