League table roundup

Dealogic league table roundup, Feb 24

Citi moves to the top of the ECM league table ranking on the back of a $1.9 billion block trade in HDFC.
February 24, 2012

Equity capital markets
Activity in the Asian equity capital markets totalled $2.7 billion this week from 15 transactions, representing the highest weekly level since the week of December 19, 2011 (which also saw $2.7 billion of activity). It pushes year-to-date issuance to $11.4 billion; however that is still down from the $27.5 billion raised in the same period last year. Citi tops the league table ranking with $2.3 billion, followed by Citic Securities and Goldman Sachs.

The largest deal of the week was the self-led $1.9 billion sell-down in Housing Development Finance Corp (HDFC) by Citi, which was completed today (February 24). The accelerated bookbuild marks the second-biggest ECM transaction globally this year and the biggest Indian ECM deal since Petronas's $2.1 billion exit of Cairn India in April last year. The transaction pushed Citi to the top of the league table ranking, up from seventh place last week.

Zhengzhou Yutong Bus’s $356 million follow-on was the second largest deal this week. It was led by Central China Securities Holdings.


Top 10 Asia ex-Japan ECM bookrunner rankings

    Bookrunner parents Value ($m) No. %
  1 Citi 2,327 6 20.4
  2 Citic Securities 867 4 7.6
  3 Goldman Sachs 856 4 7.5
  4 J.P. Morgan 820 4 7.2
  5 China Merchants Bank 534 2 4.7
  6 GF Securities 510 2 4.5
  7 Hongyuan Securities 375 2 3.3
  8 Deutsche Bank 367 3 3.2
  9 Central China Securities 356 1 3.1
  10 Bank of China 355 2 3.1

 

 

Debt capital markets
Asian borrowers raised a total of $2.9 billion through seven trades in the G3 debt capital markets this week. The largest transaction was a $1 billion bond for DBS Bank through bookrunners Bank of America Merrill Lynch and Goldman Sachs. The deal marks the issuer’s third-biggest bond on record and its first G3 bond since it raised $1 billion in September 2010.

Singaporean issuers have tapped the G3 bond market for $1.6 billion so far this year, up from just $200 million in the comparable period last year, giving the country fifth place in the nationality ranking in the Asia ex-Japan region. Hong Kong leads with $8.6 billion through 14 trades, up from just $754 million in the same period 2011, followed by South Korea with $6 billion.

The top three banks in the league table remain unchanged. HSBC leads with $5.2 billion, followed by J.P. Morgan and Goldman Sachs.


Top 10 Asia ex-Japan DCM bookrunner rankings

    Bookrunner parents Value ($m) No. %
  1 HSBC 5,203 24 19.5
  2 J.P. Morgan 4,023 21 15.0
  3 Goldman Sachs 3,049 10 11.4
  4 Standard Chartered 1,914 12 7.2
  5 Citi 1,600 9 6.0
  6 Morgan Stanley 1,541 8 5.7
  7 Bank of America Merrill Lynch 1,465 6 5.5
  8 Deutsche Bank 1,385 10 5.2
  9 UBS 1,281 10 4.8
  10 Barclays Capital 817 4 3.1