CHINA CAPITAL MARKETS

Transcription

1 CHINA CAPITAL MARKETS LEAGUE TABLES Q1 219

2 The Capital Markets Tables represent the top arrangers, bookrunners and advisors across a broad array of deal types including loans, bonds, equity and M&A transactions; according to standards. LEAG<GO> for a full range of league tables MA<GO> for a full range of merger & acquisition tables NI LEAG CRL<GO> or for a full range of market-specific league table publications MANAGER RANKINGS CHINA CAPITAL MARKETS Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data found on the Professional Service. Q1 219 DATA SUBMISSIONS AND QUERIES Contact Phone Equities Irene Huang apecdr@bloomberg.net Fixed Income Wei Zhang / Huixuan Qu / nimap@bloomberg.net Loans Jewel Ho aploans@bloomberg.net 219 Finance L.P. All rights reserved.

3 China Bonds: Industry Breakdown China Bonds Share Bank of China , Industrial & Comm Bank of China , China Construction Bank , Industrial Bank , China Merchants Bank , Agricultural Bank of China , China Minsheng Banking Corp , Shanghai Pudong Development Bank , China Citic Bank , China Securities , CITIC Securities , China International Capital Corp , China Everbright Bank , Ping An Insurance Group , Haitong Securities , Guotai Junan Securities , Bank of Communications , China Development Bank , Bank of Beijing , GF Securities , TOTAL % 2,258,43 1,695 % 8% 8% % 5% 43% 21% Financials 43% Industrials 21% Utilities % Materials 8% Energy 8% Consumer Discretionary Others 5% China Bonds: Manager ings History This table consists of non-sovereign Chinese debt securities that are denominated and settled in Chinese Renmimbi, with a market type of "Domestic" or "Domestic MTN". This excludes bonds with warrants and convertible securities. There is a minimum threshold of USD 5MM for self-led securities. Please see League Table Standards and Guidelines for further details. Bank of China Industrial & Comm Bank of China China Construction Bank Industrial Bank China Merchants Bank Agricultural Bank of China League Table Reports Page 1

4 China Corporate & Debenture Bonds: Industry Breakdown China Corporate & Debenture Bonds Share China Securities , CITIC Securities , Guotai Junan Securities , Haitong Securities , Shenwan Hongyuan Group , Ping An Insurance Group , Huatai Securities , GF Securities , China Merchants Securities , China International Capital Corp , Tianfeng Securities , Zhongtai Securities , Everbright Securities , Zhongshan Securities , Industrial Securities , Changjiang Securities , China Development Bank , Guosen Securities , Bank of China , Kaiyuan Securities , TOTAL % 333, % 12% 6% Financials 43% Industrials 28% Consumer Discretionary 12% Materials 6% Utilities 6% Others 4% 6% 28% 4% China Corporate & Debenture Bonds: Manager ings History % This table consists of Chinese domestic corporate bonds & debentures regulated by National Development and Reform Commission (NDRC) and China Securities Regulatory Commission (CSRC) respectively. This excludes bonds with warrants, convertible securities and credit-linked notes. There is a minimum threshold of CNY 3MM for self-led securities. Please see League Table Standards and Guidelines for further details. China Securities CITIC Securities Guotai Junan Securities Haitong Securities Shenwan Hongyuan Group Ping An Insurance Group League Table Reports Page 2

5 China NAFMII Bonds: Industry Breakdown China NAFMII Bonds Share Industrial & Comm Bank of China , China Construction Bank , Industrial Bank , Agricultural Bank of China , China Minsheng Banking Corp , Bank of China , Shanghai Pudong Development Bank , China Merchants Bank , China Citic Bank , China Everbright Bank , Bank of Communications , Ping An Insurance Group , Bank of Beijing , China Development Bank , Postal Savings Bank of China , Bank of Nanjing , Bank of Shanghai , Huaxia Bank , China Securities , Haitong Securities , TOTAL % 1,494,12 1,329 % 8% 26% % 11% 24% 15% Financials 26% Industrials 24% Utilities 15% Energy 11% Materials % Consumer Discretionary 8% Others China NAFMII Bonds: Manager ings History 15 5 This table consists of domestic Chinese debt securities regulated by National Association of Financial Market Institutional Investors (NAFMII) that are denominated in Chinese Renmimbi and listed on China Interbank. This excludes asset-backed securities, bonds with warrants, convertible securities and credit-linked notes. There is a minimum threshold of CNY 3MM for self-led securities. Please see League Table Standards and Guidelines for further details. Industrial & Comm Bank of China China Construction Bank Industrial Bank Agricultural Bank of China China Minsheng Banking Corp Bank of China League Table Reports Page 3

