Dealogic League Table Round-up April 29

Huawei Investment & Holding completes largest unrated G3 bond in Asia (ex Japan) on record

Equity Capital Markets

 

Asia (ex Japan) issuers have raised $3.7 billion via 24 deals so far this week, down slightly on the $3.8 billion raised via 30 deals last week and brings year to date issuance in the region to $70.3 billion, down 13% from the record high of $80.5 billion raised in 2015 YTD.

Guangdong Baolihua New Energy Stock’s $477 million cash placing through sole bookrunner Essence Securities is the largest deal this week. The deal is the largest Utility & Energy ECM transaction on Shenzhen Stock Exchange this year.

A total of $26.5 billion has been raised in the equity capital market in the Shenzhen Stock Exchange so far this year, up almost 3 times from the $9.6 billion raised year on year and the highest YTD volume on record.

The top three banks in the league table ranking remain the same with CITIC Securities leading with $5.9 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 8.6
2 GF Securities Co Ltd 5,503 19 7.9
3 Huatai Securities Co Ltd 4,539 13 6.5
4 Haitong Securities Ltd 3,684 20 5.3
5 Guosen Securities Co Ltd 3,323 11 4.8
6 Guotai Junan Securities Co Ltd 2,798 19 4.0
7 Southwest Securities Co Ltd 2,340 10 3.3
8 China International Capital Corp Ltd 2,264 9 3.2
9 Deutsche Bank 2,212 12 3.2
10 Morgan Stanley 2,200 15 3.1

Debt Capital Markets

Four issuers have tapped the G3 bond markets in Asia (ex Japan) so far this week for a combined total of $5.3 billion, less than half of the $11.6 billion raised last week

China Petrochemical’s $3.0 billion quadruple - tranche is the largest deal of the week through bookrunners Mizuho, Standard Chartered, JPMorgan, UBS, Goldman Sachs, ICBC, HSBC, CCB, DBS, Agricultural Bank of China, China Merchants Securities, SG Corporate & Investment Banking, Bank of China, Citi and Bank of America Merrill Lynch.

Another notable deal this week is Huawei Investment & Holding’s $2 billion issuance via bookrunner Standard Chartered Bank, HSBC, ANZ, DBS and Bank of China. This is the largest Asia (ex Japan) G3 unrated issuance on record, followed by Lenovo’s $1.5 billion raised in April 2014.

Asia (ex Japan) G3 corporate IG bond volume has dropped to $20.1 billion so far this year, from the $37.9 billion raised in 2015 and is the lowest YTD total since 2011 ($16.0 billion).

HSBC continues its helm at the top of the G3 DCM bookrunner ranking in the region in 2016 YTD with $7.7 billion while Bank of America Merrill Lynch and Citi followed in second and third place with $5.3 billion and $5.27 billion respectively.

Asia (ex Japan) G3 DCM Bookrunner Rankings - 2016 YTD
  Bookrunner Deal Value ($m) No. %share
1 HSBC 7,698 42 11.5
2 Bank of America Merrill Lynch 5,342 20 8.0
3 Citi 5,275 27 7.9
4 JPMorgan 4,401 23 6.6
5 Standard Chartered Bank 3,335 14 5.0
6 Deutsche Bank 2,680 13 4.0
7 BNP Paribas 2,598 13 3.9
8 Bank of China 2,357 12 3.5
9 Morgan Stanley 2,253 10 3.4
10 Barclays 2,096 10 3.1
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