Dealogic League Table Round-up September 25

Islamic Republic of Pakistan’s $500m trade pushes SSA issuance to a new record in 2015.

Equity Capital Markets

A total of $1.5 billion has been raised in the Asian equity capital markets through 17 deals so far this week, slightly higher than the $1.2 billion raised in the same period last week.

Chong Hing Bank’s $478 millon rights offer through Bank of China, DBS and Nomura was the largest deal of the week.

Asia (ex Japan) rights offerings* volume totals $13.0 billion in 2015 YTD, down 14% on the $15.1 billion raised in the same period last year.

FIG issuers account for 29% of total issuance with $3.7 billion in 2015 YTD, down from the 38% share held in the same 2014 period.

CITIC Securities maintains its leads in the league table ranking with $14.8 billion. UBS and Goldman Sachs follow with $13.9 billion and $12.8 billion, respectively.

*includes rights and open offers

Asia (ex Japan) ECM Bookrunner Rankings - 2015 YTD
  Bookrunner Deal Value ($m) No. %share
1 CITIC Securities 14,844 51 7.5
2 UBS 13,913 48 7.0
3 Goldman Sachs 12,836 38 6.4
4 Morgan Stanley 8,377 48 4.2
5 Credit Suisse 7,360 42 3.7
6 Guotai Junan Securities 7,270 35 3.7
7 JP Morgan 6,643 31 3.3
8 Haitong Securities 6,012 55 3.0
9 Deutsche Bank 5,561 22 2.8
10 China Merchants Securities  5,468 32 2.8

Debt Capital Markets

Three Asia (ex Japan) issuers have tapped the G3 bond market for a total of $1.5 billion so far this week, compared to $3.6 billion raised in the same period last week.

Korea National Oil’s $600 million trade through bookrunners UBS, Goldman Sachs, HSBC, Barclays, Citi and Korea Development Bank is the largest deal of the week.

South Korean issuers have raised a total of $14.8 billion in the G3 bond markets so far this year, down 37% from the record $23.5 billion raised in 2014 YTD.

Another notable deal to come to the market this week is Islamic Republic of Pakistan which raised $500m through bookrunners Standard Chartered. Deutsche Bank and Citi.

The deal marks the eight time the issuer has tapped the G3 markets on record and brings SSA issuance from Asia (ex Japan) issuers to a record $37.3 billion, up 3% year-on-year.

HSBC leads the league table ranking with $16.6 billion in 2015 YTD while Citi and JP Morgan follow with $13.8 billion and $10.9 billion, respectively.

Asia (ex Japan) G3 DCM Bookrunner Rankings - 2015 YTD
  Bookrunner Deal Value ($m) No. %share
1 HSBC 16,558 103 10.7
2 Citi 13,809 78 8.9
3 JP Morgan 10,945 57 7.1
4 Deutsche Bank 9,661 64 6.2
5 Bank of America Merrill Lynch 9,275 60 6.0
6 Standard Chartered Bank 9,081 53 5.9
7 Goldman Sachs 7,262 32 4.7
8 Morgan Stanley 6,623 37 4.3
9 Bank of China 5,415 42 3.5
10 DBS 4,709 31 3.0

 

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