Equity Capital Markets
A total of $13.7 billion has been raised in the equity capital markets in Asia ex Japan this week, almost triple the $4.7 billion raised in the same period last week and brings total ECM volume in the region to $151.9 billion so far this year, up 80% on the $84.4 billion raised in 2014 YTD.
This week’s volume was boosted by Guotai Junan Securities’ $4.9 billion A-share IPO through bookrunners China Galaxy Financial Holdings, Huarong Securities, Ping An Securities, Huatai Securities and Southwest Securities. The deal is also the largest new listing globally so far this year, surpassing Aena’s $4.8 billion IPO in February. The deal helped push Shanghai Stock Exchange to become the top exchange for global new listings in 2015 YTD, compared to just $2.2 billion in 2014 YTD.
Another notable transaction this week is Citic Securities’ $3.5 billion follow-on which brings Asia ex Japan ECM issuance from the finance sector to $43.9 billion so far this year, more than triple the $13.4 billion raised in the same 2014 period.
Goldman Sachs leads the league table ranking with $11.7 billion in 2015 YTD, followed by CITIC Securities and UBS with $11.3 billion and $10.8 billion, respectively.
| Asia (ex Japan) ECM Bookrunner Rankings - 2015 YTD | ||||
| Pos. | Bookrunner | Deal Value ($m) | No. | %share |
| 1 | Goldman Sachs | 11,656 | 30 | 7.7 |
| 2 | CITIC Securities | 11,256 | 39 | 7.4 |
| 3 | UBS | 10,798 | 38 | 7.1 |
| 4 | Credit Suisse | 6,763 | 32 | 4.5 |
| 5 | Morgan Stanley | 6,308 | 37 | 4.2 |
| 6 | JP Morgan | 6,279 | 25 | 4.1 |
| 7 | Guotai Junan Securities | 5,788 | 25 | 3.8 |
| 8 | Deutsche Bank | 5,008 | 19 | 3.3 |
| 9 | Haitong Securities | 4,763 | 37 | 3.1 |
| 10 | Ping An Securities | 3,882 | 19 | 2.6 |
Debt Capital Markets
Land Bank of Taiwan is the only issuer to tap the G3 debt capital markets this week for $150 million, compared to nine issuers raising $2.7 billion in the same period last week.
Taiwanese issuers have tapped the G3 bond markets for $3.1 billion through 13 deals so far this year, outpacing previous historical full year levels on record and up from just $20 million raised in 2014 YTD
HSBC continues to top the league table rankings with $12.6 billion in 2015 YTD while Citi and Deutsche Bank follow with $11.1 billion and $7.5 billion, respectively.
| Asia (ex Japan) G3 DCM Bookrunner Rankings - 2015 YTD | ||||
| Pos. | Bookrunner | Deal Value ($m) | No. | %share |
| 1 | HSBC | 12,613 | 71 | 11.0 |
| 2 | Citi | 11,108 | 54 | 9.7 |
| 3 | Deutsche Bank | 7,502 | 50 | 6.5 |
| 4 | JP Morgan | 7,449 | 39 | 6.5 |
| 5 | Standard Chartered | 6,954 | 39 | 6.1 |
| 6 | Bank of America Merrill Lynch | 6,625 | 46 | 5.8 |
| 7 | Morgan Stanley | 5,870 | 31 | 5.1 |
| 8 | Bank of China | 3,796 | 25 | 3.3 |
| 9 | Goldman Sachs | 3,589 | 17 | 3.1 |
| 10 | Credit Suisse | 3,374 | 18 | 2.9 |
