Dealogic League Table Round-up Mar 23

Tencent Holdings completes the largest ABB in APAC on record

Equity Capital Markets

Asia (ex-Japan) ECM volume stands at $12.1bn via 20 deals so far this week (six IPOs, 13 follow-ons, and one convertible), compared to the $3.3bn via 30 deals completed in the previous week

On March 22, Chinese issuer Tencent Holdings completed a $9.8bn follow-on via Bank of America Merrill Lynch, Citi, and Morgan Stanley in what is the largest Asia (ex-Japan) ECM transaction this week and the largest ECM transaction in Technology this YTD. The deal was priced at a discount of 7.8% to the last closing price. It is also the largest ABB deal in the region on record.

Technology ECM volume in Asia ex Japan ex A-shares stands at $395m in 2018 YTD, a 188% increase from the $137m raised in the same period last year. 311 deals in the Technology sector were completed so far this year, up from 258 deals from 2017 YTD and marks the highest YTD activity on record.

Citi took the crown of the ECM league table with $7.1bn this YTD, Morgan Stanley came in the second with $6.1bn, and Goldman Sachs follows with $5.9bn.

Asia (ex-Japan) ECM Bookrunner Rankings - 2018 YTD
Pos. Bookrunner Deal Value ($m) No. %share
1 Citi 7,132.3 22 10.58
2 Morgan Stanley 6,148.2 15 9.12
3 Goldman Sachs 5,913.9 17 8.78
4 China Securities Co Ltd 4,671.9 11 6.93
5 Bank of America Merrill Lynch 4,196.4 6 6.23
6 Huatai Securities Co Ltd 3,413.0 13 5.07
7 CITIC Securities 2,480.8 12 3.68
8 Guotai Junan Securities Co Ltd 1,796.6 10 2.67
9 UBS 1,620.6 11 2.41
10 Shenwan Hongyuan Securities Co Ltd 1,579.6 2 2.34
SOURCE: Dealogic

Debt Capital Markets

Asian (ex-Japan) G3 DCM deals stands at $4.5bn so far this week, down 35% from the $7.0bn raised last week.

The largest deal of the week goes to Baidu Inc, priced a 2-tranche USD-denominated bond at $1.5bn with Bank of America Merrill Lynch, Goldman Sachs and JPMorgan as bookrunners. While another Chinese technology company Lenovo also returned to the market with USD750m issue with a consortium of 15 banks.

Overall Asia (ex-Japan) G3 DCM deal volume decreased by 5% on YTD, standing at $84.9bn, while number of deals had an increase from 134 deals to 153 deals. China accounts for 60% of the region’s G3 DCM funding with $51.3bn, on par with 2017 YTD of $51.5bn. Similarly to overall regional trend, number of such deals by Chinese issuers increased by 20%.

HSBC leads Asia (ex-Japan) G3 DCM league table in 2018 YTD with $6.4bn, Bank of China follows it with $4.3bn, and Citi comes in third with $4.2bn.

Asia (ex-Japan) G3 DCM Bookrunner Rankings - 2018 YTD
Pos. Bookrunner Deal Value ($m) No. %share
1 HSBC 6,353.0 55 7.49
2 Bank of China 4,278.4 40 5.05
3 Citi 4,166.9 31 4.92
4 Standard Chartered Bank 3,596.4 35 4.24
5 JPMorgan 3,450.3 17 4.07
6 Bank of America Merrill Lynch 3,418.5 19 4.03
7 Morgan Stanley 3,107.5 20 3.67
8 BNP Paribas 2,933.9 23 3.46
9 Goldman Sachs 2,894.6 10 3.41
10 Credit Suisse 2,641.9 18 3.12
SOURCE: Dealogic
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