Dealogic League Table Round-up April 22

China Real Estate ECM at highest YTD volume on record

Equity Capital Markets

A total of $3.6 billion has been raised in the Asian equity capital markets this week through 22 deals, down 44% on the $6.3 billion raised in the previous week and brings year-to-date volume to $66.4 billion, a 9% drop from the same period last year.

This week’s volume was mostly bolstered by two private placements from Real Estate companies with a combined value of $1.3 billion. The larger of the two is Zhongnan Holding’s $716 million placement through bookrunner Guotai Junan Securities for project financing purposes. The other deal is Zhonghong Holding’s $602 million follow-on via bookrunner China Orient Asset Management.

The deals help push Real Estate sector ECM volume in China to $5.7 billion so far this year, the highest YTD volume for the sector on record and up from just $1.1 billion in the same 2015 period.

CITIC Securities continues to lead the league table ranking with $6.0 billion in 2016 YTD, while GF Securities and Huatai Securities follow with $5.5 billion and $4.5 billion, respectively.

Asia (ex Japan) ECM Bookrunner Rankings - 2016 YTD
  Bookrunner Deal Value ($m) No. %share
1 CITIC Securities 5,993 23 9.0
2 GF Securities 5,503 19 8.3
3 Huatai Securities 4,542 13 6.8
4 Haitong Securities 3,684 20 5.6
5 Guosen Securities 3,323 11 5.0
6 Guotai Junan Securities 2,790 18 4.2
7 China International Capital 2,264 9 3.4
8 Deutsche Bank 2,109 11 3.2
9 Morgan Stanley 1,902 13 2.9
10 Southwest Securities 1,805 8 2.7

Debt Capital Markets

Eight issuers have tapped the G3 bond markets for $10.1 billion, up from the $2.9 billion raised via five deals in the previous week and brings year-to-date issuance to $62.0 billion, down 21% year-on-year.

The largest deal this week is Asian Development Bank’s $3.5 billion dual- tranche USD-denominated bond through bookrunners Banks of America Merrill Lynch, BNP Paribas, Goldman Sachs and Mizuho. The deal also represents the largest Asia (ex Japan) G3 transaction so far this year and the largest debt issuance by Asian Development Bank on record.

Another notable deal this week is Malaysia Sukuk Global’s $1.5 billion USD-denominated Islamic issuance via bookrunner CIMB, HSBC, JPMorgan and Maybank. This is the second largest Islamic bond issued in 2016 after the $2.5 billion USD raised by Republic of Indonesia on March 21.

SSA G3 issuances in the region has reached $31.3 billion so far this year, the highest YTD volume on record and up 53% from the same period last year. Activity dropped slightly to 32 deals from the 39 issuances in 2015 YTD.

Asia (ex Japan) G3 DCM bookrunner ranking remains the same with HSBC leading with $7.3 billion while Citi and Bank of America Merrill Lynch follow with $5.1 billion and $4.6 billion respectively. 

Asia (ex Japan) G3 DCM Bookrunner Rankings - 2016 YTD
  Bookrunner Deal Value ($m) No. %share
1 HSBC 7,332 40 11.8
2 Citi 5,075 26 8.2
3 Bank of America Merrill Lynch 4,649 18 7.5
4 JPMorgan 4,172 21 6.7
5 Standard Chartered Bank 3,135 13 5.1
6 BNP Paribas 2,598 13 4.2
7 Deutsche Bank 2,513 12 4.1
8 Morgan Stanley 2,253 10 3.6
9 Bank of China 2,157 11 3.5
10 Barclays 2,096 10 3.4
¬ Haymarket Media Limited. All rights reserved.