Equity Capital Markets
Asia (ex Japan) ECM volume stands at $2.6bn via 33 deals so far this week, down 61% from the $6.6bn last week via 39 deals.
On July 17, South Korea issuer Celltrion Healthcare completed an $894m IPO via two bookrunners Mirae Asset Daewoo and UBS. This is the largest Asia (ex Japan) ECM transaction this week and also the third largest ECM transaction in the North Asian region so far this year, behind Netmarble Games Corp's $2.3bn and ING Life Insurance Korea's $974m IPOs completed in April.
South Korea ECM volume reached $10.0bn (83 deals) so far this year, up 44% from the $6.9bn (91 deals) raised in 2016 YTD and the highest YTD volume since 2010 ($11.5bn). IPO accounts for 52% of the total volume with $5.2bn (36 deals) so far in 2017, more than three times from $1.4bn (33 deals) raised in the same period last year and also the highest YTD volume since 2010 ($7.8bn)
CITIC Securities leads the ECM league table with $7.9bn in 2017 YTD, followed by China International Capital Corp with $7.7bn and Goldman Sachs is third with $6.4bn.
| Asia (ex Japan) ECM Bookrunner Rankings - 2017 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | CITIC Securities | 7,927.7 | 44 | 6.31 |
| 2 | China International Capital Corp Ltd | 7,717.1 | 36 | 6.14 |
| 3 | Goldman Sachs | 6,387.5 | 24 | 5.08 |
| 4 | China Securities Co Ltd | 5,257.7 | 29 | 4.18 |
| 5 | Guotai Junan Securities Co Ltd | 5,237.7 | 37 | 4.17 |
| 6 | UBS | 4,797.1 | 23 | 3.82 |
| 7 | Citi | 4,698.1 | 34 | 3.74 |
| 8 | Haitong Securities Ltd | 4,057.6 | 40 | 3.23 |
| 9 | Morgan Stanley | 4,048.3 | 23 | 3.22 |
| 10 | GF Securities Co Ltd | 3,562.1 | 43 | 2.83 |
Debt Capital Markets
Twelve Asian (ex Japan) issuers have tapped the G3 debt capital markets this week for a total of $8.1bn via 20 deals, down 19% from the $10.0bn issued last week via 10 deals.
On 18 Jul, Country Garden Holdings returned to the market after 6 months with $600m issue via bookrunners Bank of China, China International Capital Corp, China Merchants Securities, China Silk Road International Capital, Deutsche Bank, Goldman Sachs, and HSBC. Proceeds of the bond are used to refinance existing debt.
On 17 Jul, Kyobo Life Insurance Co issued the group’s first USD-denominated bond pricing $500m via bookrunners Citi, JPMorgan, Nomura, and UBS. This is the first time in three years that a South Korean insurance company has tapped the international market since Korean Reinsurance Co’s $200m bond priced in 14 Oct 2014.
HSBC leads the G3 DCM league table in 2017 YTD with $18.3bn. This is followed by Citi with $14.9bn and Standard Chartered Bank with $11.5bn.
| Asia (ex Japan) G3 DCM Bookrunner Rankings - 2017 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | HSBC | 18,282.9 | 126 | 8.92 |
| 2 | Citi | 14,900.0 | 100 | 7.27 |
| 3 | Standard Chartered Bank | 11,505.4 | 83 | 5.61 |
| 4 | Deutsche Bank | 9,902.6 | 52 | 4.83 |
| 5 | JPMorgan | 9,535.6 | 62 | 4.65 |
| 6 | Bank of China | 9,496.0 | 83 | 4.63 |
| 7 | Bank of America Merrill Lynch | 7,452.5 | 50 | 3.63 |
| 8 | Goldman Sachs | 7,430.8 | 35 | 3.62 |
| 9 | Morgan Stanley | 6,525.9 | 45 | 3.18 |
| 10 | UBS | 6,318.0 | 53 | 3.08 |
