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 $24m follow-on via Eugene Corp
| Pos. | Bookrunner | Deal Value ($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 |
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 $10.6bn.
| Pos. | Bookrunner | Deal Value ($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 |
