Dealogic League Table Round-up Dec 8

Indonesia issues $4bn USD-denominated bond for the three consecutive years.

Equity Capital Markets

Asia (ex-Japan) ECM deal volume stands at $4.4bn via 26 deals, down 27% from the $5.9bn (49 deals) raised last week.

The largest ECM transaction in Asia (ex-Japan) this week was Alibaba Group Holding’s $762m follow-on via sole bookrunner Goldman Sachs priced on December 6.

Asia (ex-Japan) Technology ECM volume stands at $38.9bn via 374 deals so far this year, down from the $41.8bn via 338 deals in the same period last year. Chinese issuers account for 69% with $26.8bn via 183 deals. South Korea and Taiwan follow this with $4.5bn and $3.8bn, respectively.

CITIC Securities leads the ECM league table with $16.2bn in 2017 YTD, followed by China International Capital Corp Ltd with $11.2bn and Goldman Sachs is the third with $11.0bn.

Asia (ex Japan) ECM Bookrunner Rankings - 2017 YTD
Pos. Bookrunner Deal Value ($m) No. %share
1 CITIC Securities 16,211.4 84 6.84
2 China International Capital Corp Ltd 11,220.9 52 4.73
3 Goldman Sachs 11,005.2 48 4.64
4 China Securities Co Ltd 10,362.9 48 4.37
5 UBS 9,872.3 43 4.16
6 Guotai Junan Securities Co Ltd 9,718.9 56 4.1
7 Citi 9,422.6 68 3.98
8 Morgan Stanley 8,987.7 53 3.79
9 Credit Suisse 6,446.8 47 2.72
10 Deutsche Bank 6,296.8 42 2.66
SOURCE: Dealogic

Debt Capital Markets

Asia (ex-Japan) G3 issuance volume was down by 20% to $13.4bn (18 deals) this week from the $16.7bn (22 deals) raised in the previous week.

On December 4, Indonesia issued this week’s largest deal in the region, pricing its third $4.0bn USD-denominated bond since January 2014 via a consortium of 5 bookrunners to finance its 2018 budget. This is the 5th international deal of the year issued by Indonesian issuer priced over $1bn, thus set a record YTD high for its offshore bond market in history ($20.9bn).

China CITIC Bank Corp Ltd priced its 4-tranches at $1.8bn on December 7 via a consortium of 18 bookrunners. Two tranches are priced under floating rate and the other half is priced at fixed rate. Asia (ex-Japan) international Floating rate issuances totaled $47.6bn, up three times from the same period in 2016. This reflected the investors positive appetite towards investing in floating rated financial instruments thanks to the rise in interest rate.

HSBC leads the G3 DCM league table in 2017 YTD with $27.5bn, followed by Citi with $24.9bn and Standard Chartered Bank with $19.5bn.

Asia (ex Japan) ECM Bookrunner Rankings - 2017 YTD
Pos. Bookrunner Deal Value ($m) No. %share
1 CITIC Securities 16,211.4 84 6.84
2 China International Capital Corp Ltd 11,220.9 52 4.73
3 Goldman Sachs 11,005.2 48 4.64
4 China Securities Co Ltd 10,362.9 48 4.37
5 UBS 9,872.3 43 4.16
6 Guotai Junan Securities Co Ltd 9,718.9 56 4.1
7 Citi 9,422.6 68 3.98
8 Morgan Stanley 8,987.7 53 3.79
9 Credit Suisse 6,446.8 47 2.72
10 Deutsche Bank 6,296.8 42 2.66
SOURCE: Dealogic

 

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