Equity Capital Markets
Asia (ex Japan) issuers have raised $5.0 billion through 21 deals in the equity capital markets so far this week, down from the $8.2 billion (37 deals) raised last week.
Two $1bn+ transactions have priced so far this week, i.e. Fengfan’s $2.0bn cash placing via sole bookrunner CITIC Securities, and China Eastern Airlines Corp’s $1.3bn follow-on via bookrunners CICC, Credit Suisse, and China Everbright Group. These two deals are respectively the largest A-share ECM deals in the Technology and Transportation sector in 2016 YTD.
A-share follow-on volume of 2016 YTD stands at a record high of $69.5bn (209 deals), up 52% year-on-year and also pushing overall A-share ECM volume to a YTD record high of $80.0bn in 2016.
CITIC Securities remains at the top of the league table ranking with $12.8 billion in 2016 YTD. GF Securities and Morgan Stanley follow with $8.0 billion and $7.8 billion, respectively.
| Asia (ex Japan) ECM Bookrunner Rankings - 2016 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | CITIC Securities | 12,784 | 39 | 10.7 |
| 2 | GF Securities | 8,025 | 28 | 6.7 |
| 3 | Morgan Stanley | 7,769 | 28 | 6.5 |
| 4 | Deutsche Bank | 6,556 | 22 | 5.5 |
| 5 | Huatai Securities | 5,396 | 16 | 4.5 |
| 6 | Southwest Securities | 5,034 | 20 | 4.2 |
| 7 | Haitong Securities | 4,714 | 27 | 4.0 |
| 8 | Guotai Junan Securities | 4,169 | 33 | 3.5 |
| 9 | China International Capital Corp | 3,880 | 14 | 3.3 |
| 10 | Guosen Securities | 3,684 | 13 | 3.1 |
Debt Capital Markets
Five Asian issuers have tapped the G3 debt capital markets for a total of $5.1bn, compared with $915 million last week.
On July 5, Bank of China debuted a $3.0bn multi-tranche offshore green bond, featuring three USD tranches, one EUR tranche, as well as a CNY tranche, in what stands as the largest Asia Pacific green bond in the international market on record.
HSBC continues to lead the G3 bond league table in Asia (ex Japan) with $11.6 billion. Bank of America Merrill Lynch and Citi follow with $8.6 billion and $7.9 billion, respectively.
| Asia (ex Japan) G3 DCM Bookrunner Rankings - 2015 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | HSBC | 11,642 | 68 | 10.3 |
| 2 | Bank of America Merrill Lynch | 8,553 | 38 | 7.6 |
| 3 | Citi | 7,851 | 43 | 7.0 |
| 4 | JPMorgan | 6,063 | 32 | 5.4 |
| 5 | Standard Chartered Bank | 4,986 | 30 | 4.4 |
| 6 | Bank of China | 4,892 | 26 | 4.3 |
| 7 | BNP Paribas | 4,438 | 24 | 3.9 |
| 8 | Deutsche Bank | 4,363 | 21 | 3.9 |
| 9 | Barclays | 3,901 | 18 | 3.5 |
| 10 | Goldman Sachs | 3,571 | 15 | 3.2 |
