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 $8.0bn.
| Pos. | Bookrunner | Deal Value ($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 |
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 |
