Dealogic League Table Round-up January 8

Fastest start of the year for equity capital markets in 2016

Equity Capital Markets

A total of $7.5 billion has been raised in the Asian equity capital markets so far this week through 20 deals, marking the fastest start to a year on record and up from $762 million raised in the same period last year.

Follow-ons accounted for the majority of the volume with $6.9 billion, compared with $549 million in the same 2015 period. Volume was driven by Bohai Leasing’s $2.5 billion follow-on through sole bookrunner GS Securities.

In 2015, the Asian equity markets volume totaled $258.9 billion, the highest total since 2010 ($311.7 billion) and up 9% on 2014.  The increase was led by China with a record $188.4 billion in 2015, from $164.8 billion raised in 2014.  Despite the increase, 4Q 2015 volume in Asia (ex Japan) fell 13% year-on-year to $57.1 billion via 467 deals, the lowest 4Q volume and activity since 2013 ($53.8 billion via 448 deals.

CITIC Securities led the 2015 league table bookrunner ranking with $17.9 billion while Goldman Sachs and UBS rounded off the top three banks with $15.3 billion and $14.4 billion respectively.

Asia (ex Japan) ECM Bookrunner Rankings - 2015
  Bookrunner Deal Value ($m) No. %share
1 CITIC Securities 17,935 71 6.9
2 Goldman Sachs 15,261 55 5.9
3 UBS 14,383 54 5.6
4 Morgan Stanley 11,407 67 4.4
5 Guotai Junan Securities Co Ltd 9,518 52 3.7
6 Haitong Securities Ltd 8,488 79 3.3
7 Credit Suisse 8,473 51 3.3
8 JPMorgan 8,041 39 3.1
9 China Merchants Securities Co Ltd 7,193 46 2.8
10 Deutsche Bank 6,725 32 2.6

Debt Capital Markets

Four issuers have already tapped the Asian G3 debt capital markets for $5.4 billion so far this week, double the $2.7 billion raised in the comparable period last year.

Volume was boosted by SSA issuance with $4.8 billion via two deals, the highest YTD level since 2014 ($6.5 billion via three deals). Asian Development Bank’s $3.3 billion trade through bookrunners Morgan Stanley, TD Securities, HSBC, and Bank of America Merrill Lynch is the larger of the two while Korea Development Bank also tapped the bond market for $1.5 billion this week.

G3 bond issuance in region stood at $195.0 billion in 2015, down 10% from the record $215.5 billion raised in 2014. 2H 2015 led the decline with $70.4 billion, the lowest semi-annual volume since 2H 2013 ($54.6 billion) and down sharply from the $124.9 billion raised in 1H 2015.

HSBC topped the G3 DCM bookrunner ranking in 2015 with $20.5 billion in 2015 YTD while Citi and Bank of America Merrill Lynch follow with $17.4 billion and $13.1 billion, respectively.

 

Asia (ex Japan) G3 DCM Bookrunner Rankings - 2015
  Bookrunner Deal Value ($m) No. %share
1 HSBC 20,527 123 10.5
2 Citi 17,401 93 8.9
3 Bank of America Merrill Lynch 13,060 81 6.7
4 JPMorgan 12,582 69 6.5
5 Deutsche Bank 11,212 73 5.8
6 Standard Chartered Bank 10,870 63 5.6
7 Morgan Stanley 8,043 46 4.1
8 Goldman Sachs 7,858 37 4.0
9 Bank of China 6,538 55 3.4
10 BNP Paribas 6,219 46 3.2
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