Dealogic League Table Round-up June 10

Equity Capital Markets

A total of $2.6 billion has been raised in the equity capital markets so far this week in Asia (ex Japan), through 26 deals, down from the $9.6 billion raised in the same period last week.

The largest transaction of the week is Frasers Logistics & Industrial Trust’s $668 million IPO through bookrunners DBS, Citi, Morgan Stanley, OCBC and UOB. The deal is also the fourth largest IPO in Asia (ex Japan) so far this year.

Asia (ex Japan) new listings volume has reached $14.2 billion in 2016 so far, less than half the $35.5 billion raised in the same period last year.

Another notable transaction this week is Semiconductor Manufacturing International Corp’s $450 million convertible bond through sole bookrunner JPMorgan. The deal is also the eighth largest Tech ECM transaction in Asia (ex Japan) so far this year and also the seventh biggest convertible bond in the region in 2016 so far.

Convertible bond volume in the region has soared to $12.0 billion through 40 deals so far this year, more than double the $4.6 billion raised in the same 2015 period and the highest YTD total since 2011 ($13.2 billion). This year’s volume was mainly boosted by Softbank Group Corp’s $6.6 billion mandatory exchangeable trust (increased from $5.5 billion as greenshoe option was exercised). Excluding this deal, volume is still up 17% year-on-year.

Morgan Stanley climbs to the top of the league table ranking with $7.4 billion while CITIC Securities and GF Securities follow with $6.8 billion and $6.6 billion, respectively.

Debt Capital Markets

Seven issuers have tapped the G3 debt capital markets this week, raising a combined total of $7.6 billion, up from just $351 million in the prior week.

The largest deal week is the $3.4 billion sovereign bond for the Republic of Indonesia through bookrunners JPMorgan, Deutsche Bank, Barclays and SG CIB. The deal is also the second largest G3 bond in the region so far this year.

SSA issuers in the region have so far raised a record $40.1 billion in 2016 YTD, up 44% year-on-year but overall G3 bond volume is still down 14% to $99.3 billion. The decline has been primarily led by corporate issuance with volume declining 41% during the same period to $34.7 billion.

HSBC continues to lead the league table ranking with $10.8 billion while Bank of America Merrill Lynch and Citi follow with $7.7 billion and $7.4 billion, respectively.