Dealogic league table roundup, Dec 5

CGN Power completes world’s largest utility & energy sector IPO in 2014 YTD

Equity Capital Markets
A total of $11.3 billion has been raised in the equity capital markets through 33 deals so far this week, more than double the $4.3 billion raised in the same period last week and is the highest weekly volume since the week of September 15 ($28.4 billion) and brings Asia ex Japan ECM volume to $209.5 billion in 2014 YTD, up 42% year-on-year.

The increase was led by Ping An Insurance’s $4.7 billion follow-on through sole bookrunner Morgan Stanley, the largest deal of the week and also the fourth biggest ECM transaction in the region so far this year.

Another notable transaction this week was a $3.2 billion IPO for CGN Power through a consortium of 15 bookrunners in what stands as the biggest utility & Energy sector ECM transaction globally in 2014 YTD and also the biggest IPO to list on the Hong Kong Stock Exchange so far this year.

The deal brings new listings issuance on the Hong Kong Stock Exchange to $21.5 billion and up 32% on the $16.3 billion raised in the same period last year.

Morgan Stanley has climbed to the top of the league table ranking with $16.5 billion on the back of the Ping-An Insurance $4.7bn follow-on, followed by Goldman Sachs and JPMorgan, respectively.

Asia (ex Japan) ECM Bookrunner Rankings - 2014 YTD
         
  Bookrunner Deal Value ($m) No. %share
         
1 Morgan Stanley 16,455 61 7.9
2 Goldman Sachs 14,644 60 7.0
3 JP Morgan 12,037 62 5.7
4 Credit Suisse 11,670 77 5.6
5 Citi 10,192 56 4.9
6 Deutsche Bank 9,417 48 4.5
7 UBS 8,146 68 3.9
8 CITIC Securities 7,944 54 3.8
9 Bank of America Merrill Lynch 6,590 34 3.1
10 China Securities  6,072 24 2.9

 

Debt Capital Markets
Seven issuers have tapped the Asia ex Japan G3 bond markets for $6.1 billion so far this week, more than double the $3.0 billion raised in the same period last week.

The largest deal of the week is a $3.9 billion preferred share for ICBC through bookrunners UBS, Goldman Sachs, ICBC and Bank of America Merrill Lynch and is the second largest FIG deal in the region so far this year.

Asia ex Japan FIG G3 bond issuance has reached $58.1 billion in 2014 YTD, more than double the $21.4 billion raised in the same period last year and is the highest YTD level on record. Chinese issuers have accounted for the majority of issuance with a record $34.0 billion in 2014 YTD and up from just $4.8 billion raised in the same 2013 period.

The top three banks in the league table remain unchanged with HSBC taking the top spot with $24.3 billion in 2014, followed by Citi and Deutsche Bank.

 

 

Asia (ex Japan) G3 DCM Bookrunner Rankings -  2014 YTD
         
  Bookrunner Deal Value ($m) No. %share
1 HSBC 24,270 163 11.5
2 Citi 21,409 116 10.2
3 Deutsche Bank 15,936 88 7.6
4 Bank of America Merrill Lynch 14,973 84 7.1
5 JP Morgan 14,906 93 7.1
6 Standard Chartered  13,389 99 6.4
7 Goldman Sachs 12,646 55 6.0
8 Morgan Stanley 9,963 59 4.7
9 UBS 8,674 65 4.1
10 Bank of China 7,319 45 3.5

 

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