Dealogic League Table Round-up Jan 12

Tencent returns to the US-dollar bond market after two years of absence.

Equity Capital Markets

Asia (ex-Japan) ECM volume stands at $3.5bn via 26 deals this week (six IPOs and twenty follow-ons). Last week, $1.7bn was raised via 17 deals in the region.

This week’s largest ECM transaction was the $761m IPO by Chinese issuer Bank of Gansu Co Ltd, priced January 11. The issuer went public through Hong Kong Exchange-Main Board via a consortium of nine bookrunners.

Hong Kong IPO volume stood at $13.3bn via 118 deals in 2017, the lowest since 2012 ($10.9bn with 59 deals). China accounted for 80% of the total issuance with $13.2bn via 53 deals in 2017, followed by Hong Kong and Singapore with $1.9bn and $813m, respectively.

China International Capital Corp Ltd leads the ECM league table with $547m this YTD, followed by Huatai Securities Co Ltd with $473m, and China Merchants Securities Co Ltd with $361m.

Asia (ex-Japan) ECM Bookrunner Rankings - 2018 YTD
Pos. Bookrunner Deal Value ($m) No. %share
1 China International Capital Corp Ltd 547.2 2 10.54
2 Huatai Securities Co Ltd 473.0 3 9.11
3 China Merchants Securities Co Ltd 361.3 3 6.96
4 China Construction Bank Corp - CCB 359.1 3 6.92
5 Haitong Securities Ltd 309.1 3 5.95
6 JPMorgan 301.8 1 5.81
7 Morgan Stanley 283.6 2 5.46
8 Guotai Junan Securities Co Ltd 254.6 2 4.9
9 UBS 236.9 2 4.56
10 Guoyuan Securities Co Ltd 220.6 1 4.25
SOURCE: Dealogic

Debt Capital Markets

Asia (ex-Japan) issuers raised $12.9bn this week in the G3 market via 18 deals. Last week’s volume was $1.6bn via 4 deals.

China issued the most number of deals thus far (15 deals) and the largest deal in these two weeks goes to Tencent Holdings Ltd, who priced a 4-tranches bond at $5.0bn on January 11 via a consortium of 14 bookrunners. The issuer came back to the USD-denominated bond market after two years of absence (since July 2015), and this is the largest bond issued by the group on record.

Real estate companies issued the most number of deals so far, with $4.6bn via 12 deals. All these issuers are China-based companies. On YTD base, this is the highest volume and activity by real estate industry since 2013 ($5.0bn via 16 deals).

HSBC leads the G3 DCM league table in 2018 YTD with $1.49bn, followed by Bank of China with $1.11bn, and Goldman Sachs with $977m.

Asia (ex-Japan) G3 DCM Bookrunner Rankings - 2018 YTD
Pos. Bookrunner Deal Value ($m) No. %share
1 HSBC 1,493.9 13 10.3
2 Bank of China 1,112.4 9 7.67
3 Goldman Sachs 976.6 5 6.73
4 Deutsche Bank 743.0 5 5.12
5 Bank of America Merrill Lynch 731.0 3 5.04
6 Mizuho 666.2 4 4.59
7 Credit Suisse 661.4 4 4.56
8 Citi 583.2 6 4.02
9 BNP Paribas 568.9 2 3.92
9 JPMorgan 568.9 2 3.92
SOURCE: Dealogic
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