Equity Capital Markets
Asia (ex-Japan) ECM volume sits at $4.6bn via 27 deals this week, down from $7.2bn (43 deals) raised last week.
The largest equity raising this week was a $1bn convertible bond by Poseidon Finance 1 Ltd on the Hong Kong Exchange Main Board. The book was run by BNP Paribas, CITIC Securities, and China Merchants Securities Co Ltd.
Convertible volume is $2.4bn this year-to-date, up 160% from the same period in 2017. The Finance sector has priced five convertible bonds so far this year, the busiest start to the year on record and as many as were issued all last year.
15 Asia (ex-Japan) ECM transactions are expected to price next week (nine IPOs and six follow-ons), for an estimated total of $820m. The largest expected deal is Sasseur REIT’s $366m IPO via Bank of China, Citi, and DBS.
Goldman Sachs leads the ECM league table with $2.0bn this YTD, followed by CITIC Securities with $1.5bn, and Huatai Securities Co Ltd ranks third with $1.3bn.
| Pos. | Bookrunner | Deal Value ($m) | No. | %share |
|---|---|---|---|---|
| 1 | Goldman Sachs | 2,041.2 | 5 | 11.56 |
| 2 | CITIC Securities | 1,536.9 | 5 | 8.7 |
| 3 | Huatai Securities Co Ltd | 1,341.4 | 7 | 7.6 |
| 4 | Morgan Stanley | 1,196.7 | 7 | 6.78 |
| 5 | Citi | 1,085.7 | 6 | 6.15 |
Debt Capital Markets
Asia (ex-Japan) G3 DCM volume is $6.8bn via 12 deals, from $9.2bn via 16 deals.
Tsinghau Unic Ltd issued Asia (ex-Japan)’s largest deal this week - a $1.9bn USD-denominated high-yield bond via Bank of China, Credit Suisse, and Standard Chartered.
G3 high-yield bond volume in Asia (ex-Japan) is $8.0bn this year-to-date, the second highest YTD volume on record, double the start to 2017.
Technology sector G3 bond issuance is $8.0bn this year-to-date, the busiest period for the sector on record.
HSBC leads Asia (ex-Japan) G3 DCM league table in 2018 YTD with $2.4bn, followed by Goldman Sachs with $2.3bn and JP Morgan with $2.1bn.
| Pos. | Bookrunner | Deal Value ($m) | No. | %share |
|---|---|---|---|---|
| 1 | HSBC | 2,405.3 | 24 | 6.63 |
| 2 | Goldman Sachs | 2,316.8 | 7 | 6.38 |
| 3 | JPMorgan | 2,081.7 | 6 | 5.73 |
| 4 | Standard Chartered Bank | 2,079.1 | 18 | 5.73 |
| 5 | Bank of China | 2,065.0 | 14 | 5.69 |
