Equity Capital Markets
Asia (ex Japan) issuers have raised $7.6 billion through 24 deals so far this week, up 46% compared to the $5.2 billion raised in the same period last year and the highest weekly total since the week of June 27th ($8.5 billion). This brings year-to-date ECM issuance to $167.6 billion, down 14% year-on-year.
Hainan Airlines’ $2.5 billion follow-on through bookrunners Haitong Securities and Goldman Sachs is the largest deal of the week. The deal is also the third largest ECM transaction in Asia (ex Japan) so far this year and the largest globally from the Transportation sector in 2016 YTD.
Another notable transaction this week is Ctrip’s $2.2 billion simultaneous equity offering through joint bookrunners JPMorgan and Morgan Stanley. The deal is also the largest cross-border equity follow-on by a Chinese internet company on record.
Internet related companies have raised $4.4 billion in the equity capital markets so far this year, more than double the $2.1 billion raised in the same period last year.
CITIC Securities continues to lead the league table ranking with $13.7 billion in 2016 YTD. Morgan Stanley and GF Securities follow with $10.8 billion and $8.8 billion, respectively.
| Asia (ex Japan) ECM Bookrunner Rankings - 2016 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | CITIC Securities | 13,717 | 47 | 8.2 |
| 2 | Morgan Stanley | 10,771 | 36 | 6.4 |
| 3 | GF Securities | 8,837 | 35 | 5.3 |
| 4 | Deutsche Bank | 7,427 | 27 | 4.4 |
| 5 | Guotai Junan Securities | 7,147 | 50 | 4.3 |
| 6 | Haitong Securities | 6,801 | 37 | 4.1 |
| 7 | China International Capital Corp | 6,544 | 26 | 3.9 |
| 8 | Huatai Securities | 6,438 | 20 | 3.8 |
| 9 | China Securities | 6,106 | 33 | 3.6 |
| 10 | Southwest Securities | 5,460 | 22 | 3.3 |
Debt Capital Markets
12 Asian issuers have tapped the G3 debt capital markets for a total of $6.1 billion, up 36% on the $4.5 billion raised in the prior week and the highest weekly level since the week of July 11th ($6.6 billion). Despite the pickup in weekly volume, overall G3 issuance in the region is down 2% year-on-year with $148.9 billion in 2016 YTD.
The largest deal of the week is Novelis Corp’s $1.5 billion high yield bond through bookrunners Standard Chartered Bank, JPMorgan, Deutsche Bank, Morgan Stanley, HSBC, Barclays, Citi and Bank of America Merrill Lynch. The deal is also the largest high yield bond in the region so far this year.
High yield issuance in Asia (ex Japan) totals $10.6bn so far this year, up slightly from the $9.9 billion raised in the same period last year.
HSBC continues to take the top position in the G3 bond league table in Asia (ex Japan) with $14.5 billion. Bank of America Merrill Lynch and Citi follow with $10.9 billion and $10.4 billion, respectively.
| Asia (ex Japan) G3 DCM Bookrunner Rankings - 2016 YTD | ||||
| Bookrunner | Deal Value ($m) | No. | %share | |
| 1 | HSBC | 14,505 | 96 | 9.8 |
| 2 | Bank of America Merrill Lynch | 10,911 | 59 | 7.4 |
| 3 | Citi | 10,353 | 66 | 7.0 |
| 4 | JPMorgan | 8,076 | 47 | 5.4 |
| 5 | Standard Chartered Bank | 7,810 | 53 | 5.3 |
| 6 | Bank of China | 6,372 | 43 | 4.3 |
| 7 | Deutsche Bank | 6,066 | 34 | 4.1 |
| 8 | Barclays | 5,244 | 30 | 3.5 |
| 9 | BNP Paribas | 5,136 | 31 | 3.5 |
| 10 | DBS | 4,446 | 39 | 3.0 |
