Equity Capital Markets
Asia (ex-Japan) ECM volume increased 60% this week to $10bn 22 deals, from $6bn (48 deals) raised last week.
This week Chinese companies issued the third and fourth billion dollar-plus convertible bonds. On Jan 30, China Evergrande Group issued a $2.3bn convertible bond, topped by China National Petroleum Corp the same day, which issued a $3.2bn CB - the second largest convertible bond from China’s Oil&Gas sector since Sinopec in 2011 ($3.5bn).
Thirteen Chinese companies have issued convertible bonds so far this year, raising $10.7bn. Full year volume in 2017 was $27.9bn.
16 Asia (ex Japan) ECM transactions are expected to price next week (12 IPOs and four follow-ons), for an estimated total of $461m. The largest expected deal is Robinsons Land’s $166m follow-on via sole bookrunner Bank of the Philippine Islands.
Goldman Sachs leads the ECM league table with $2.5bn this YTD, Huatai Securities Co Ltd jumps ahead of CITIC Securities with $2.4bn and $2.0bn respectively.
| Pos. | Bookrunner | Deal Value ($m) | No. | %share |
|---|---|---|---|---|
| 1 | Goldman Sachs | 2,507.6 | 7 | 8.58 |
| 2 | Huatai Securities Co Ltd | 2,425.3 | 9 | 8.3 |
| 3 | CITIC Securities | 1,988.2 | 6 | 6.81 |
| 4 | Citi | 1,908.5 | 9 | 6.53 |
| 5 | China Securities Co Ltd | 1,638.0 | 5 | 5.61 |
Debt Capital Markets
Asia (ex-Japan) G3 DCM volume is down 60% to $3.6bn via 3 deals, from $8.6bn via 18 deals last week.
China Cinda Asset Management Co Ltd issued Asia (ex-Japan)’s largest deal this week - a $2.5bn USD-denominated investment grade bond via 22 bookrunners.
January 2018 was the fourth busiest month on record for Asia (ex-Japan) G3 DCM volume, with $38.4bn priced via 61 bonds (following November 2017, $41.2bn via 88 deals).
HSBC leads Asia (ex-Japan) G3 DCM league table in 2018 YTD with $2.9bn, JP Morgan holds onto third with $2.51bn, while Standard Chartered Bank jumps up to second with $2.54bn.
| Pos. | Bookrunner | Deal Value ($m) | No. | %share |
|---|---|---|---|---|
| 1 | HSBC | 2,890.0 | 30 | 6.87 |
| 2 | Standard Chartered Bank | 2,541.3 | 22 | 6.04 |
| 3 | JPMorgan | 2,516.4 | 10 | 5.98 |
| 4 | Bank of China | 2,377.2 | 17 | 5.65 |
| 5 | Goldman Sachs | 2,314.1 | 7 | 5.5 |
