Dealogic League Table Round-up April 8

CK Hutchison Holdings’ completes largest G3 corporate bond in Asia (ex Japan) in 2016 YTD.

Equity Capital Markets

A total of $2.7 billion has been raised in the Asian equity capital markets this week through 22 deals, up slightly on the $2.1 billion raised in the previous week.

The largest transaction of the week was a $1.1 billion follow-on for Guangdong Huasheng Electrical Appliances through bookrunners China Everbright Group and Hengtai Securities. The deal is also the largest Tech ECM transaction in the region since Dongxu Optoelectronic Technology’s $1.2 billion in December 2015.

China accounts for 87% of Tech ECM issuance in Asia (ex Japan) with $7.9 billion, the highest YTD total since 2014 ($13.3 billion), up 52% year-on-year. South Korea and India follow with $478m and $273 million, respectively.

GF Securities leads the regional ECM bookrunner ranking in 2016 YTD with $4.9 billion. CITIC Securities and Haitong Securities follow with $4.1 billion and $3.7 billion, respectively.

Asia (ex Japan) ECM Bookrunner Rankings - 2016 YTD
  Bookrunner Deal Value ($m) No. %share
1 GF Securities Co Ltd 4,916 13 8.8
2 CITIC Securities 4,098 22 7.3
3 Haitong Securities Ltd 3,651 20 6.5
4 Huatai Securities Co Ltd 2,596 11 4.7
5 Guosen Securities Co Ltd 2,578 9 4.6
6 Deutsche Bank 2,070 10 3.7
7 Guotai Junan Securities Co Ltd 2,068 17 3.7
8 Morgan Stanley 1,902 13 3.4
9 China International Capital Corp Ltd 1,849 8 3.3
10 Sinolink Securities Co Ltd 1,652 3 3.0

Debt Capital Markets

Five issuers have tapped the G3 bond markets for $4.0 billion, up from the $1.1 billion raised in the prior week.

CK Hutchison Holdings’ $2.3 billion euro-denominated bond was the largest deal of the week through bookrunners HSBC, Barclays, Bank of America Merrill Lynch and Credit Agricole CIB. The deal is also the largest G3 bond by a corporate issuer in Asia (Ex Japan) so far this year.

Asia (ex Japan) G3 corporate IG bond volume has dropped to $12.0 billion so far this year, from the record $21.0 billion raised in 2015 and is the lowest YTD total since 2011 ($11.7 billion).

HSBC continues to lead the G3 DCM bookrunner ranking in the region with $5.6 billion while Citi and Bank of America Merrill Lynch follow with $4.1 billion and $3.3 billion respectively. 

Asia (ex Japan) G3 DCM Bookrunner Rankings - 2016 YTD
  Bookrunner Deal Value ($m) No. %share
1 HSBC 5,641 31 11.7
2 Citi 4,066 18 8.4
3 Bank of America Merrill Lynch 3,285 13 6.8
4 JPMorgan 3,160 16 6.6
5 Standard Chartered Bank 3,135 13 6.5
6 Deutsche Bank 2,472 11 5.1
7 Morgan Stanley 1,946 8 4.0
8 Credit Suisse 1,770 12 3.7
9 Barclays 1,654 9 3.4
10 Credit Agricole CIB 1,604 9 3.3
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