Equity Capital Markets
A total of $2.4 billion has been raised in the Asian equity capital markets through 11 deals so far this week, up marginally on the $2.1 billion raised in the same period last week.
PT Hanjaya Mandala Sampoerna’s $1.4 billion rights offer through bookrunners Goldman Sachs, JP Morgan, Citi, Credit Suisse and PT Bank Mandiri (Persero) is the largest deal of the week.
Indonesia ECM volume has reached $3.3 billion so far this year, up 47% year-on-year. Despite the increase, Southeast Asia ECM volume has dropped to $13.9 billion so far this year, the lowest YTD level since 2009 ($12.5 billion) and 26% on 2014 YTD ($18.7 billion).
In the first nine months of 2015, Asian (ex Japan) issuers ECM volume raised $201.1 billion, the highest first nine month volume on record and a 17% increase on the same period in 2014. Volume was up 7% on the previous record set in 2010 ($187.2 billion).
Following a 1H record high of $165.3 billion, only $35.8 billion was raised in 3Q 2015, a 56% drop from 3Q 2014 and the lowest quarterly volume since 3Q 2013.
CITIC Securities led the league table ranking with $15.0 billion in the first nine months of 2015. UBS and Goldman Sachs follow with $13.9 billion and $12.8 billion, respectively.
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| Bookrunner | Deal Value ($m) | No. | %share | ||||||
| 1 | CITIC Securities | 14,974 | 53 | 7.5 | |||||
| 2 | UBS | 13,913 | 48 | 6.9 | |||||
| 3 | Goldman Sachs | 12,836 | 38 | 6.4 | |||||
| 4 | Morgan Stanley | 8,377 | 48 | 4.2 | |||||
| 5 | Credit Suisse | 7,360 | 42 | 3.7 | |||||
| 6 | Guotai Junan Securities | 7,270 | 35 | 3.6 | |||||
| 7 | JPMorgan | 6,644 | 31 | 3.3 | |||||
| 8 | Haitong Securities | 6,026 | 56 | 3.0 | |||||
| 9 | Deutsche Bank | 5,591 | 23 | 2.8 | |||||
| 10 | China Merchants Securities | 5,468 | 32 | 2.7 | |||||
Debt Capital Markets
China Development Bank was the only issuer to tap the G3 bond markets in Asia (ex Japan) so far this week for $1.5 billion, compared to $2.1 billion raised via six issuers in the same period last week.
Asia (ex Japan) issuers have raised $157.3 billion in the first nine months of 2015, up slightly on the $155.6 billion raised in the same 2014 period and the highest total for the period on record. China continued to lead G3 bond issuance with $82.2 billion, up 20% year-on-year. Philippines and South Korea follow with $18.3 billion and $14.8 billion, respectively
HSBC led the league table ranking with $16.9 billion in 2015 YTD while Citi and JPMorgan follow with $13.8 billion and $11.2 billion, respectively.
| Asia (ex Japan) G3 DCM Bookrunner Rankings - First Nine Months of 2015 | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | HSBC | 16,867 | 105 | 10.7 |
| 2 | Citi | 13,809 | 78 | 8.8 |
| 3 | JP Morgan | 11,204 | 58 | 7.1 |
| 4 | Deutsche Bank | 9,758 | 65 | 6.2 |
| 5 | Standard Chartered Bank | 9,507 | 55 | 6.0 |
| 6 | Bank of America Merrill Lynch | 9,325 | 61 | 5.9 |
| 7 | Goldman Sachs | 7,262 | 32 | 4.6 |
| 8 | Morgan Stanley | 6,623 | 37 | 4.2 |
| 9 | Bank of China | 5,675 | 43 | 3.6 |
| 10 | DBS | 4,876 | 32 | 3.1 |
