Equity Capital Markets
Asia (ex Japan) issuers have raised $3.9 billion through 28 deals so far this week, slightly down on the $3.8 billion raised in the same period last week.
The largest deal of the week is the $661 million IPO by Triangle Tyre on the Shanghai Stock Exchange, through sole bookrunner Essence Securities. This is also the second largest Chinese A-share IPO priced in 2016 YTD, after Bank of Jiangsu’s $1.1 billion listing in June.
A-share new listing volume has reached $11.4 billion via 118 deals so far this year, compared with $24.0 billion raised through 192 deals in the same 2015 period. Finance continues to lead A-share new listing issuance with a 22% share and $2.5 billion, down 66% year on year.
CITIC Securities remains at the top of league table ranking with $13.7 billion in 2016 YTD. Morgan Stanley and GF Securities complete the top three rankings with $9.7 billion and $8.8 billion, respectively.
| Asia (ex Japan) ECM Bookrunner Rankings - 2016 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | CITIC Securities | 13,717 | 47 | 8.7 |
| 2 | Morgan Stanley | 9,666 | 34 | 6.1 |
| 3 | GF Securities Co Ltd | 8,837 | 35 | 5.6 |
| 4 | Deutsche Bank | 7,427 | 27 | 4.7 |
| 5 | Guotai Junan Securities Co Ltd | 7,034 | 49 | 4.4 |
| 6 | China International Capital Corp Ltd | 6,345 | 25 | 4.0 |
| 7 | Huatai Securities Co Ltd | 6,258 | 19 | 4.0 |
| 8 | China Securities Co Ltd | 5,707 | 31 | 3.6 |
| 9 | Haitong Securities Ltd | 5,562 | 36 | 3.5 |
| 10 | Southwest Securities Co Ltd | 5,460 | 22 | 3.5 |
Debt Capital Markets
Ten Asian issuers have tapped the G3 debt capital markets for a total of $3.3 billion, compared with $2.0 billion raised in the same period last week.
The largest deal this week is DBS Group’s USD-denominated Additional Tier 1 deal, priced through joint bookrunners Deutsche Bank, HSBC, DBS, SG Corporate & Investment Banking, and Citi, for $750 million. United Overseas Bank followed with another $600 million bank capital raising through Standard Chartered Bank, BNP Paribas, UOB, and Credit Suisse.
Asia (ex Japan) G3 DCM issuance from financial institutions totals $37.1 billion so far this year, down 5% on the YTD record high of $39.2 billion set in 2015 YTD. Chinese issuers account for the majority of the region’s volume, with a 73% share and $27.1 billion, down from $28.8 billion raised in 2015 YTD.
HSBC leads the G3 bond league table in Asia (ex Japan) with $13.9 billion. Bank of America Merrill Lynch and Citi follow with $10.5 billion and $9.9 billion, respectively.
| Asia (ex Japan) G3 DCM Bookrunner Rankings - 2016 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | HSBC | 13,940 | 89 | 9.9 |
| 2 | Bank of America Merrill Lynch | 10,535 | 54 | 7.5 |
| 3 | Citi | 9,923 | 61 | 7.0 |
| 4 | JPMorgan | 7,580 | 42 | 5.4 |
| 5 | Standard Chartered Bank | 7,306 | 49 | 5.2 |
| 6 | Bank of China | 6,210 | 40 | 4.4 |
| 7 | Deutsche Bank | 5,521 | 30 | 3.9 |
| 8 | BNP Paribas | 4,910 | 28 | 3.5 |
| 9 | Barclays | 4,782 | 28 | 3.4 |
| 10 | DBS | 4,220 | 36 | 3.0 |
