Equity Capital Markets
Asia (ex-Japan) ECM volume stands at $2.5bn via 20 deals so far this week, up 8% from the $2.3bn via 27 deals completed last week.
On Aug 22, Chinese issuer SF Holding completed a $1.2bn follow-on via Goldman Sachs, Morgan Stanley, China Development Bank, Huatai Securities, and China Merchants Securities. This is the largest Asia (ex-Japan) ECM transaction this week and the third largest transaction in the Transportation sector in the region for this YTD.
Asia (ex-Japan) Transportation ECM volume stands at $9.3bn via 44 deals so far this year, up from $5.0bn via 29 deals in 2016 YTD. Chinese issuers account for 78% of total volume with $7.2bn via 19 deals for 2017 YTD, up from the $4.4bn raised in the same period last year.
CITIC Securities leads the ECM league table with $8.3bn in 2017 YTD, followed by China International Capital Corp with $7.8bn and Goldman Sachs is third with $7.7bn.
| Asia (ex Japan) ECM Bookrunner Rankings - 2017 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | CITIC Securities | 8,260.1 | 48 | 5.79 |
| 2 | China International Capital Corp Ltd | 7,824.4 | 37 | 5.48 |
| 3 | Goldman Sachs | 7,677.7 | 29 | 5.38 |
| 4 | Guotai Junan Securities Co Ltd | 5,991.3 | 40 | 4.2 |
| 5 | Citi | 5,786.9 | 39 | 4.05 |
| 6 | China Securities Co Ltd | 5,434.3 | 33 | 3.81 |
| 7 | UBS | 5,007.4 | 24 | 3.51 |
| 8 | Morgan Stanley | 4,615.9 | 26 | 3.23 |
| 9 | Haitong Securities Ltd | 4,501.9 | 45 | 3.15 |
| 10 | GF Securities Co Ltd | 4,043.0 | 49 | 2.83 |
Debt Capital Markets
Asia (ex-Japan) G3 DCM volume totaled $3.2bn via 4 deals this week, more than doubled from the $1.4bn raised last week via 7 deals.
On August 24, 2017, China Great Wall Asset Management priced a $2.0bn 3-tranche USD-denominated bond via a consortium of 17 bookrunners, Agricultural Bank of China Ltd, Bank of China, Bank of Communications Co Ltd, China Construction Bank Corp, China Everbright Bank Co Ltd, China Minsheng Banking Corp Ltd, Citi, Commonwealth Bank of Australia, Deutsche Bank, Guotai Junan Securities Co Ltd, HSBC, Industrial & Commercial Bank of China, JPMorgan, Morgan Stanley, Nomura, Shanghai Pudong Development Bank, and Standard Chartered Bank.
This is the largest deal priced this week featuring a Keepwell agreement, also this is the largest deal priced by the issuer in the Asia (ex-Japan) international market followed by its $1.5bn USD-denominated bond priced on October 20, 2016.
HSBC leads the G3 DCM league table in 2017 YTD with $19.8bn. This is followed by Citi with $16.2bn and Standard Chartered Bank with $12.5bn.
| Asia (ex Japan) G3 DCM Bookrunner Rankings - 2017 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | HSBC | 19,777.1 | 139 | 8.84 |
| 2 | Citi | 16,201.3 | 112 | 7.24 |
| 3 | Standard Chartered Bank | 12,497.3 | 92 | 5.58 |
| 4 | Deutsche Bank | 10,915.9 | 60 | 4.88 |
| 5 | JPMorgan | 10,838.9 | 74 | 4.84 |
| 6 | Bank of China | 10,082.9 | 90 | 4.51 |
| 7 | Bank of America Merrill Lynch | 8,502.9 | 58 | 3.8 |
| 8 | Goldman Sachs | 7,763.9 | 38 | 3.47 |
| 9 | UBS | 7,097.5 | 63 | 3.17 |
| 10 | BNP Paribas | 6,755.8 | 50 | 3.02 |
