Dealogic League Table Round-up April 1

GF Securities and HSBC led the ECM and G3 Bond bookrunner ranking for 1Q 2016, respectively.

Equity Capital Markets

A total of $952 million has been raised in the Asian equity capital markets through 12 deals this week, down from the $6.8 billion via 31 deals completed in the prior week. Of the 12 deals priced this week, Shanghai Flyco Electrical Appliance’s $128 million IPO is the largest IPO to complete this week on April 1st, 2016 and marks the tenth biggest new listing* in the region so far this year.

1Q 2016 Asia (ex Japan) ECM volume stood at $51.9 billion, down 10% year-on-year and the lowest 1Q total since 1Q 2014 ($41.6bn). Volume was driven by A-shares with $37.2 billion, a 39% increase on the same 2015 period and the highest quarterly total since 2Q 2015 ($43.3 billion).

Despite the surge in A-shares, the two largest IPOs globally both listed in Hong Kong in 1Q 2016; China Zheshang Bank’s $$1.7 billion IPO and Bank of Tianjin’s $948 million IPO and pushed Chinese issuers to lead global new listings* volume with $5.7 billion in 1Q 2016, less than half the $13.4 billion raised in 1Q 2015.

GF Securities led the regional ECM bookrunner ranking in 1Q 2016 with $4.9 billion. CITIC Securities and Haitong Securities rounded off the top three banks with $3.6 billion and $2.5 billion, respectively.

*includes primary and secondary listings

Asia (ex Japan) ECM Bookrunner Rankings - 2016 YTD
  Bookrunner Deal Value ($m) No. %share
1 GF Securities Co Ltd 4,916 13 9.5
2 CITIC Securities 3,610 18 7.0
3 Haitong Securities Ltd 2,548 17 4.9
4 Huatai Securities Co Ltd 2,541 10 4.9
5 Guosen Securities Co Ltd 2,540 8 4.9
6 Guotai Junan Securities Co Ltd 2,011 16 3.9
7 Deutsche Bank 2,008 9 3.9
8 Morgan Stanley 1,856 12 3.6
9 China International Capital Corp Ltd 1,849 8 3.6
10 Sinolink Securities Co Ltd 1,652 3 3.2

Debt Capital Markets

Two issuers have tapped the G3 bond markets for $900 million so far this week, down from the $3.4 billion raised in the week prior. Mongolia’s $500 million sovereign bond through bookrunners JPMorgan, Deutsche Bank, ING and Credit Suisse is the largest deal of the week.

1Q 2016 G3 bond volume totaled $43.9 billion, down 22% year-on-year. Despite the decline, G3 SSA issuance increased to $22.5 billion in 1Q 2016, the highest quarterly volume on record and up 36% on 1Q 2015 ($16.6 billion).

China led G3 issuance with $13.0 billion, the lowest 1Q total since 2012 ($4.5 billion) and down 42% on 1Q 2015 ($22.6bn). Followed by the Philippines and South Korea with $10.9 billion and $7.2 billion, respectively.

HSBC topped the1Q 2016 G3 DCM bookrunner ranking in the region with $4.8 billion while Citi and Standard Chartered Bank follow with $3.9 billion and $3.1 billion respectively. 

Asia (ex Japan) G3 DCM Bookrunner Rankings - 2016 YTD
  Bookrunner Deal Value ($m) No. %share
1 HSBC 4,814 28 11.0
2 Citi 3,900 17 8.9
3 Standard Chartered Bank 3,135 13 7.1
4 JPMorgan 2,993 15 6.8
5 Bank of America Merrill Lynch 2,724 12 6.2
6 Deutsche Bank 2,224 10 5.1
7 Morgan Stanley 1,946 8 4.4
8 Bank of China 1,580 8 3.6
9 Credit Suisse 1,473 10 3.4
10 BNP Paribas 1,322 9 3.0
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