Dealogic League Table Roundup

GF Securities completes second largest new listing globally in 2015 YTD, while HK Telecom wires up $500m bond

Equity Capital Markets
A total of $6 billion billion has been raised in Asian equity capital markets this week through 15 deals, up 43% on the $4.2 billion raised in the same period last week and largest weekly volume since the week of February 9th ($7.3 billion).

Volume was boosted by GF Securities’ $3.6 billion new listing through a consortium of 17 bookrunners in what stands as the biggest new listing in Asia Pacific so far this year and also the second largest new listing globally in 2015, behind Aena’s $4.8 billion IPO in February.

On the back of this deal, the Hong Kong stock exchange has climbed to the second place globally for new listings volume with 18 deals priced for a combined total of $6 billion in 2015 YTD and is just narrowly behind London Stock exchange ($6.1 billion via 20 transactions).

Asian issuers have raised a total of $55.9 billion in the equity capital markets in 1Q 2015, up 34% year-on-year and the highest 1Q total on record. Chinese issuers accounted for 62% of the regional volume with $34.5bn in 1Q 2015, the highest 1Q volume on record.

Goldman Sachs led the bookrunner ranking with $4.9 billion for 1Q 2015. UBS and CITIC Securities followed with $4.3 billion and $3.5 billion, respectively.

Asia (ex Japan) ECM Bookrunner Rankings - 2015 YTD
         
Pos. Bookrunner Deal Value ($m) No. %share
1 Goldman Sachs 4,902 17 8.7
2 UBS 4,282 19 7.6
3 CITIC Securities 3,536 17 6.3
4 Credit Suisse 2,486 10 4.4
5 Morgan Stanley 2,297 14 4.1
6 China Investment Securities  2,087 5 3.7
7 JP Morgan 1,849 10 3.3
8 China Everbright Group  1,804 4 3.2
9 Guotai Junan Securities 1,449 7 2.6
10 Deutsche Bank 1,311 8 2.3

 

Debt Capital Markets
Two issuers have tapped the Asia ex Japan G3 debt capital market for $675 million, compared to $3.1 billion issued in the same period last week.

The largest deal this week is a $500 million trade for HKT Capital No 2 Ltd through bookrunners Mizuho, Standard Chartered Bank, Deutsche Bank, Morgan Stanley, HSBC, ANZ and Bank of America Merrill Lynch.

G3 bond issuance in 1Q 2015 totaled $54.7 billion in Asia ex Japan, up 24% year-on-year and the third highest quarterly volume on record behind 2Q 2014 ($68 billion) and 4Q 2014 ($60 billion). Chinese issuers raised $22.1 billion in 1Q 2015, the highest 1Q total on record but still down compared to the record $38.7 billion raised in 4Q 2014.

HSBC topped the league table ranking in 1Q 2015 with $6.4 billion while Citi and Deutsche Bank rounded off the top three with $5.3 billion and $4.3 billion, respectively.

 

Asia (ex Japan) G3 DCM Bookrunner Rankings -  2015 YTD
         
Pos. Bookrunner Deal Value ($m) No. %share
1 HSBC 6,401 38 11.7
2 Citi 5,244 24 9.6
3 Deutsche Bank 4,262 27 7.8
4 JP Morgan 3,929 21 7.2
5 Bank of America Merrill Lynch 3,896 27 7.1
6 Morgan Stanley 3,481 19 6.4
7 Standard Chartered  3,291 18 6.0
8 Goldman Sachs 2,026 9 3.7
9 ICBC 1,695 9 3.1
10 Credit Suisse 1,572 9 2.9

 

*Please note FinanceAsia is sending the League Table Roundup a day early due to the Easter holidays.

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