Dealogic League Table Round-up August 24

ECM activity shows a slight uptick, but DCM goes lower still as summer doldrums continue.

Equity Capital Markets

Asia (ex Japan) ECM volume stands at $1.2bn via 10 deals so far this week (six IPOs, three follow-ons and one convertible bond), compared to the $1.0bn via 15 deals completed in the previous week

On August 21, Chinese issuer Bank of Changsha completed a $399m IPO via CITIC Securities in what is the largest Asia (ex Japan) ECM transaction this week

Asia (ex Japan) Finance ECM volume stands at $23.4bn via 89 deals so far this year, compared to $25.6bn via 100 deals in 2017 YTD. China accounts for 55% of the total issuance with $12.9bn via 31 deals in 2018 YTD, followed by India with $5.1bn and Philippines with $1.6bn

Seven Asia (ex Japan) ECM transactions are expected to price next week (three IPOs and four follow-ons), for an estimated total of $47m. The largest expected deal is Orient Precision Industries Inc $24m follow-on via Eugene Corp

Asia (ex Japan) ECM Bookrunner Rankings - 2018 YTD
Pos. Bookrunner Deal Value ($m) No. %share
1 Goldman Sachs 13,571.1 52 8.53
2 Citi 10,856.1 58 6.82
3 Morgan Stanley 10,005.4 41 6.29
4 China International Capital Corp Ltd 9,165.8 31 5.76
5 China Securities Co Ltd 8,446.8 35 5.31
6 Credit Suisse 6,878.8 48 4.32
7 CITIC Securities 6,662.3 43 4.19
8 Bank of America Merrill Lynch 6,619.0 19 4.16
9 Huatai Securities Co Ltd 5,819.4 26 3.66
10 JPMorgan 4,947.9 32 3.11
SOURCE: Dealogic

Debt Capital Markets

Asia (ex-Japan) international DCM continues downward trend this year, totaled $2.1bn via 8 deals, a 28% decrease from last week.

The largest deal of the week goes to Singtel Group Treasury Pte Ltd, priced a $500m bond with Citi, DBS, HSBC as bookrunners. Proceeds will be used for general corporate purposes.

In Asia (ex Japan) Non G3 issuance reached highest YTD volume this year since 2014 YTD ($41.2bn via 253 deals) with $34.2bn via 239 deals, showing 47% increase from 2017 YTD ($23.2bn via 195 deals). Finance sector with $19.2bn via 138 deals this YTD leads the sector issuance compared to $15.1bn via 95 deals in 2017 YTD.

HSBC continues to lead the international DCM league with $18.5bn. This is followed by Citi with $12.4bn and Standard Chartered Bank with $10.6bn.

Asia (ex Japan) International DCM Bookrunner Rankings - 2018 YTD
Pos. Bookrunner Deal Value ($m) No. %share
1 HSBC 18,504.6 164 8.54
2 Citi 12,361.2 98 5.70
3 Standard Chartered Bank 10,624.9 105 4.90
4 Bank of China 8,832.2 96 4.08
5 Credit Agricole CIB 7,740.2 78 3.57
6 Bank of America Merrill Lynch 7,681.5 56 3.54
7 DBS 7,562.0 82 3.49
8 JPMorgan 7,451.0 54 3.44
9 BNP Paribas 7,393.3 69 3.41
10 Goldman Sachs 6,417.8 34 2.96
SOURCE: Dealogic

 

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