Dealogic League Table Round-up June 24

Poly Real Estate Group completes largest A-share real estate ECM deal on record.

Equity Capital Markets

Asia (ex Japan) issuers have raised $3.9 billion through 14 deals so far this week, up from the $2.5 billion raised in the same period last week.

The most notable transaction this week is Poly Real Estate Group’s $1.4 billion follow-on through sole bookrunner CITIC Securities. The deal is the largest Real Estate sector issuance in Asia (ex Japan) so far this year and the biggest Real Estate A-share deal on record, followed by China Vanke’s$1.3 Follow-on in August 2007.

The deal help push Real Estate sector ECM volume in Asia (ex Japan) to $8.3 billion so far this year, down slightly on the $8.5 billion raised in the same 2015 period. Chinese issuance accounted for 78% of the region’s volume at $6.5 billion and the highest YTD volume for the sector on record.

CITIC Securities continues its helm at the top of the league table ranking with $7.6 billion in 2016 YTD. Morgan Stanley and GF Securities follow with $7.1 billion and $6.7 billion, respectively.

Asia (ex Japan) ECM Bookrunner Rankings - 2016 YTD
  Bookrunner Deal Value ($m) No. %share
1 CITIC Securities 7,586 29 7.3
2 Morgan Stanley 7,125 24 6.9
3 GF Securities Co Ltd 6,711 26 6.5
4 Deutsche Bank 6,467 20 6.3
5 Southwest Securities Co Ltd 4,672 19 4.5
6 Huatai Securities Co Ltd 4,580 14 4.4
7 Haitong Securities Ltd 4,450 22 4.3
8 Guosen Securities Co Ltd 3,684 13 3.6
9 Guotai Junan Securities Co Ltd 3,634 28 3.5
10 China International Capital Corp Ltd 3,386 12 3.3

Debt Capital Markets

The Asia (ex Japan) G3 debt capital markets saw three issuers tap the market for a combined total of $862 million so far this week, down from the $3.3 billion raised in the same period last week.

Xihui Haiwai I Investment Holdings and Hanrui Overseas Investment both raised $300 million in what are the largest G3 bond deals this week in the region.

Chinese issuers have tapped the G3 bond markets for $51.6 billion so far this year, down from $61.7 billion raised in 2015 YTD but still mark the second highest YTD level on record.

HSBC remains at the G3 bond league table in Asia (ex Japan) with $11.1 billion. Bank of America Merrill Lynch and Citi follow with $7.9 billion and $7.7 billion, respectively.

Asia (ex Japan) G3 DCM Bookrunner Rankings - 2016 YTD
  Bookrunner Deal Value ($m) No. %share
1 HSBC 11,064 65 10.4
2 Bank of America Merrill Lynch 7,925 34 7.5
3 Citi 7,727 42 7.3
4 JPMorgan 6,063 32 5.7
5 Standard Chartered Bank 4,754 27 4.5
6 Bank of China 4,456 24 4.2
7 Deutsche Bank 4,288 20 4.0
8 BNP Paribas 3,967 22 3.7
9 Barclays 3,901 18 3.7
10 Goldman Sachs 3,465 14 3.3
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