Dealogic League Table Round-up April 15

China Yangtze Power completes largest Utility & Energy sector ECM transaction on record

Equity Capital Markets

A total of $6.0 billion has been raised in the Asian equity capital markets this week through 20 deals, up 34% on the $2.9 billion raised in the previous week and brings year-to-date volume to $62.0 billion but volume is down 8% year-on-year.

This week’s volume was mostly driven by a $3.7 billion placement by China Yangtze Power through bookrunners CITIC Securities and Huatai Securities which is the largest Utility & Energy ECM transaction on record in Asia (ex Japan).

The deal helps push Utility & Energy sector ECM volume in the region to $6.2 billion so far this year, the highest YTD volume for the sector on record and up from just $1.8 billion in the same 2015 period.

CITIC Securities jumped to the top of the league table ranking on the back of this deal with $6.0 billion. $4.9 billion. GF Securities and Huatai Securities follow with $5.2 billion and $4.5 billion, respectively.

Asia (ex Japan) ECM Bookrunner Rankings - 2016 YTD
  Bookrunner Deal Value ($m) No. %share
1 CITIC Securities 5,965 23 9.6
2 GF Securities 5,155 15 8.3
3 Huatai Securities 4,463 12 7.2
4 Haitong Securities 3,651 20 5.9
5 Guosen Securities 2,834 10 4.6
6 China International Capital Corp 2,236 9 3.6
7 Deutsche Bank 2,109 11 3.4
8 Guotai Junan Securities 2,068 17 3.3
9 Morgan Stanley 1,902 13 3.1
10 Southwest Securities 1,791 7 2.9

Debt Capital Markets

Five issuers have tapped the G3 bond markets for $2.9 billion, down from the $4.4 billion raised in the previous week and brings year-to-date issuance to $52.3 billion, down 14% year-on-year.

Sunshine Life Insurance’s $1.5 billion bond through JPMorgan, Morgan Stanley, HSBC, ICBC, China Construction Bank, China Merchants Bank and China Merchants Securities is the largest deal of the week. The deal is also the largest Asia (ex Japan) G3 transaction from the Insurance sector on record and the second biggest FIG bond in the region so far this year behind Bank of China’s $2.0 billion trade in February, 2016.

FIG issuers in the region have tapped the G3 markets for $12.9 billion so far this year, down 11% from the record $14.5 billion raised in the same period last year but still stands as the second highest YTD total on record.

HSBC continues to lead the G3 DCM bookrunner ranking in the region with $6.2 billion while Citi and Bank of America Merrill Lynch follow with $4.5 billion and $3.5 billion respectively. 

Asia (ex Japan) G3 DCM Bookrunner Rankings - 2016 YTD
  Bookrunner Deal Value ($m) No. %share
1 HSBC 6,194 35 12.0
2 Citi 4,520 21 8.8
3 Bank of America Merrill Lynch 3,549 15 6.9
4 JPMorgan 3,513 18 6.8
5 Standard Chartered Bank 3,135 13 6.1
6 Deutsche Bank 2,472 11 4.8
7 Morgan Stanley 2,160 9 4.2
8 Credit Suisse 1,770 12 3.4
9 Barclays 1,654 9 3.2
10 Credit Agricole CIB 1,634 10 3.2
¬ Haymarket Media Limited. All rights reserved.