Dealogic League Table Roundup April 17

CSPC Pharmaceutical completes ninth biggest ECM transaction in 2015 YTD

Equity Capital Markets
A total of $7.2 billion has been raised in the Asian equity capital market this week through 53 deals, more than triple the $2 billion raised in the same period last week. Deal activity has more than doubled the 24 deals priced last week and marks the highest weekly deal count since the week of December 15th, 2014 (53 transactions raising a total of $10.1 billion). This brings year-to-date ECM volume in the region to $68.1 billion, up 27% year-on-year.

CSPC Pharmaceutical’s $1.3 billion accelerated offering through bookrunners CICC, Goldman Sachs, Morgan Stanley and UBS is the largest deal of the week and the ninth biggest ECM deal in Asia ex Japan in 2015 YTD.

The deal is also the fourth largest Healthcare ECM transaction on record and pushes Asia ex Japan healthcare sector ECM volume to $4.7 billion so far this year, more than double the $2.1 billion raised in the same period last year and the highest YTD total on record.

UBS edged up a notch this week to lead the bookrunner ranking with $5.7 billion for 2015 YTD while Goldman Sachs and CITIC Securities follow with $5.3 billion and $4.3 billion, respectively.

Asia (ex Japan) ECM Bookrunner Rankings - 2015 YTD
         
Pos. Bookrunner Deal Value ($m) No. %share
1 UBS 5,680 26 8.3
2 Goldman Sachs 5,336 20 7.8
3 CITIC Securities 4,343 20 6.4
4 Credit Suisse 3,542 12 5.2
5 Morgan Stanley 3,096 21 4.6
6 China Investment Securities  2,299 6 3.4
7 JP Morgan 2,077 13 3.1
8 China Everbright  1,932 5 2.8
9 Deutsche Bank 1,843 9 2.7
10 Guosen Securities 1,532 14 2.3

 

Debt Capital Markets
Six issuers tapped the Asian G3 debt capital markets for a total of $6.8 billion so far this week, the highest weekly issuance since the week of February 6th ($6.8 billion via 12 deals) and up from just $2.3 billion raised last week. G3 issuance in the region has reached $64.4 billion in 2015 YTD, up 4% year-on-year and the highest YTD level on record.

The largest deal of the week is a $3 billion dual-tranche trade for China Cinda Finance (2015) I Ltd through a consortium of 16 bookrunners. The deal is also the fourth biggest G3 deal in Asia (ex Japan) so far this year.

Chinese issuers account for 43% of total G3 issuance with $27.6 billion in 2015 YTD, up 34% on the $20.5 billion raised in 2014 YTD and is also at a YTD record.

The top three banks in the league table ranking remain unchanged with HSBC taking $7.7 billion while Citi and Deutsche Bank held $5.5 billion and $4.7 billion, respectively.

 

Asia (ex Japan) G3 DCM Bookrunner Rankings -  2015 YTD
         
Pos. Bookrunner Deal Value ($m) No. %share
1 HSBC 7,732 43 12.0
2 Citi 5,526 28 8.6
3 Deutsche Bank 4,729 31 7.3
4 Morgan Stanley 4,316 23 6.7
5 Bank of America Merrill Lynch 4,288 30 6.7
6 Standard Chartered  4,190 21 6.5
7 JP Morgan 4,029 22 6.3
8 Bank of China 2,142 14 3.3
9 Goldman Sachs 2,026 9 3.1
10 ICBC 1,871 10 2.9

 

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