Dealogic League Table Round-up Nov 24

Third largest Southeast Asia Utility & Energy ECM deal on record priced by a Thai issuer.

Equity Capital Markets

Asia (ex-Japan) ECM deals activity was down two consecutive weeks. This week’s volume stands at 2.4bn via 18 deals, halved from the $5.4bn (20 deals) raised last week.

On November 22, Thai issuer Gulf Energy Development completed a $732m IPO via a consortium of five bookrunners. This is the largest Asia (ex-Japan) ECM transaction for the week, and the third largest Southeast Asia ECM transaction in the Utility & Energy sector on record.

Asia (ex-Japan) Utility & Energy ECM volume stands at $8.4bn via 44 deals so far this year, down from the $12.2bn via 46 deals in 2016 YTD. China accounts for 48% of the total issuance with $4.1bn via 25 deals in 2017 YTD, followed by India and Thailand with $2.1bn and $1.9bn, respectively.

CITIC Securities leads the ECM league table with $14.0bn in 2017 YTD, followed by Goldman Sachs with $10.2bn and UBS took the third position with $9.9bn.

Asia (ex Japan) ECM Bookrunner Rankings - 2017 YTD
Pos. Bookrunner Deal Value ($m) No. %share
1 CITIC Securities 13,958.1 79 6.36
2 Goldman Sachs 10,206.7 46 4.65
3 UBS 9,882.5 43 4.5
4 China Securities Co Ltd 9,861.8 46 4.5
5 China International Capital Corp Ltd 9,562.6 48 4.36
6 Citi 8,985.1 63 4.1
7 Guotai Junan Securities Co Ltd 8,787.5 53 4.01
8 Morgan Stanley 8,462.0 50 3.86
9 Deutsche Bank 5,928.9 39 2.7
10 Huatai Securities Co Ltd 5,878.6 34 2.68
SOURCE: Dealogic

Debt Capital Markets

Asia (ex-Japan) G3 issuance volume went up to $9.8bn this week via 19 deals compared to $6.4bn priced in the previous week.

On November 21, Export-Import Bank of China priced a $3.3bn 4-tranche bond via a consortium of 9 bookrunners. This is the largest transaction completed by the issuer in the international market, and the second Chinese agency deal after the China’s sovereign issuance in October following China Development Bank’s $1.7bn bond priced earlier this month.

Four real estate companies from China and the Philippines tapped the international market this week, raising $1.75bn in total, accounting for 18% of this week’s total issuance in the region.

HSBC leads the G3 DCM league table in 2017 YTD with $26.1bn, followed by Citi with $21.8bn and Standard Chartered Bank with $16.3bn.

Asia (ex Japan) G3 DCM Bookrunner Rankings - 2017 YTD
Pos. Bookrunner Deal Value ($m) No. %share
1 HSBC 26,108.5 191 8.19
2 Citi 21,801.9 153 6.84
3 Standard Chartered Bank 16,271.5 123 5.1
4 Bank of China 15,992.7 133 5.02
5 JPMorgan 14,124.7 99 4.43
6 Deutsche Bank 13,765.7 84 4.32
7 Bank of America Merrill Lynch 13,008.2 81 4.08
8 BNP Paribas 11,577.7 78 3.63
9 Goldman Sachs 10,288.1 56 3.23
10 UBS 9,974.0 94 3.13
SOURCE: Dealogic
¬ Haymarket Media Limited. All rights reserved.