Equity Capital Markets
Asia (ex Japan) ECM volume stands at $5.9bn via 31 deals so far this week, compared to the $2.9bn via 39 deals completed last week.
On July 26, China Molybdenum completed a $2.7bn follow-on via four bookrunners Industrial Securities, Goldman Sachs, Citi, and China Development Bank.
This is the largest Asia (ex Japan) ECM transaction this week and also the largest ECM transaction in Mining industry in this region so far this year.
Asia (ex Japan) Mining ECM volume reached $6.6bn (22 deals) so far this year, up significantly from the $1.4bn (16 deals) raised in 2016 YTD and the second highest YTD volume on record behind 2015 ($7.0bn).
CITIC Securities leads the ECM league table with $8.0bn in 2017 YTD, followed by China International Capital Corp with $7.7bn and Goldman Sachs is third with $7.2bn.
| Asia (ex Japan) ECM Bookrunner Rankings - 2017 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | CITIC Securities | 7,963.7 | 45 | 6.04 |
| 2 | China International Capital Corp Ltd | 7,717.1 | 36 | 5.86 |
| 3 | Goldman Sachs | 7,216.4 | 26 | 5.48 |
| 4 | Guotai Junan Securities Co Ltd | 5,681.9 | 38 | 4.31 |
| 5 | Citi | 5,667.5 | 37 | 4.3 |
| 6 | China Securities Co Ltd | 5,301.1 | 30 | 4.02 |
| 7 | UBS | 4,797.1 | 23 | 3.64 |
| 8 | Morgan Stanley | 4,306.5 | 24 | 3.27 |
| 9 | Haitong Securities Ltd | 4,146.1 | 41 | 3.15 |
| 10 | Deutsche Bank | 3,839.5 | 25 | 2.91 |
Debt Capital Markets
Twelve Asian (ex Japan) issuers have tapped the G3 debt capital markets this week for a total of $2.6bn via 5 deals, down 69% from $8.2bn issued last week via 21 deals.
On July 24, Industrial Bank of Korea priced a $300m USD-denominated AT1 bond via bookrunners Bank of America Merrill Lynch, Citi, HSBC, and SG Corporate & Investment Banking.
The deal features a 3.9% coupon rate, marking the lowest coupon rate among all the AT1 bond issued in Asia (ex Japan) international market so far this year, followed by 5.0% coupon rate of $1.2bn issuance by China Cinda Asset Management priced on May 25.
Notably, China Development Bank priced a $1.0bn USD-denominated bond through its leasing arm, CDBL Funding 2, via a consortium of 12 bookrunners. This is the largest deal priced this week in the international market, also the second time the issuer priced through a leasing arm in history since November 25, 2014 ($650m).
HSBC leads the G3 DCM league table in 2017 YTD with $18.5bn. This is followed by Citi with $15.0bn and Standard Chartered Bank with $11.7bn.
| Asia (ex Japan) G3 DCM Bookrunner Rankings - 2017 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | HSBC | 18,524.2 | 129 | 8.9 |
| 2 | Citi | 14,975.0 | 101 | 7.2 |
| 3 | Standard Chartered Bank | 11,662.6 | 85 | 5.61 |
| 4 | Deutsche Bank | 10,068.9 | 54 | 4.84 |
| 5 | Bank of China | 9,695.4 | 85 | 4.66 |
| 6 | JPMorgan | 9,618.9 | 63 | 4.62 |
| 7 | Bank of America Merrill Lynch | 7,527.5 | 51 | 3.62 |
| 8 | Goldman Sachs | 7,513.7 | 36 | 3.61 |
| 9 | Morgan Stanley | 6,525.9 | 45 | 3.14 |
| 10 | UBS | 6,401.0 | 54 | 3.08 |