6 Offshore CNY Bonds: Industry Breakdown Offshore CNY Bonds Share HSBC , Credit Agricole CIB , Standard Chartered Bank , Scotiabank BNP Paribas Guotai Junan Securities Mizuho Financial Bank of Communications China International Capital Corp CTBC Bank Shanghai Pudong Development Bank TD Securities Deutsche Bank China Citic Bank DBS Group China Merchants Bank Haitong Securities UBS ANZ Banking Group First Abu Dhabi Bank PJSC KGI Securities TOTAL % 24,4 77 % 4% 2% 76% Financials 76% Government 2% Others 4% Offshore CNY Bonds: Manager ings History HSBC Credit Agricole CIB Standard Chartered Bank Scotiabank BNP Paribas Guotai Junan Securities This table consists of Dim Sum & Formosa securities denominated in Chinese Renmimbi. This excludes asset-backed securities and convertible securities. There is a minimum threshold of 12 months for maturities, call or put periods, and CNY 3MM minimum amount for self-led securities. Please see League Table Standards and Guidelines for further details. League Table Reports Page 4

7 Offshore China Bonds: Industry Breakdown Offshore China Bonds Volume (USD Share Haitong Securities , HSBC , Bank of Communications , Bank of China , UBS , Goldman Sachs , Guotai Junan Securities , China Everbright Bank , Credit Suisse , Standard Chartered Bank 3.2 1, Credit Agricole CIB , Deutsche Bank , China International Capital Corp , China Citic Bank , Morgan Stanley , Industrial & Comm Bank of China , China Merchants Bank , China Construction Bank , China Minsheng Banking Corp , DBS Group , TOTAL % 48, % 11% % 79% Financials 79% Government % Others 11% Offshore China Bonds: Manager ings History Haitong Securities HSBC Bank of Communications Bank of China UBS Goldman Sachs This table consists of debt & preferred securities issued by Chinese issuers in all currencies except CNY. This excludes asset-backed securities, bonds with warrants, certificates of deposit, convertible securities, and credit-linked notes. There is a minimum threshold of 18 months for maturities and USD MM minimum amount issued. Please see League Table Standards and Guidelines for further details. League Table Reports Page 5

8 China Commercial Paper: Industry Breakdown China Commercial Paper Share Agricultural Bank of China , China Construction Bank , Industrial Bank , Shanghai Pudong Development Bank , China Everbright Bank , China Citic Bank , China Minsheng Banking Corp , China Merchants Bank , Industrial & Comm Bank of China , Bank of China , Bank of Communications , China International Capital Corp , China Securities , China Development Bank , Bank of Nanjing , Postal Savings Bank of China , China Zheshang Bank , Bank of Beijing , Bohai Bank , China Guangfa Bank , TOTAL % 133, % 4% 6% 3% 11% 18% 24% Financials 3% Industrials 24% Energy 18% Materials 11% Utilities Consumer Discretionary 6% Others 4% China Commercial Paper: Manager ings History 15 5 This table consists of Chinese commercial papers, denominated in Chinese Renmimbi. This excludes asset-backed securities, bonds with warrants and convertible securities. There is a CNY 3MM minimum amount for self-led securities. Please see League Table Standards and Guidelines for further details. Agricultural Bank of China China Construction Bank Shanghai Pudong Development Bank Industrial Bank China Everbright Bank China Citic Bank League Table Reports Page 6

