Equity Capital Markets
Asia (ex Japan) ECM volume stands at $3.0bn via 23 deals so far this week (seven IPOs, 15 follow-ons, and one convertible), slight increase from the $2.8bn raised via 21 deals in the previous week.
On May 14, Thai issuer Digital Telecommunications Infrastructure Fund completed a $1.7bn follow-on via Siam Commercial Bank and Credit Suisse in what is the largest Asia (ex Japan) ECM transaction this week.
With $2.9bn (15 deals) raised in 2018 YTD, Asia (ex Japan) Telecom ECM volume reached its highest level since 2015 YTD ($4.8bn), a 12% increase from the $2.6bn (via 21 deals) raised in the same period last year. Aside from Digital Telecommunications Infrastructure Fund, another Thai telecom issuer- Jasmine Broadband Internet Infrastructure Fund, issued a $178m follow-on this week.
Citi leads the ECM league table with $9.2bn this YTD, Goldman Sachs follows with $7.7bn, and Morgan Stanley is the third with $7.3bn.
| Pos. | Bookrunner | Deal Value ($m) | No. | %share |
|---|---|---|---|---|
| 1 | Citi | 9,220.2 | 39 | 9.05 |
| 2 | Goldman Sachs | 7,681.9 | 26 | 7.54 |
| 3 | Morgan Stanley | 7,300.7 | 24 | 7.17 |
| 4 | China Securities Co Ltd | 6,098.5 | 17 | 5.99 |
| 5 | Bank of America Merrill Lynch | 5,384.7 | 11 | 5.29 |
Debt Capital Markets
Asian (ex Japan) G3 DCM deal volume stands at $7.6bn (15 deals) so far this week, 62% increase from the $4.7bn (9deals) raised last week.
The largest deal of the week goes to PT Perusahaan Listrik Negara (Persero) - PLN, priced a $2.0bn bond with Citi, HSBC, Mandiri Sekuritas, and Standard Chartered Bank as bookrunners. Other notable issuances this week were Asian Development Bank (EUR 1.25bn) and Vanke Real Estate (Hong Kong) Co Ltd ($650m).
Asia (ex Japan) Utility & Energy G3 DCM volume stands at $9.0bn (12 deals) so far this year, down from the $12.8bn (14 deals) raised in the same period last year. However, it is still the second highest level on record, followed by $7.8bn (12 deals) raised in 2014 YTD.
HSBC leads Asia (ex Japan) G3 DCM league table in 2018 YTD with $11.0bn, Citi follows it with $8.1bn, and Bank of China is the third with $7.2bn.
| Pos. | Bookrunner | Deal Value ($m) | No. | %share |
|---|---|---|---|---|
| 1 | HSBC | 11,038.0 | 86 | 7.95 |
| 2 | Citi | 8,055.5 | 55 | 5.80 |
| 3 | Bank of China | 7,209.9 | 72 | 5.19 |
| 4 | Standard Chartered Bank | 5,864.0 | 52 | 4.23 |
| 5 | Goldman Sachs | 5,464.7 | 25 | 3.94 |
