Equity Capital Markets
Asia (ex Japan) issuers have raised $2.5 billion through 21 deals this week, down from $4.3 billion raised via 46 deals last week.
The largest deal of the week is a follow-on by Melco Crown Entertainment, a Chinese Leisure & Recreation company, for $670 million through bookrunners Deutsche Bank, UBS, and Morgan Stanley.
The Leisure & Recreation ECM volume in Asia (ex Japan) totals to $5.6 billion via 37 deals so far this year, up from $4.3 billion via 39 deals in the same period last year. China leads the volume with $4.2 billion, the highest YTD level on record.
CITIC Securities leads the ECM league table ranking with $17.3 billion in 2016 YTD. Morgan Stanley and GF Securities complete the top three with $14.4 billion and $12.3 billion, respectively.
| Asia (ex Japan) ECM Bookrunner Rankings - 2016 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | CITIC Securities | 17,293 | 73 | 6.8 |
| 2 | Morgan Stanley | 14,380 | 50 | 5.7 |
| 3 | GF Securities Co Ltd | 12,326 | 54 | 4.9 |
| 4 | Deutsche Bank | 9,849 | 46 | 3.9 |
| 5 | Huatai Securities Co Ltd | 9,613 | 35 | 3.8 |
| 6 | China Securities Co Ltd | 9,312 | 52 | 3.7 |
| 7 | China International Capital Corp Ltd | 9,296 | 41 | 3.7 |
| 8 | Haitong Securities Ltd | 9,167 | 61 | 3.6 |
| 9 | Guotai Junan Securities Co Ltd | 8,940 | 65 | 3.5 |
| 10 | Guosen Securities Co Ltd | 8,474 | 33 | 3.4 |
Debt Capital Markets
Only four Asian (ex Japan) issuers have tapped the G3 debt capital market for a total of $1.2 billion, down from $7.3 billion raised via 10 deals last week.
The largest deal of the week is China’s Bestgain Real Estate Lyra’s $600 million issuance of USD-denominated IG corporate bond through bookrunners JPMorgan, UBS, Bank of China, and Credit Suisse. This is followed by USD-denominated HY corporate bond issued by China’s Prime Bloom Holdings for $250 million and USD-denominated HY corporate bond issued by China’s Gaoxin International Investment for $200 million.
HSBC leads the G3 bond league table in Asia (ex Japan) with $21.7 billion in 2016 YTD. Citi and Bank of America Merrill Lynch follow with $16.1 billion and $14.6 billion, respectively.
| Asia (ex Japan) G3 DCM Bookrunner Rankings - 2016 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | HSBC | 21,725 | 148 | 9.6 |
| 2 | Citi | 16,059 | 104 | 7.1 |
| 3 | Bank of America Merrill Lynch | 14,576 | 83 | 6.5 |
| 4 | Standard Chartered Bank | 11,734 | 83 | 5.2 |
| 5 | JPMorgan | 11,484 | 74 | 5.1 |
| 6 | Bank of China | 10,522 | 79 | 4.7 |
| 7 | BNP Paribas | 7,928 | 53 | 3.5 |
| 8 | UBS | 7,275 | 67 | 3.2 |
| 9 | Deutsche Bank | 7,149 | 43 | 3.2 |
| 10 | Goldman Sachs | 6,807 | 35 | 3.0 |
