Equity Capital Markets
Asia (ex Japan) ECM volume stands at $2.1bn via nine deals so far this week (seven follow-ons and two convertibles), compared to the $6.9bn via 35 deals completed in the previous week.
On April 20, Chinese issuer Yunda Holding completed a $624m follow-on via CITIC Securities in what is the largest Asia (ex Japan) ECM transaction this week. Asia (ex Japan) ECM volume stands at $87.5bn in 2018 YTD, up 25% from 2017 YTD ($69.9bn) and is the highest ECM volume on record on YTD base.
$31.8bn (126 deals) are China listed volume, accounting for 36% of the total volume, followed by Hong Kong with 32% ($28.0bn via 141 deals), and India with 11% ($9.4bn via 101 deals).
Citi leads the ECM league table with $7.8bn this YTD, Goldman Sachs follows with $7.0bn, and Morgan Stanley is the third with $6.4bn.
| Pos. | Bookrunner | Deal Value ($m) | No. | %share |
|---|---|---|---|---|
| 1 | Citi | 7,777.8 | 28 | 8.87 |
| 2 | Goldman Sachs | 6,993.7 | 21 | 7.98 |
| 3 | Morgan Stanley | 6,416.6 | 18 | 7.32 |
| 4 | China Securities Co Ltd | 5,454.8 | 15 | 6.22 |
| 5 | Bank of America Merrill Lynch | 5,245.0 | 10 | 5.98 |
Debt Capital Markets
Asian (ex-Japan) G3 DCM deals stands at $15.9bn so far this week, up 10% from the $14.2bn raised last week.
Indonesia returned to the market with a dual-tranches USD and EUR-denominated $2.2bn bond via Credit Agricole, Deutsche Bank, Goldman Sachs, HSBC and Mandiri Sekuritas as Bookrunners, the second issue by Indonesia this year-to-date.
Sunac China priced the second largest High Yield transaction ($1.1bn) this year-to-date with China CITIC Bank, China Merchants Bank, Guotai Junan Securities, HSBC, ICBC, Industrial Securities, Morgan Stanley, and Nomura as Joint Global Co-ordinator.
High Yield issuances in the region reached $17.0bn via 50 deals this year-to-date and marked the second highest YTD volume on record behind $18.0bn via 49 deals in the same 2017.
HSBC leads Asia (ex-Japan) G3 DCM league table in 2018 YTD with $9.4bn, Citi follows it with $6.1bn, and Bank of China is the third with $5.5bn.
| Pos. | Bookrunner | Deal Value ($m) | No. | %share |
|---|---|---|---|---|
| 1 | HSBC | 9,382.6 | 73 | 8.03 |
| 2 | Citi | 6,116.3 | 44 | 5.23 |
| 3 | Bank of China | 5,452.1 | 53 | 4.66 |
| 4 | Standard Chartered Bank | 4,869.2 | 45 | 4.17 |
| 5 | JPMorgan | 4,642.2 | 21 | 3.97 |
