Dealogic League Table Round-up Mar 16

Tata Consultancy Services completes $1.4bn follow-on

Equity Capital Markets

Asia (ex-Japan) ECM volume stands at $3.1bn via 25 deals so far this week (six IPOs, 15 follow-ons, and four convertibles), compared to the $7.1bn via 31 deals completed in the previous week.

On March 12, Indian issuer Tata Consultancy Services completed a $1.4bn follow-on via Morgan Stanley and Citi. This is the largest ECM transaction in the region for this week, and the largest transaction completed in India so far this year. India ECM volume stands at $4.6bn in 2018 YTD, more than double from the $2.0bn in the same 2017 period.

64 deals were completed so far this year, up from 39 deals from 2017 YTD and marks the second highest YTD activity on record, behind 2006 (70 deals). 16 Asia (ex-Japan) ECM transactions are expected to price next week (10 IPOs and six follow-ons), for an estimated total of $2.0bn.

Goldman Sachs leads the ECM league table with $5.7bn this YTD, China Securities Co Ltd is at the second place with $4.7m, Citi took over the third place with $3.9bn.

Asia (ex-Japan) ECM Bookrunner Rankings
Pos. Bookrunner Deal Value ($m) No. %share
1 Goldman Sachs 5,726.8 15 10.55
2 China Securities Co Ltd 4,671.9 11 8.61
3 Citi 3,857.8 21 7.11
4 Huatai Securities Co Ltd 3,413.0 13 6.29
5 CITIC Securities 2,480.8 12 4.57
6 Morgan Stanley 2,211.9 11 4.07
7 Guotai Junan Securities Co Ltd 1,796.6 10 3.31
8 Shenwan Hongyuan Securities Co Ltd 1,579.6 2 2.91
9 China Merchants Securities Co Ltd 1,561.7 10 2.88
10 China International Capital Corp Ltd 1,334.8 6 2.46
SOURCE: Dealogic

Debt Capital Markets

Asian (ex-Japan) issuers raised $6.1bn via 9 deals this week by G3 DCM deals, close to half of the $11.6bn raised via 13 deals last week.

Rail Transit International Investment and Chengdu Xingcheng Investment Group both priced their debut EUR-denominated bond, at $493m (EUR400m) and $616m (EUR500m) respectively. Debut EUR-denominated issuance by Chinese companies to date this year has already exceeded the overall activity last full year - $2.6bn via 3 deals.

Volume to date stood at $2.0bn via 4 deals, the second highest year-to-date in record after 2015 ($2.9bn via 4 deals). Furthermore, year-to-date volume on debut product has also reached historical record high – $3.4bn via 3 deals – mainly contributed by Indonesia’s $3.0bn debut green Sukuk issuance back in February.

HSBC leads Asia (ex-Japan) G3 DCM league table in 2018 YTD with $6.3bn, Bank of China follows it with $4.1bn, Citi comes in third with $4.1bn.

Asia (ex-Japan) G3 DCM Bookrunner Rankings - 2018 YTD
Pos. Bookrunner Deal Value ($m) No. %share
1 HSBC 6,266.9 52 7.96
2 Bank of China 4,134.7 35 5.25
3 Citi 4,092.8 29 5.2
4 Standard Chartered Bank 3,547.6 34 4.51
5 Morgan Stanley 3,057.6 19 3.88
6 JPMorgan 2,951.6 16 3.75
7 Bank of America Merrill Lynch 2,853.2 17 3.62
8 BNP Paribas 2,592.4 19 3.29
9 Credit Suisse 2,541.8 16 3.23
10 Goldman Sachs 2,345.9 8 2.98
SOURCE: Dealogic
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