Dealogic League Table Round-up May 13

Manulife US Real Estate Investment Trust completes largest Singapore IPO in almost 2 years

Equity Capital Markets

Asia (ex Japan) issuers have raised $2.5 billion through 16 deals so far this week, up slightly on the $2.2 billion raised in the same period last week.

The most notable transaction this week is Manulife US Real Estate Investment Trust’s $470 million IPO through bookrunners DBS, CICC, Credit Suisse and Deutsche Bank. The deal is the largest Southeast Asian IPO so far this year and the biggest Singapore listed IPO since Accordia Golf Trust’s $612 million IPO in July 2014.

Southeast Asian issuers have raised $1.1 billion via IPOs in 2016 YTD, the lowest YTD total since 2009 ($48 million) and down from the $3.0 billion raised in the same period last year. Overall ECM volume in the region stands at $1.8 billion, down significantly from the $8.3 billion raised in 2015 YTD and the lowest YTD level since 2003 ($835 million).

CITIC Securities continues its helm at the top of the league table ranking with $6.3 billion in 2016 YTD. GF Securities and Huatai Securities follow with $6.0 billion and $4.5 billion, respectively.

Asia (ex Japan) ECM Bookrunner Rankings - 2016 YTD
  Bookrunner Deal Value ($m) No. %share
1 CITIC Securities 6,309 24 8.3
2 GF Securities Co Ltd 6,014 21 7.9
3 Huatai Securities Co Ltd 4,539 13 6.0
4 Haitong Securities Ltd 3,684 20 4.8
5 Guosen Securities Co Ltd 3,440 12 4.5
6 Guotai Junan Securities Co Ltd 3,125 21 4.1
7 Morgan Stanley 2,867 17 3.8
8 Deutsche Bank 2,782 15 3.7
9 Southwest Securities Co Ltd 2,751 12 3.6
10 China International Capital Corp Ltd 2,382 10 3.1

Debt Capital Markets

The G3 debt capital markets saw five issuers tap the market for a combined total of $5.7 billion so far this week, up from the $1.4 billion raised in the same period last week.

State Grid Overseas Investment (2016)’s $2.1 billion trade through a consortium of 11 banks is the largest G3 bond so far this week and the third largest G3 bond in Asia (ex Japan) in 2016 YTD.

G3 Corp IG issuance in the region has reached $22.8 billion so far this year, the lowest YTD total since 2011 ($19.4 billion) and nearly half the $41.1 billion raised in the same period last year.

HSBC remains at the G3 bond league table in Asia (ex Japan) with $8.8 billion. Citi and Bank of America Merrill Lynch follow with $5.9 billion each, respectively.

Asia (ex Japan) G3 DCM Bookrunner Rankings - 2016 YTD
  Bookrunner Deal Value ($m) No. %share
1 HSBC 8,814 49 11.5
2 Citi 5,925 31 7.8
3 Bank of America Merrill Lynch 5,914 23 7.7
4 JPMorgan 4,594 24 6.0
5 Standard Chartered Bank 3,841 17 5.0
6 Bank of China 2,949 14 3.9
7 Morgan Stanley 2,857 13 3.7
8 Deutsche Bank 2,742 14 3.6
9 BNP Paribas 2,598 13 3.4
10 Goldman Sachs 2,288 10 3.0
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