Dealogic League Table Round-up Sep 15

Largest bond priced by Macau-based issuer on record

Equity Capital Markets

Asia (ex-Japan) ECM volume is at $3.1bn via 32 deals this week, down 19% from the $3.7bn via 35 deals completed last week.

On September 13, Chinese issuer Luzhou LaoJiao completed a $460m follow on via two bookrunners China International Capital Corp and Huaxi Securities, this is the largest Asia (ex-Japan) ECM transaction this week.

Asia (ex-Japan) Food & Beverage ECM volume has reached $3.2bn via 40 deals this YTD, down 31% from the same period last year ($4.7bn via 41 deals). China accounts for 83% of total volume with $2.7bn (20 deals) so far in this year, down 34% from the $4.1bn in 2016 YTD. South Korea ($410m) came in second and Hong Kong ($91m) stands as third largest in this industry.

CITIC Securities leads the ECM league table with $9.7bn in 2017 YTD, followed by Goldman Sachs with $8.12bn and China International Capital Corp is third with $8.0bn.

Asia (ex Japan) ECM Bookrunner Rankings - 2017 YTD
Pos. Bookrunner Deal Value ($m) No. %share
1 CITIC Securities 9,696.7 60 6.3
2 Goldman Sachs 8,124.4 33 5.27
3 China International Capital Corp Ltd 8,002.6 40 5.2
4 Citi 6,449.3 43 4.19
5 Guotai Junan Securities Co Ltd 6,054.7 42 3.93
6 China Securities Co Ltd 5,929.1 35 3.85
7 UBS 5,007.4 24 3.25
8 Morgan Stanley 4,694.2 27 3.05
9 Haitong Securities Ltd 4,663.6 47 3.03
10 Huatai Securities Co Ltd 4,072.5 25 2.64
SOURCE: Dealogic

Debt Capital Markets

Asia ex-Japan International issuance totaled $9.0bn via 18 deals this week, down 13% from the volume raised last week ($10.4bn).

On September 13, Wynn Macau returned to the market after 3 years with $1.35bn dual-tranche issue via consortium of 9 banks. This marked the largest bond priced by Macau-based issuer on record, surpassing $1.2bn priced by Studio City in 2016.

Three Korean issuers tapped the US dollar bond market this week. Notably, Shinhan Bank returned for the second time this year with $350m Tier 2 capital via Bank of America Merrill Lynch, BNP Paribas, HSBC, and Mitsubishi UFJ Financial Group. Korean International DCM recorded $24.9bn volume via 95 deals this year-to-date, marking the second consecutive growth in year-to-date volume and the third highest YTD volume on record.

HSBC leads the G3 DCM league table in 2017 YTD with $21.3bn. This is followed by Citi with $16.9bn and Standard Chartered Bank with $13.1bn.


Asia (ex Japan) G3 DCM Bookrunner Rankings - 2017 YTD
Pos. Bookrunner Deal Value ($m) No. %share
1 HSBC 21,318.7 154 8.7
2 Citi 16,900.1 119 6.9
3 Standard Chartered Bank 13,129.3 99 5.36
4 JPMorgan 11,476.1 78 4.68
5 Deutsche Bank 11,326.2 65 4.62
6 Bank of China 10,892.9 98 4.44
7 Bank of America Merrill Lynch 10,209.5 65 4.17
8 Goldman Sachs 8,333.9 42 3.4
9 BNP Paribas 8,271.0 56 3.37
10 UBS 8,142.8 72 3.32
SOURCE: Dealogic

 

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