9 China Domestic MTN: Industry Breakdown China Domestic MTN 9% % 28% Share Industrial & Comm Bank of China , China Minsheng Banking Corp , China Construction Bank , Agricultural Bank of China , Bank of China , Industrial Bank , China Merchants Bank , Shanghai Pudong Development Bank , China Citic Bank , China Everbright Bank , Bank of Communications , Postal Savings Bank of China , China Development Bank , Bank of Beijing , CITIC Securities , China Securities , Haitong Securities , China Zheshang Bank , China International Capital Corp , Ping An Insurance Group , TOTAL % 521, % This table consists of debt securities, denominated in Chinese Renmimbi, with market type "Domestic MTN". This excludes asset-backed securities, bonds with warrants, convertible securities and credit-linked notes. There is a minimum threshold of 18 months for maturities, call or put periods, and CNY 3MM minimum amount for self-led securities. Please see League Table Standards and Guidelines for further details. 11% 15% 2 Financials 28% Industrials 2 Energy 15% Materials 11% Utilities % Others 9% China Domestic MTN: Manager ings History Industrial & Comm Bank of China China Minsheng Banking Corp China Construction Bank Agricultural Bank of China Bank of China Industrial Bank League Table Reports Page 7

10 China Equity, Equity Linked & Rights: Industry Breakdown China Equity, Equity Linked & Rights Share CITIC Securities , Bank of China , China Securities , Goldman Sachs , China International Capital Corp , Guotai Junan Securities , Minsheng Securities , UBS , Citi , China Merchants Securities , Huatai Securities , Haitong Securities , GF Securities , China Galaxy Financial Holdings , Shenwan Hongyuan Group , Changjiang Securities , Great Wall Glory Securities , Dongxing Securities , Huarong Securities , Guoyuan Securities , TOTAL % 194, % This table consists of equity & equity linked offerings, issued by Chinese issuers, denominated in Chinese Renmimbi. This excludes bonds with warrants, credit-linked notes, reverse convertibles and self-led transactions. There is a minimum threshold of 12 months for maturities, call or put periods. Please see League Table Standards and Guidelines for further details. Financials 62% Industrials 9% Technology Materials Consumer Staples 5% Others % China Equity, Equity Linked & Rights: Manager ings History CITIC Securities 9% 5% Bank of China % China Securities Goldman Sachs 62% China International Capital Corp Guotai Junan Securities League Table Reports Page 8

11 China Equity Offerings: Industry Breakdown China Equity Offerings Share CITIC Securities , China Securities , Bank of China , Minsheng Securities , Guotai Junan Securities , China Merchants Securities , Changjiang Securities , Guoyuan Securities , GF Securities , Essence Securities , Shenwan Hongyuan Group , China International Capital Corp , Zhongtai Securities , Guosen Securities , Dongxing Securities , Citi , Great Wall Securities UBS China Galaxy Financial Holdings China Development Bank TOTAL % 68,1 57 % This table consists of equity offerings issued by Chinese issuers. This excludes rights offerings and self-led offerings. Please see League Table Standards and Guidelines for further details. % 6% 49% 11% 1 Financials 49% Materials 1 Industrials 11% Consumer Discretionary Health Care 6% Others % China Equity Offerings: Manager ings History CITIC Securities China Securities Bank of China Minsheng Securities Guotai Junan Securities China Merchants Securities League Table Reports Page 9

12 China Equity IPO: Industry Breakdown China Equity IPO Share CITIC Securities , China Merchants Securities , Changjiang Securities , Shenwan Hongyuan Group , Essence Securities , Zhongtai Securities , Citi , China Securities China International Capital Corp Bank of China UBS GF Securities Guoyuan Securities Guosen Securities Sinolink Securities Haitong Securities Dongxing Securities Minsheng Securities Great Wall Securities TOTAL % 22, % This table consists of Initial Public Offerings issued by Chinese issuers. This excludes additional offering, rights offerings, and self-led offerings. Please see League Table Standards and Guidelines for further details. 11% 12% 6% 2% 19% 18% Industrials 2% Financials 19% Materials 18% Health Care 12% Technology 11% Consumer Staples Consumer Discretionary Energy 6% China Equity IPO: Manager ings History CITIC Securities China Merchants Securities Changjiang Securities Shenwan Hongyuan Group Essence Securities Zhongtai Securities League Table Reports Page

