Equity Capital Markets
Asia (ex Japan) ECM volume stands at $2.6bn via 25 deals so far this week (13 IPOs and 12 follow-ons), compared to the $12.2bn via 44 deals completed in the previous week
On 6 February, Chinese issuer Jiangsu Financial Leasing completed a $635m IPO via a sole bookrunner Huatai Securities in what is the largest Asia (ex Japan) ECM transaction this week
Asia (ex Japan) Finance ECM volume stands at $6.7bn via 17 deals so far this year, compared to $5.2bn via 16 deals in 2017 YTD. China accounts for 86% of the total issuance with $5.8bn via nine deals in 2018 YTD, followed by Malaysia with $320m and India with $224m
13 Asia (ex Japan) ECM transactions are expected to price next week (10 IPOs and three follow-ons), for an estimated total of $706m. The largest expected deal is ENN Ecological Holding’s $334m follow-on via sole bookrunner Guosen Securities.
Goldman Sachs leads the ECM league table with $5.0bn this YTD, Huatai Securities Co Ltd remains second on $3.1bn, and Citi climbs to third with $2.6bn.
| Pos. | Bookrunner | Deal Value ($m) | No. | %share |
|---|---|---|---|---|
| 1 | Goldman Sachs | 5,036.3 | 10 | 13.64 |
| 2 | Huatai Securities Co Ltd | 3,139.1 | 11 | 8.5 |
| 3 | Citi | 2,251.0 | 14 | 6.1 |
| 4 | CITIC Securities | 2,204.2 | 8 | 5.97 |
| 5 | China Securities Co Ltd | 1,922.0 | 7 | 5.2 |
Debt Capital Markets
Asia (ex-Japan) G3 DCM volume is down 75% to $1.1bn via 5 deals, from $4.4bn via 5 deals last week.
Daegu Bank Ltd issued Asia (ex-Japan)’s largest deal this week - a $300m USD-denominated investment grade bond via Citi, Credit Agricole, and HSBC.
Indonesia’s Widjaja Family Master Trust (Sinar Mas Group) subsidiary Golden Energy & Resources Ltd issued a $150m 5NC3 bond yesterday to yield 9.375%. This is the highest coupon for a dollar bond this year from Asia ex Japan issuers.
HSBC leads Asia (ex-Japan) G3 DCM league table in 2018 YTD with $3.1bn, Bank of China leapfrogs Standard Chartered Bank into second with $2.6bn and $2.5bn respectively.
| Pos. | Bookrunner | Deal Value ($m) | No. | %share |
|---|---|---|---|---|
| 1 | HSBC | 3,116.4 | 31 | 7.04 |
| 2 | Bank of China | 2,647.3 | 20 | 5.98 |
| 3 | Standard Chartered Bank | 2,541.3 | 22 | 5.74 |
| 4 | JPMorgan | 2,516.4 | 10 | 5.69 |
| 5 | Goldman Sachs | 2,314.1 | 7 | 5.23 |
