Equity Capital Markets
Asia (ex Japan) ECM volume stands at $1.5bn via eight deals so far this week (one IPO and seven follow-ons), compared to the $4.8bn via 26 deals completed in the previous week.
On May 2, Philippine issuer Bank of the Philippines Islands completed a $965m follow-on via Bank of the Philippines Islands, Deutsche Bank, Goldman Sachs, and JPMorgan in what is the largest Asia (ex Japan) ECM transaction this week.
Asia ex Japan Finance ECM proceeds stands at $8.1bn via 39 deals in 2018 YTD, a 19% increase from last year's $6.8bn (via 44 deals) in the same period. Revenue raised from Asia ex-Japan Finance ECM issuance increased by 16%, from the $81m in 2017 YTD to $94m in 2018 YTD, with Philippines leading at $32m.
Citi leads the ECM league table with $8.2bn this YTD, Goldman Sachs follows with $7.3bn, and Morgan Stanley is the third with $6.7bn.
| Pos. | Bookrunner | Deal Value ($m) | No. | %share |
|---|---|---|---|---|
| 1 | Citi | 8,223.6 | 32 | 8.73 |
| 2 | Goldman Sachs | 7,293.0 | 22 | 7.74 |
| 3 | Morgan Stanley | 6,724.3 | 19 | 7.14 |
| 4 | China Securities Co Ltd | 5,909.2 | 16 | 6.27 |
| 5 | Bank of America Merrill Lynch | 5,302.8 | 10 | 5.63 |
Debt Capital Markets
Asian (ex-Japan) G3 DCM deal volume dropped to $1.4bn (10 deals) so far this week, from the $7.7bn raised last week.
The largest deal of the week goes to Avation Capital SA, priced a $300m bond with Bank of China, Goldman Sachs, and Wells Fargo as bookrunners. Proceeds are to refinance existing junior and senior secured loans. High-yield issuance marked 70% of this week’s issuance, with YTD volume reaching record high with $20.0bn via 62 deals.
G3 DCM Volume priced 2018 YTD stands at $126bn. North Asia accounts for 72% with $91.4bn (174 deals), Southeast Asian issuers raised $28.4bn via 47 deals, accounting for 23% of the volume in the region. The rest of 5% is a contribution by India Subcontinent issuers.
HSBC leads Asia (ex-Japan) G3 DCM league table in 2018 YTD with $9.9bn, Citi follows it with $6.7bn, and Bank of China is the third with $6.4bn.
| Pos. | Bookrunner | Deal Value ($m) | No. | %share |
|---|---|---|---|---|
| 1 | HSBC | 9,892.9 | 78 | 7.83 |
| 2 | Citi | 6,653.2 | 50 | 5.27 |
| 3 | Bank of China | 6,339.0 | 61 | 5.02 |
| 4 | Standard Chartered Bank | 5,108.7 | 47 | 4.05 |
| 5 | JPMorgan | 5,029.5 | 24 | 3.98 |
