Dealogic League Table Roundup Mar 20

Asia ex Japan G3 bond volume breaks the $50 billion barrier for the first time on record

Equity Capital Markets
A total of $3.6 billion has been raised in the Asian equity capital markets this week through 27 deals, compared to the $4.7 billion raised in the same period last week.

Follow-ons accounted for the majority of issuance this week with $3.5 billion via 23 deals, compared to $702 million through 13 transactions last week.

China Pacific Insurance’s $700 million follow-on through sole bookrunner Goldman Sachs is the largest transaction of the week and propels Goldman Sachs to the top of the league table ranking with $4.3 billion in 2015 YTD. UBS and CITIC Securities follow with $4.1 billion and $2.6 billion, respectively.

Asia (ex Japan) ECM Bookrunner Rankings - 2015 YTD
         
Pos. Bookrunner Deal Value ($m) No. %share
1 Goldman Sachs 4,282 14 9.5
2 UBS 4,123 18 9.1
3 CITIC Securities 2,645 14 5.8
4 Credit Suisse 2,486 10 5.5
5 China Investment Securities  2,012 4 4.4
6 China Everbright  1,800 4 4.0
7 Guotai Junan Securities  1,449 7 3.2
8 Morgan Stanley 1,354 9 3.0
9 Deutsche Bank 1,080 6 2.4
10 NH Investment & Securities Co Ltd 1,029 3 2.3

Debt Capital Markets
Four issuers have tapped the Asia ex Japan G3 debt capital markets for $1.1 billion, compared to $8.5 billion issued in the same period last week and is the quietest weekly volume since the week of Feb 16 when only two deals were priced raising $326 million. Despite the fall in weekly issuance, this week’s volume helped push the regional G3 bond issuance in 2015 YTD to $50.9 billion, the first time volume has breached the $50 billion barrier on record and up 24% year-on-year.

The largest deal of the week is Hyundai Capital America’s $1 billion dual tranche trade through bookrunners Sumitomo Mitsui Financial Group, Morgan Stanley, RBC Capital Markets, HSBC, Barclays and SG CIB.

G3 bond issuance by South Korean issuers totals $4.8 billion via 23 deals, down 54% on 2014 YTD ($10.4 billion).

Asia (ex Japan) G3 DCM Bookrunner Rankings -  2015 YTD
         
Pos. Bookrunner Deal Value ($m) No. %share
1 HSBC 5,919 34 11.6
2 Citi 5,018 22 9.9
3 Deutsche Bank 3,992 24 7.9
4 JP Morgan 3,494 19 6.9
5 Bank of America Merrill Lynch 3,455 23 6.8
6 Morgan Stanley 3,311 17 6.5
7 Standard Chartered  3,220 17 6.3
8 Goldman Sachs 2,026 9 4.0
9 ICBC 1,660 8 3.3
10 Credit Suisse 1,572 9 3.1

 

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