Equity Capital Markets
Asia (ex Japan) ECM volume stands at $4.1bn via 29 deals so far this week (17 IPO and 12 follow-ons) down compared to the $7.0bn via 52 deals completed in the previous week.
On Sep 26, SBI Life Insurance Co Ltd priced a $1.3bn IPO in India via JM Financial Ltd, Axis Bank, BNP Paribas, Citi, Deutsche Bank, ICICI Bank, Kotak Mahindra Bank Ltd, and State Bank of India, in what is the largest Asia (ex Japan) ECM transaction this week
Indian ECM volume stands at $18.2bn YTD, having already surpassed 2016 FY volumes ($10.1bn). SBI Life Insurance Co Ltd priced at the top of its range and is the largest Indian IPO since Coal India raised US$3.4bn in October 2010. The Indian Insurance sector has already produced two IPOs this year, with three others in the pipeline, including government sell-downs in General Insurance Corp of India Ltd and New India Assurance Co Ltd.
CITIC Securities leads the ECM league table with $9.9 bn in 2017 YTD, followed by Goldman Sachs with $8.3bn and China International Capital Corp is third with $8.2bn.
| Pos. | Bookrunner | Deal Value ($m) | No. | %share |
|---|---|---|---|---|
| 1 | CITIC Securities | 9,864.7 | 62 | 5.96 |
| 2 | Goldman Sachs | 8,339.7 | 35 | 5.04 |
| 3 | China International Capital Corp Ltd | 8,155.1 | 41 | 4.93 |
| 4 | Citi | 7,091.8 | 49 | 4.28 |
| 5 | Guotai Junan Securities Co Ltd | 6,707.6 | 46 | 4.05 |
Debt Capital Markets
Asia ex Japan issuers have tapped the G3 markets for $8.1bn via 14 deals this week, down 31% from the volume raised last week ($11.7bn via 12 deals).
CK Hutchison priced a $2.25bn IG-bond via Barclays, Citi, Goldman Sachs, and Morgan Stanley. This is the first USD-denominated transaction from the issuer and marks the largest USD-denominated bond from a Chinese bank.
G3 bonds issued by Asian (ex Japanese) holding companies are at a record high ($12.3bn), surpassing 2016 FY volumes ($10.4bn), a previously record year.
HSBC leads the G3 DCM league table in 2017 YTD with $22.3bn. This is followed by Citi with $17.9bn and Standard Chartered Bank with $13.6bn.
| Pos. | Bookrunner | Deal Value ($m) | No. | %share |
|---|---|---|---|---|
| 1 | HSBC | 22,327.6 | 161 | 8.41 |
| 2 | Citi | 17,882.1 | 124 | 6.74 |
| 3 | Standard Chartered Bank | 13,614.7 | 103 | 5.13 |
| 4 | Bank of China | 12,524.5 | 106 | 4.72 |
| 5 | JPMorgan | 12,157.6 | 83 | 4.58 |
