Dealogic League Table Round-up Sep 22

Chinese International DCM YTD surpasses Full Year record

Equity Capital Markets

Asia (ex Japan) ECM volume stands at $5.5bn via 33 deals so far this week (16 IPO, 16 follow-ons and one convertible), compared to the $3.4bn via 49 deals completed in the previous week

On Sep 21, ZhongAn Online P&C Insurance Co Ltd priced a $1.5bn IPO in Hong Kong via a consortium of ten bookrunners, in what is the largest Asia (ex Japan) ECM transaction this week

Malaysia ECM volume stands at $3.0bn via 84 deals so far this year, up from $2.0bn via 56 deals in 2016 YTD. Chemicals sector accounts for 31% of total volume with $931m via 5 deals so far in 2017, up from the $3.9m raised in the same 2016 period

28 Asia (ex Japan) ECM transactions are expected to price next week (21 IPOs and seven follow-ons), for an estimated total of $2.5bn. The largest expected deal is SBI Life Insurance’s $1.3bn IPO in India via Axis Capital, BNP Paribas, Citi, Deutsche Bank, ICICI Bank, JM Financial, Kotak Mahindra Bank, and State Bank of India.

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 $11.6bn via 11 deals this week, up 29% from the volume raised last week ($9bn).

On September 21, Postal Savings Bank of China priced a $7.25bn Additional Tier 1 capital instrument via a consortium of 21 banks. This is the first USD-denominated transaction from the issuer and marks the largest USD-denominated bond from a Chinese bank.

Pushed by the multi-billion dollar transaction, Chinese International DCM volume reached $154.6bn via 244 deals this year-to-date, and surpasses the record full year volume of $140bn via 287 deals done in 2014.

HSBC leads the G3 DCM league table in 2017 YTD with $22.0bn. This is followed by Citi with $17bn and Standard Chartered Bank with $13.6bn.

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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