It has been a busy first quarter for equity capital markets (ECM) in Asia Pacific. Compared with the same period last year, the region’s equity, equity-linked and rights issue volumes are up 33.83% and deal numbers up 41.59%.
Bloomberg’s ECM league tables for Q1 2017 reveal there has been a shake-up in the banks winning underwriting mandates on these deals.
Goldman Sachs is far out in front. The US bank has been mandated on 11 transactions amounting to $4.153bn, giving it a market share of 10.258%. In Q1 2016, it ranked just 13th. Morgan Stanley places second, having worked on 18 deals, generating $2.908bn in volumes and capturing a market share of 7.181%.
The US banks are followed by two Japanese players that are neck and neck on both volumes and deal count. Sumitomo Mitsui Financial, which was responsible for $2.487bn across 25 deals, has just outdone Nomura which worked on $2.136bn across 27 deals. Nomura topped last year’s Q1 rankings while Sumitomo was down in 17th place.
UBS has also surged up the rankings from 14th in Q1 2016 to fifth this year. The Swiss bank brought to market $2.045bn in volumes over the first three months of 2017. It is followed by another Japanese name, Mizuho Financial, which was responsible for $1.601bn across 17 deals.
China’s CITIC Securities rounds out the top seven, with $1.566bn of volumes across nine deals.
All data sourced from Bloomberg’s Q1 ECM league tables.
