Equity Capital Markets
Asia (ex Japan) issuers have raised $5.4 billion through 29 deals so far this year, up 40% on the $4.6 billion raised in the same period last week.
Tunghsu Azure Renewable Energy’s $1.4 billion placement through Morgan Stanley and Guanzhou Securities is the largest deal of the week and the seventh largest A-share ECM transaction so far this year.
Another notable transaction this week is China Film’s $623 IPO through sole bookrunner China Securities. The deal is also the second largest A-share IPO this year, behind Bank of Jiangsu’s $1.1 billion listing on June 28th.
A-share ECM volume has reached $89.8 billion in 2016 YTD, up 16% year-on-year while overall Asia (ex Japan) ECM volume has dropped 26% during the same period to $134.6 billion.
CITIC Securities remains at the top of league table ranking with $13.2 billion in 2016 YTD. Morgan Stanley and GF Securities complete the top three rankings with $8.9 billion and $8.2 billion, respectively.
Asia (ex Japan) ECM Bookrunner Rankings - 2016 YTD | ||||
Bookrunner | Deal Value ($m) | No. | %share | |
1 | CITIC Securities | 13,185 | 43 | 9.8 |
2 | Morgan Stanley | 8,929 | 31 | 6.6 |
3 | GF Securities Co Ltd | 8,220 | 30 | 6.1 |
4 | Deutsche Bank | 6,959 | 24 | 5.2 |
5 | Southwest Securities Co Ltd | 5,460 | 22 | 4.1 |
6 | Huatai Securities Co Ltd | 5,446 | 17 | 4.1 |
7 | China International Capital Corp Ltd | 5,162 | 22 | 3.8 |
8 | Haitong Securities Ltd | 4,857 | 31 | 3.6 |
9 | Guotai Junan Securities Co Ltd | 4,852 | 41 | 3.6 |
10 | Guosen Securities Co Ltd | 4,614 | 16 | 3.4 |
Debt Capital Markets
Seven Asian issuers have tapped the G3 debt capital markets for a total of $3.2 billion, down from the $4.2 billion raised in the same period last week.
The largest deal this week is Export-Import Bank of India’s $1 billion trade through bookrunners Standard Chartered, JPMorgan, Barclays, Citi and Bank of America Merrill Lynch.
Another Indian issuer to tap the market is Adani Transmission’s $500 million trade which brings July issuance to $3.0 billion via five deals, the highest monthly volume for the nation since July 2014 ($5.2 billion) and highest activity since November 2014 (seven deals). Despite the increase in monthly issuance, Indian G3 bond volume is still down 19% year-on-year to $5.7 billion in 2016 so far.
HSBC leads the G3 bond league table in Asia (ex Japan) with $13.2 billion. Bank of America Merrill Lynch and Citi follow with $9.4 billion and $9.2 billion, respectively.
Asia (ex Japan) G3 DCM Bookrunner Rankings - 2015 YTD | ||||
Bookrunner | Deal Value ($m) | No. | %share | |
1 | HSBC | 13,201 | 81 | 10.3 |
2 | Bank of America Merrill Lynch | 9,443 | 46 | 7.4 |
3 | Citi | 9,207 | 53 | 7.2 |
4 | Standard Chartered Bank | 6,658 | 41 | 5.2 |
5 | JPMorgan | 6,578 | 36 | 5.2 |
6 | Bank of China | 5,660 | 32 | 4.4 |
7 | Deutsche Bank | 4,981 | 24 | 3.9 |
8 | BNP Paribas | 4,537 | 25 | 3.6 |
9 | Barclays | 4,352 | 23 | 3.4 |
10 | Industrial & Commercial Bank of China - ICBC | 3,873 | 32 | 3.0 |