13 China Borrower Loans (Bookrunner): Industry Breakdown China Borrower Loans (Bookrunner) Share Bank of China , Agricultural Bank of China , Industrial & Comm Bank of China , China Construction Bank , Standard Chartered Bank , HSBC , Credit Suisse , Deutsche Bank , Mizuho Financial , Bank of America Merrill Lynch , Citi , JP Morgan , Bank of Communications , UBS , China Minsheng Banking Corp , China Merchants Bank , DBS Group , Bank of Jiangsu , ABN Amro Bank NV , First Abu Dhabi Bank PJSC , TOTAL % 19, % This table consists of loans with borrowers that have a country of risk as China and with a market of syndication in the APAC region. This excludes bilateral loans. There is a minimum threshold of 3 months for maturities. Please see League Table Standards and Guidelines for further details. 8% % 3 18% 2% Financials 3 Consumer Discretionary 2% Materials 18% Industrials % Technology Others 8% China Borrower Loans: Bookrunner ings History Bank of China Agricultural Bank of China Industrial & Comm Bank of China China Construction Bank Standard Chartered Bank HSBC League Table Reports Page 11

14 China Borrower Loans (Mandated Lead Arranger): Industry Breakdown China Borrower Loans (Mandated Lead Arranger) 8% Share Bank of China , Agricultural Bank of China , Industrial & Comm Bank of China , China Construction Bank , Bank of Communications , DBS Group , China Minsheng Banking Corp , Standard Chartered Bank , China Development Bank , HSBC , Postal Savings Bank of China , China Zheshang Bank , Mizuho Financial , Credit Suisse , Bank of East Asia , Bank of America Merrill Lynch , Citi , Commerzbank , Industrial Bank , Intesa Sanpaolo , JP Morgan , TOTAL % 229, % This table consists of loans with borrowers that have a country of risk as China and with a market of syndication in the APAC region. This excludes bilateral loans. There is a minimum threshold of 3 months for maturities. Please see League Table Standards and Guidelines for further details. % 18% Financials 3 Consumer Discretionary 2% Materials 18% Industrials % Technology Others 8% 2% China Borrower Loans: Mandated Lead Arranger ings History Bank of China Agricultural Bank of China Industrial & Comm Bank of China China Construction Bank 3 Bank of Communications DBS Group League Table Reports Page 12

15 League Tables Criteria General Guidelines Credit is based on the total amount of the offering sold to the public. Full credit is awarded to the sole bookrunning manager or split equally among joint bookrunning managers; unless full, explicit breakdown of bookrunning is provided by an involved party. Regional and local tables are identified based on factors such as currency, market of issuer and/or country of risk/incorporation. Fixed Income All transactions must have a maturity/call/put option of minimum 18 months. Make-whole call and provisional call/put are exempted from this rule. Note: Criteria may vary for some local and/or regional tables. USD denominated 144A/REG S issues are credited % to the 144A tranche and % to the REG S tranche. Non-USD denominated 144A/REG S issues are credited % to the REG S tranche and % to the 144A tranche. Selfled transactions are included. New money portions of exchange offers are eligible for credit. Exclusions: Accredited investor tranches, asset-backed issues, auction note agencies, collateralized bond obligations, collateralized loan obligations, commercial paper, municipal bonds, mortgage-backed issues, remarketed issues, repackaged bonds, government borrowing scheme retained bonds, variable principal redemption issues, variable interest equity-linked issues, and credit linked notes, selling group agency issues, strips, units, warrants, self-led under USD 5 million. Note: Criteria may vary for some local and/or regional tables. Equities-Linked Equity-linked transactions: Convertible bonds, convertible preferred stock and exchangeable bonds. Only issues that mature and are callable/ puttable in 12 months or longer are included. Make-whole call, provisional call and provisional put are exempted from this rule. Convertible bonds with attached warrants are included. These are defined as synthetic convertibles with the combination of a fixed income instrument and warrants which can be converted into shares. The embedded warrant can be detachable or non-detachable but the bond and the warrant must be sold as a unit, i.e. there cannot be separate book building for the warrant and the bond. Exclusions: Redemption-linked instruments, reverse convertibles or similar instruments, synthetics convertibles, issues convertible into participation in an underlying fund or investment trust, pre-ipo convertible instruments, certain lower hierarchy titles, i.e. Jr Bookrunner. Equities Equity market transactions: Initial public offerings, additional offerings of common stocks, units, and depositary receipts (ADRs, GDRs, etc) and rights offerings. Exclusions: Non-underwritten/best efforts, privately placed transactions, funds, self-led, preferred offerings, pre-negotiated offerings, certain lower hierarchy titles, i.e. Jr Bookrunner. Note: Criteria may vary for some local and/or regional tables. L.P. reserves the right of final decision concerning league eligibility and requires adequate documentation for the same. L.P. and its suppliers believe the information herein was obtained from reliable sources, but they do not guarantee its accuracy. Neither the information nor the opinion expressed constitutes a solicitation of the purchase or sale of securities or commodities. Due to the dynamic nature of the Professional Service product, League Table rankings may vary between the quarterly/year-end publications and data found on the Professional Service.

