Equity Capital Markets
Asia (ex-Japan) ECM volume saw an increase of 36% to $8.8bn via 38 deals this week from the previous week ($6.5bn via 42 deals).
On October 31, China Literature completed a $1.1bn IPO via a consortium of 11 bookrunners, this is the second largest Asia (ex-Japan) ECM transaction this week, behind SDIC Essence’s 1.2bn follow-on via Zhongtai Securities and Guotai Junan Securities.
Asia (ex-Japan) Technology ECM volume stands at $31.9bn via 333 deals so far this year, down from the $39.4bn via 300 deals in 2016 YTD. China accounts for 67% of the total issuance with $21.4bn via 157 deals in 2017 YTD. This is followed by South Korea and Taiwan with $3.8bn and $3.6bn, respectively.
CITIC Securities leads the ECM league table with $12.4bn in 2017 YTD, followed by China Securities Co Ltd by $9.7bn and China International Capital Corp Ltd is third with $9.3bn.
| Pos. | Bookrunner | Deal Value ($m) | No. | %share |
|---|---|---|---|---|
| 1 | CITIC Securities | 12,357.0 | 72 | 6.21 |
| 2 | China Securities Co Ltd | 9,686.4 | 45 | 4.87 |
| 3 | China International Capital Corp Ltd | 9,327.1 | 45 | 4.69 |
| 4 | Goldman Sachs | 9,123.0 | 38 | 4.59 |
| 5 | Citi | 8,617.1 | 58 | 4.33 |
Debt Capital Markets
Asia (ex-Japan) G3 issuance volume stands at $8.5bn via 11 deals this week, maintained similar level of G3 issuance ($8.9bn, 11 deals) from the previous week.
On October 31, China Huarong Asset Management priced a $3.393bn USD-denominated bond via a consortium of 24 bookrunners. This is the largest deal in the region for the week, and it featured a keepwell agreement. It also is the second largest deal priced among the four China AMCs (Asset Management Companies) in history, behind its $3.399bn USD-denominated bond priced on April this year.
On November 1, China Minmetals Corp priced a $1bn USD-denominated perpetual bond via a consortium of 10 bookrunners. This marked the largest transaction priced by the company and the first direct issuance by the company. Asia ex-Japan international Metal & Steel DCM market recorded $6.5bn via 10 deals this year-to-date. This marked the highest year-to-date volume on record surpassing the previous record set in 2013 with 5.5bn.
HSBC leads the G3 DCM league table in 2017 YTD with $24.4bn, followed by Citi with $20.5bn and Standard Chartered Bank with $15.2bn.
| Pos. | Bookrunner | Deal Value ($m) | No. | %share |
|---|---|---|---|---|
| 1 | HSBC | 24,370.2 | 177 | 8.28 |
| 2 | Citi | 20,505.3 | 140 | 6.97 |
| 3 | Standard Chartered Bank | 15,172.4 | 112 | 5.16 |
| 4 | Bank of China | 14,438.0 | 120 | 4.91 |
| 5 | JPMorgan | 13,491.5 | 93 | 4.58 |
