Dealogic League Table Round-up March 4

Convertible bond volume at highest YTD level since 2011.

Equity Capital Markets

A total of $3.1 billion has been raised in the equity capital markets this week so far, up 9% on the $2.9bn raised in the same period last week and brings YTD ECM volume in the region to $40.7 billion in 2016 YTD, up 15% year-on-year.

The largest deal of the week is Guangzhou Baiyun International Airport’s $536 million convertible through sole bookrunner China Galaxy Financial Holdings. The deal is the fourth largest convertible bond in the region in 2016 so far and brings YTD issuance to $3.9 billion, almost triple the $1.3 billion seen in 2015 YTD, and the highest total for the period since 2011 ($6.6 billion).

Notably, Jiayuan International Group also completed its IPO this week raising $144 million on the Hong Kong stock exchange. The deal is the fifth biggest new listing in the region so far this year and brings total new listings* volume in Hong Kong to $692 million through five deals, up from the $386 million raised in the same period last year through 11 transactions.

GF Securities continues to lead the league table ranking with $4.8 billion in 2016 YTD, while CITIC Securities and Guosen Securities follow with $2.7 billion and $2.5 billion, respectively.

Asia (ex Japan) ECM Bookrunner Rankings - 2016 YTD
  Bookrunner Deal Value ($m) No. %share
1 GF Securities 4,848 11 11.9
2 CITIC Securities 2,673 11 6.6
3 Guosen Securities 2,540 8 6.2
4 Haitong Securities Ltd 2,111 12 5.2
5 Deutsche Bank 1,957 8 4.8
6 Guotai Junan Securities 1,665 13 4.1
7 China International Capital Corp 1,662 7 4.1
8 Sinolink Securities 1,587 2 3.9
9 Huatai Securities 1,369 8 3.4
10 China Securities 1,279 5 3.1

*New listings include primary and secondary listings

Debt Capital Markets

Only 2 issuers have tapped the Asian G3 debt capital markets so far this week for a total of $1.2 billion, down from the $6.1 billion raised in the same period last week.

Export-Import Bank of China’s $640 million trade through bookrunners Mizuho, China Minsheng Banking Corp, Bank of Communications, Agricultural Bank of China and Mitsubishi UFJ Financial Group  and brings total SSA G3 issuance to $15.1 billion via 17 deals so far this year, slightly down from the $15.3 billion raised via 25 transactions in 2015 YTD.

United Overseas Bank’s $545 million covered bond is the other deal to price this week through UBS, BNP Paribas, HSBC, UOB, DZ Bank, Natixis, Commerzbank Group. The deal also marks the first euro-denominated covered bond issued by an Asian issuer.

HSBC remains at the top of the G3 DCM bookrunner ranking in the region in 2016 YTD with $3.4 billion while Standard Chartered and Bank of America Merrill Lynch follow with $2.4 billion and $2.3 billion, respectively.

Asia (ex Japan) G3 DCM Bookrunner Rankings - 2016 YTD
  Bookrunner Deal Value ($m) No. %share
1 HSBC 3,421 17 11.9
2 Standard Chartered Bank 2,369 10 8.2
3 Bank of America Merrill Lynch 2,301 8 8.0
4 Citi 1,872 9 6.5
5 JPMorgan 1,674 9 5.8
6 Morgan Stanley 1,573 5 5.5
7 Bank of China 1,512 6 5.3
8 Deutsche Bank 1,267 6 4.4
9 BNP Paribas 865 6 3.0
10 Barclays 853 6 3.0
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