Dealogic League Table Round-up Jun 30

Indian G3 DCM is the highest it’s ever been by this stage of the year

Equity Capital Markets

Asia (ex Japan) issuers have raised a total of $1.6bn through 21 deals this week, down 66% on the $4.6bn raised last week via 54 deals.

On June 28, Cultural Investment Holdings completed a $337m follow on via sole bookrunner Guotai Junan Securities in what is the largest Asia (ex Japan) ECM transaction this week, and also the second largest Leisure & Recreation ECM transaction on the Shanghai Stock Exchange on record.

Shanghai Stock Exchange ECM volume stands at $39.1bn via 163 deals in 2017 YTD, up from $33.1bn via 94 deals in the same 2016 period, and the second highest volume on record behind the $47.7bn (137 deals) raised in 2015.

China International Capital Corp leads the ECM league table with $7.1bn in 2017 YTD, followed by CITIC Securities with $7.08bn and Goldman Sachs is third with $6.0n.

Asia (ex Japan) ECM Bookrunner Rankings - 2017 YTD
  Bookrunner Deal Value ($m) No. %share
1 China International Capital Corp Ltd 7,142.6 32 6.45
2 CITIC Securities 7,084.4 35 6.39
3 Goldman Sachs 5,971.2 22 5.39
4 China Securities Co Ltd 4,866.6 27 4.39
5 Guotai Junan Securities Co Ltd 4,745.2 30 4.28
6 UBS 3,987.0 19 3.6
7 Citi 3,860.5 29 3.48
8 Morgan Stanley 3,836.1 22 3.46
9 Haitong Securities Ltd 3,823.0 35 3.45
10 GF Securities Co Ltd 3,119.9 36 2.82

Debt Capital Markets

Eleven Asian (ex Japan) issuers have tapped the G3 debt capital markets this week for a total of $5.4bn, up 35% on the $8.3bn issued last week via 13 deals.

On 28 Jun 2017, Baidu Inc returned to the market after two years with a $1.5bn SEC-registered bond via bookrunners Goldman Sachs, JPMorgan, and HSBC. This is also the first time a Chinese issuer has tapped the SEC-registered market this year - priced a $1bn issue in April last year.

Two Indian issuers have tapped the G3 market this week. On 29 Jun, Samvardhana Motherson Automotive Systems Group priced a $338m EUR-denominated bond via bookrunner ANZ, Barclays, BNP Paribas, Deutsche Bank, HSBC, Mitsubishi UFJ Financial Group, Standard Chartered Bank, State Bank of India, UBS, and UniCredit. Also Rural Electrification Corp priced a $450m Green bond via bookrunners ANZ, Barclays, BNP Paribas, HSBC, Mizuho Securities, and Mitsubishi UFJ Financial Group.

Indian G3 DCM sits at $8.3bn via 21 deals this year-to-date. This marks the highest year-to-date record for Indian G3 activities by this stage of the year.

HSBC leads the G3 DCM league table in 2017 YTD with $16.7bn. This is followed by Citi with $13.2bn and Standard Chartered Bank with $10.8bn.

Asia (ex Japan) G3 DCM Bookrunner Rankings - 2017 YTD
  Bookrunner Deal Value ($m) No. %share
1 HSBC 16,732.2 109 9.16
2 Citi 13,187.9 89 7.22
3 Standard Chartered Bank 10,762.0 72 5.89
4 JPMorgan 8,923.6 54 4.89
5 Deutsche Bank 8,510.9 47 4.66
6 Bank of China 8,151.8 67 4.46
7 Bank of America Merrill Lynch 6,986.7 45 3.83
8 Goldman Sachs 6,217.8 29 3.41
9 UBS 5,808.1 46 3.18
10 Credit Suisse 5,586.3 35 3.06
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