Equity Capital Markets
Asia (ex Japan) issuers have raised a total of $2.5 billion through 26 deals this week, considerably down compared to the $6.4 billion raised last week via 45 deals.
The largest deal of the week is China’s Zhejiang Expressway’s convertible deal for $389 million via bookrunners Bank of China, China International Capital Corp, and Citi.
Asia (ex Japan) ECM volume totals to $63.0 billion so far this year, up 13% from the same period last year. Follow-on deals lead the volume with $43.4 billion, while IPOs and convertibles follow with $13.7 billion and $5.8 billion.
China International Capital Corp leads the ECM league table with $5.9 billion in 2017 YTD. CITIC Securities and Goldman Sachs follow with $5.5 billion and $4.0 billion, respectively.
Asia (ex Japan) ECM Bookrunner Rankings - 2017 YTD | ||||
Bookrunner | Deal Value ($m) | No. | %share | |
1 | China International Capital Corp Ltd | 5,876 | 21 | 9.3 |
2 | CITIC Securities | 5,534 | 21 | 8.8 |
3 | Goldman Sachs | 4,001 | 11 | 6.4 |
4 | China Securities Co Ltd | 3,545 | 20 | 5.6 |
5 | Guotai Junan Securities Co Ltd | 3,509 | 20 | 5.6 |
6 | Haitong Securities Ltd | 3,166 | 24 | 5.0 |
7 | UBS | 2,939 | 11 | 4.7 |
8 | Huatai Securities Co Ltd | 2,279 | 9 | 3.6 |
9 | Bank of China | 1,811 | 12 | 2.9 |
10 | Citi | 1,528 | 14 | 2.4 |
Debt Capital Markets
10 Asian (ex Japan) issuers have tapped the G3 debt capital markets this week for a total of $6.0 billion, down from the $8.5 billion issued last week via 14 deals.
The largest deal of the week is a $3.4 billion USD-denominated investment grade corporate bond by China’s Sinopec Group Overseas Development (2017), a finance vehicle of China Petrochemical Corp, via a consortium of 15 bookrunners.
This is followed by a USD-denominated high yield corporate bond issued by India’s JSW Steel for $500 million via bookrunners JPMorgan, Deutsche Bank, BNP Paribas, Credit Suisse, and Citi.
HSBC leads the G3 DCM league table in 2017 YTD with $8.8 billion. This is followed by Citi and JPMorgan with $6.8 billion and $6.5 billion.
Asia (ex Japan) G3 DCM Bookrunner Rankings - 2017 YTD | ||||
Bookrunner | Deal Value ($m) | No. | %share | |
1 | HSBC | 8,795 | 59 | 8.3 |
2 | Citi | 6,810 | 44 | 6.4 |
3 | JPMorgan | 6,491 | 36 | 6.1 |
4 | Standard Chartered Bank | 6,398 | 38 | 6.1 |
5 | Bank of China | 4,725 | 35 | 4.5 |
6 | Deutsche Bank | 4,296 | 26 | 4.1 |
7 | Goldman Sachs | 4,143 | 18 | 3.9 |
8 | Bank of America Merrill Lynch | 4,069 | 28 | 3.9 |
9 | Morgan Stanley | 3,939 | 24 | 3.7 |
10 | UBS | 2,867 | 21 | 2.7 |