Dealogic League Table Round-up July 8

A-share follow-on volume at YTD record high and Bank of China debuted APAC’s largest offshore green bond

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

 

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