Equity Capital Markets
Asia (ex Japan) ECM volume stands at $3.7bn via 19 deals so far this week (10 follow-ons, seven IPOs and two convertibles), compared to the $2.4bn via 22 deals completed in the previous week.
On April 26, Chinese issuer Ping An HealthCare & Technology completed a $1.1bn IPO via a consortium of seven bookrunners in what is the largest Asia (ex Japan) ECM transaction this week.
Asia (ex Japan) Technology ECM volume stands at $19.4bn via 91 deals in 2018 YTD, up 48% from 2017 YTD ($13.1bn) and the highest YTD volume on record. China accounts for 82% of total issuance with $16.0bn via 39 deals in 2018 YTD. Followed by India and South Korea with $1.5bn and $1.2bn, respectively.
Citi leads the ECM league table with $8.0bn 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 | 7,972.8 | 30 | 8.70 |
| 2 | Goldman Sachs | 6,993.7 | 21 | 7.64 |
| 3 | Morgan Stanley | 6,416.6 | 18 | 7.01 |
| 4 | China Securities Co Ltd | 5,909.2 | 16 | 6.45 |
| 5 | Bank of America Merrill Lynch | 5,245.0 | 10 | 5.73 |
Debt Capital Markets
Asian (ex-Japan) G3 DCM deals stands at $7.2bn so far this week, down 55% from the $16.0bn raised last week.
State Grid Corp priced a 4-tranche USD and EUR-denominated bond at $2.8bn via a consortium of 14 banks. This is the largest transaction priced this week.
China National Offshore Oil Group priced a SEC-registered dual-tranche bond at $1.5bn via a consortium of 10 banks. This is the second SEC-registered bond from a Chinese company this year.
Chinese US-marketed DCM volume reached $15.9bn via 8 deals and reached the highest YTD volume on record.
HSBC leads Asia (ex-Japan) G3 DCM league table in 2018 YTD with $9.8bn, Citi follows it with $6.6bn, and Bank of China is the third with $6.2bn.
| Pos. | Bookrunner | Deal Value ($m) | No. | %share |
|---|---|---|---|---|
| 1 | HSBC | 9,799.8 | 76 | 7.89 |
| 2 | Citi | 6,566.0 | 48 | 5.28 |
| 3 | Bank of China | 6,168.2 | 58 | 4.96 |
| 4 | Standard Chartered Bank | 5,034.0 | 46 | 4.05 |
| 5 | JPMorgan | 5,029.5 | 24 | 4.05 |
