Equity Capital Markets
Asia (ex-Japan) ECM deal volume stands at $5.6bn via 41 deals, on par with equity raised last week.
The largest ECM transaction in Asia (ex-Japan) this week was a $1.0bn follow-on from Sunac China Holdings Ltd, with Morgan Stanley as sole bookrunner.
Asia (ex Japan) Real Estate/ Property ECM volume stands at $9.5bn via 85 deals so far this year, down from $18.2bn via 83 deals in 2016 YTD. China accounts for 45% of total volume with $4.2bn via 25 deals so far in 2017, down from the $14.0bn raised in the same 2016 period
11 Asia (ex Japan) ECM transactions are expected to price next week (Eight IPOs and three follow-ons), for an estimated total of $260m. The largest expected deal is LexinFintech Holdings’ $120m IPO via a consortium of four bookrunners
CITIC Securities leads the ECM league table with $16.4bn in 2017 YTD, followed by China International Capital Corp Ltd with $11.6bn, and Goldman Sachs is the third with $11.3bn.
| Pos. | Bookrunner | Deal Value ($m) | No. | %share |
|---|---|---|---|---|
| 1 | CITIC Securities | 16,398.7 | 87 | 6.71 |
| 2 | China International Capital Corp Ltd | 11,585.0 | 56 | 4.74 |
| 3 | Goldman Sachs | 11,285.2 | 52 | 4.62 |
| 4 | China Securities Co Ltd | 10,691.6 | 52 | 4.38 |
| 5 | Morgan Stanley | 10,424.9 | 56 | 4.27 |
Debt Capital Markets
Asia (ex-Japan) G3 issuance volume was down by 57% to $5.4bn (11 deals) this week from the $12.6bn (20 deals) raised in the previous week.
The largest deal of the week goes to Charming Light Investments Ltd (a subsidiary of China Orient Asset Management Co Ltd) which priced its USD-denominated bond at $2.0bn with 3 tranches (1 perpetual, 1 floating rate and 1 fixed rate), via a consortium of 20 bookrunners on December 13. This is also the company's largest deal on record.
Bank of Chongqing Co Ltd priced its debut USD-denominated preferred share at $750.0m on 13 December as well via a consortium of 12 bookrunners for recapitalization. Perpetual deals have gained popularity since 2014 and set a volume record - $46.6bn via 84 deals.
HSBC leads the G3 DCM league table in 2017 YTD with $28.2bn, followed by Citi with $25.4bn, and Standard Chartered Bank with $18.1bn.
| Pos. | Bookrunner | Deal Value ($m) | No. | %share |
|---|---|---|---|---|
| 1 | HSBC | 28,188.7 | 217 | 7.88 |
| 2 | Citi | 25,424.8 | 162 | 7.11 |
| 3 | Standard Chartered Bank | 18,121.4 | 137 | 5.07 |
| 4 | Bank of China | 17,269.1 | 147 | 4.83 |
| 5 | JPMorgan | 15,601.7 | 102 | 4.36 |
