Equity Capital Markets
Asia (ex Japan) ECM volume stands at $6.0bn via 15 deals so far this week (four IPOs, 10 follow-ons and one convertible), compared to the $3.5bn via 32 deals completed in the previous week.
On May 23, Chinese issuer Foxconn Industrial Internet completed a $4.3bn IPO via sole bookrunner China International Capital Corp in what is the largest Asia (ex Japan) ECM transaction this week and the second largest ECM transaction this YTD.
Asia ex Japan Technology ECM volume reached its highest level on record with $26.1bn via 116 deals in 2018 YTD, almost doubling from last year's $13.8bn (via 161 deals) in the same period. Technology ECM leads the weekly volume with $5.5bn via six deals, with Alibaba Group's $1.1bn follow-on offering as the second largest deal this week after Foxconn Industrial Internet ($4.3bn).
18 Asia (ex Japan) ECM transactions are expected to price next week (11 IPOs and seven follow-ons), for an estimated total of $765m. The largest expected deal is Del Monte Philippines' $324m IPO via BDO Capital & Investment Corp as bookrunners
Citi leads the ECM league table with $9.4bn this YTD, Goldman Sachs follows with $8.9bn, and Morgan Stanley is the third with $7.4bn.
| Pos. | Bookrunner | Deal Value ($m) | No. | %share |
|---|---|---|---|---|
| 1 | Citi | 9,438.6 | 40 | 8.72 |
| 2 | Goldman Sachs | 8,946.6 | 29 | 8.26 |
| 3 | Morgan Stanley | 7,369.5 | 25 | 6.81 |
| 4 | China International Capital Corp Ltd | 6,725.3 | 16 | 6.21 |
| 5 | China Securities Co Ltd | 6,118.4 | 18 | 5.65 |
Debt Capital Markets
Asian (ex Japan) G3 DCM deal volume stands at $3.9bn (7 deals) so far this week, down 49% from the $7.6bn (15 deals) raised last week.
The largest deal of the week goes to KEXIM, priced a $1.5bn dual-tranche issue with Citi, ING, JPMorgan, Korea Development Bank, Morgan Stanley and SG Corporate & Investment Banking as bookrunners.
Indonesia government returned to market with ¥100bn samurai bond. This is the fourth consecutive year that Indonesia government has issued samurai bond and the third international issuance this year. Indonesia international DCM reached record high year to date with $11.6bn via 17 deals compared to $9.4bn via 12 deals in 2013 YTD.
HSBC leads Asia (ex Japan) G3 DCM league table in 2018 YTD with $11.0bn, Citi follows it with $8.2bn, and Bank of China is the third with $7.3bn.
| Pos. | Bookrunner | Deal Value ($m) | No. | %share |
|---|---|---|---|---|
| 1 | HSBC | 10,974.8 | 88 | 7.69 |
| 2 | Citi | 8,154.8 | 57 | 5.72 |
| 3 | Bank of China | 7,296.8 | 74 | 5.11 |
| 4 | Standard Chartered Bank | 5,650.8 | 52 | 3.96 |
| 5 | Goldman Sachs | 5,464.7 | 25 | 3.83 |
