Dealogic League Table Round-up Jan 19

Equity Capital Markets

Asia (ex-Japan) ECM volume increased to $6.78bn via 29 deals this week from the $4.06bn (37 deals) raised last week.

On January 17, Chinese issuer Country Garden Holdings raised $3.0bn comprised of a $1.0bn top-up placement and a $2.0bn convertible via sole bookrunner Goldman Sachs, this is the largest Asia (ex-Japan) ECM transaction of the week.

China ECM Volume stood at $178.6bn via 988 deals in 2017, down from the $216.1bn (919 deals) in 2016. Shanghai Stock Exchange accounted for 47.2% of the total issuance with $84.2bn via 321 deals in 2017, followed by Shenzhen Stock Exchange and Hong Kong Exchange - Main Board with $41.3bn and $30.5bn, respectively.

Goldman Sachs leads the ECM league table with $2.03bn this YTD, followed by Huatai Securities Co Ltd with $1.01bn, and Citi ranks third with $774m.

Debt Capital Markets

Asia (ex-Japan) international DCM volume and deal activity continues to reach historical high year-to-date with $30.7bn via 59 deals. However, this week’s volume slumped, down 58% to $8.43bn from last week.

The largest deal of the week goes to Republic of the Philippines, which is also the first sovereign bond issuance in the region this year. This is the fourth consecutive year for the republic to issue a $2.0bn bond for funding its purchases of foreign currency-denominated bonds and public finance.

Another highlight of this week was the two debut issuances by Sunny Optical Technology (Group) Co Ltd (priced at $600m, 5 years to maturity) and SSMS Plantation Holdings Pte Ltd (priced at $300m, 5 years to maturity) on 16 January. BNP Paribas and Citi were the bookrunners for both deals. The former deal attracted a vast amount of investor’s interest, resulting in 15 times oversubscription with $9.1bn from 392 accounts.

Goldman Sachs leads Asia (ex-Japan) G3 DCM league table in 2018 YTD with $2.32bn, followed by JPMorgan with $1.96bn, and HSBC with $1.79bn.