16 League Tables Criteria Loans Includes executed syndicated loans transactions. Full credit is awarded to the banks satisfying the highest of the titles. Full credit is awarded to the sole bookrunning manager or split equally among joint bookrunning managers. Credit is allocated to amended or amended and restated transactions, where each modification is % at the lender s option and not as a result of events already built into the original credit agreement. Credit is awarded for the following structural changes only: maturity extensions of three months or more, incremental basis for increased in deal size, reduction in pricing, full release of security. Exclusions: Bilateral transactions, transactions with a maturity of less than three months, loans withdrawn prior to signing, amended or restated securitizations, receivable and guarantee facilities. US Municipals Standard published tables will award deal credit based on true economic credit as reported by the issuer or the bookrunner. In absence of reported economic credit, % will be assigned to the bookrunner. Dollar value of credit will be assigned based on the percentage allocation reported for economic credit (or designated by the user in a custom table) and applied against the total par value of the bonds issued. Zero coupon bonds (CABS) or intermediate appreciation bonds (convertible CABs) will be included at the market value (accreted value) on the interest accrual date. All debt issued by municipal issuers will be eligible for league credit. Taxable and tax-exempt debt is eligible for league credit unless a table includes specific tax type criteria. Tax-exempt is defined as federally tax-exempt and includes bonds subject to AMT and bonds designated as Bank Qualified. Each table is provided in three formats. Economic Credit displays rankings based on true economic credit allocations of applicable deals. Left Lead assigns % credit to the bookrunner and % to all other syndicate participants. displays rankings based on deal quantity rather than aggregate economic credit amounts. A deal refers to the aggregate series within an issuance led by a particular underwriter or syndicate. For example: a $5 million issuance is split into three series- a $ million Series A, a $2 million Series B, and a $2 million Series C. Bank 1 is the underwriter of Series A & B, while Bank 2 is the underwriter of Series C. Bank 1 would have one deal worth $3 million, and Bank 2 would have one deal worth $2 million. Exclusions: Derivatives, private placements, variable rate preferred securities, municipal commercial paper, and remarketings are excluded from municipal league table eligibility. The full version of s League table Standards & Guidelines can be accessed and subscribed to on the Reports tab on LEAG<GO>. L.P. reserves the right of final decision concerning league eligibility and requires adequate documentation for the same. L.P. and its suppliers believe the information herein was obtained from reliable sources, but they do not guarantee its accuracy. Neither the information nor the opinion expressed constitutes a solicitation of the purchase or sale of securities or commodities. Due to the dynamic nature of the Professional Service product, League Table rankings may vary between the quarterly/year-end publications and data found on the Professional Service.