Dealogic League Table Round-up May 11

Asia ex Japan Real Estate ECM volume reaches YTD record high

Equity Capital Markets

Asia (ex Japan) ECM volume stands at $2.8bn via 16 deals so far this week (six IPOs, eights follow-ons, and two convertibles), compared to the $3.0bn via 28 deals completed in the previous week.

On May 7, Vietnamese issuer Vinhomes JSC completed a $1.3bn IPO via consortium of seven bookrunners in what is the largest Asia (ex Japan) ECM transaction this week.

Asia ex Japan Real Estate ECM volume reached its highest level on record with $13.4bn via 46 deals in 2018 YTD, increasing five folds from the $2.2bn (via 25 deals) raised in the same period last year. Real Estate ECM leads the weekly volume with $1.8bn via three deals (72% of total ECM proceeds). The Vinhomes JSC deal was followed by the two Singapore REIT deals, Frasers Logistics & Industrial Trust ($246m) and Keppel DC REIT ($227m).

Citi leads the ECM league table with $9.2bn this YTD, Goldman Sachs follows with $7.3bn, and Morgan Stanley is the third with $7.0bn.

Asia (ex-Japan) ECM Bookrunner Rankings - 2018 YTD
Pos. Bookrunner Deal Value ($m) No. %share
1 Citi 9,166.1 38 9.29
2 Goldman Sachs 7,300.5 23 7.40
3 Morgan Stanley 6,993.3 21 7.09
4 China Securities Co Ltd 6,098.5 17 6.18
5 Bank of America Merrill Lynch 5,384.7 11 5.46
6 CITIC Securities 4,808.6 26 4.88
7 Credit Suisse 4,041.6 30 4.10
8 Huatai Securities Co Ltd 3,591.8 14 3.64
9 UBS 2,848.8 18 2.89
10 China International Capital Corp Ltd 2,341.6 14 2.37
SOURCE: Dealogic

Debt Capital Markets

Asian (ex Japan) G3 DCM deal volume stands at $2.6bn so far this week, 70% increase from the $1.6bn raised last week, despite the fall on number of deals from 12 deals to 4 deals.

The largest deal of the week goes to Bank of Communications (Hong Kong), priced a 3-tranche $1.7bn bond. Two tranches are USD-denominated with floating rate and one denominated in Hong Kong dollar with fixed rate.

Korea Water Resources Corp. priced a $300m green bond, the very first from Korea this year, with use of proceeds going to climate change adaptation, sustainable water management, and renewable energy purposes. Asia ex-Japan G3 green bond issuance YTD has also reached record high, volume stood at $6.2bn via 9 deals.

HSBC leads Asia (ex Japan) G3 DCM league table in 2018 YTD with $10.2bn, Citi follows it with $7.1bn, and Bank of China is the third with $6.7bn.

Asia (ex-Japan) G3 DCM Bookrunner Rankings - 2018 YTD
Pos. Bookrunner Deal Value ($m) No. %share
1 HSBC 10,247.6 81 7.83
2 Citi 7,068.1 52 5.40
3 Bank of China 6,684.6 65 5.11
4 Standard Chartered Bank 5,245.6 49 4.01
5 JPMorgan 5,029.5 24 3.84
6 Goldman Sachs 4,844.7 22 3.70
7 Bank of America Merrill Lynch 4,833.1 29 3.69
8 Deutsche Bank 4,498.6 37 3.44
9 BNP Paribas 4,263.6 34 3.26
10 Credit Suisse 4,152.6 32 3.17
SOURCE: Dealogic


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