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Asia Pacific ex Japan Investment Banking Review First Nine Months 2020 Refinitiv Deals Intelligence 1 QUARTERLY HIGHLIGHTS Asia Pacific, excluding Japan, First Nine Months 2020 Review HIGHLIGHTS M&A FEES DOWN -11% M&A TOP FINANCIAL ADVISOR YTD ECM FEES UP +93% China International Capital Co DCM FEES UP +12% ECM TOP BOOK RUNNER YTD Morgan Stanley LOAN FEES DOWN -22% DCM TOP BOOK RUNNER YTD ANY INV. M&A UP +6% Bank of China Ltd TARGET M&A UP +15% M&A TOP TARGETED NATION ECM PROCEEDS UP +74% China DCM PROCEEDS UP +21% DCM TOP ISSUING ECM TOP ISSUING Click on any of the above arrows to go NATION NATION straight to the analysis. China China CLICK BELOW TO SIGN UP FOR OUR NEWSLETTERS, PURCHASE CUSTOMIZED DATA OR FOLLOW US ON SOCIAL MEDIA: 2 REPORT SUMMARY INVESTMENT BANKING FEES Asia Pacific, excluding Japan, investment banking fees reached an estimated US$20.7 billion during the first nine months of 2020, up 20.6% from a year ago, the highest first nine months period since records began in 2000. Equity capital markets (ECM) fees hit record levels and totaled US$6.7 billion, after witnessing a 93.1% increase from the same period last year. Debt capital markets (DCM) underwriting fees amounted to US$10.1 billion, up 12.5% and surpassed the record period last year. Fees generated from completed M&A transactions fell to a six-year low and totaled US$2.0 billion, down 11.0% from the same period last year. Syndicated loan fees declined 21.7% from a year ago and reached US$2.0 billion. DCM fees accounted for 49% of the overall Asia Pacific investment banking fee pool, followed by ECM underwriting fees with 32%, and Completed M&A advisory fees with 10%. Syndicated loan fees represented 9% of the region’s investment banking fees. CITIC took the top position for overall investment banking fees in Asia Pacific, excluding Japan, in the first nine months of 2020, capturing 5.2% of the wallet share. MERGERS & ACQUISITIONS The value of announced M&A deals involving Asia Pacific companies, excluding Japan, stood at US$679.6 billion during the first nine months of 2020, up 5.8% from a year ago, as deal making activity during the third quarter rebounded up 74.8% in value and 12.4% in deal numbers compared to the second quarter of 2020. The sequential growth in 3Q was not enough pull the number of deals announced this year, as it fell 9.5% from a year ago to a five-year low. Majority of the deal making activity involving Asia Pacific targeted the Energy & Power sector which accounted for 18.7% market share worth US$127.0 billion, almost double in value from a year ago. Industrials and Financials followed behind and captured 12.7% and 11.7% market share, respectively. Chinese state-owned China Oil & Gas Pipeline Network Corp (PipeChina) acquired the pipeline assets of PetroChina Co Ltd for an estimated US$49.1 billion. The deal is currently the largest on record involving Asia Pacific, surpassing the previous record holder - Cheung Kong’s US$45.4 billion acquisition of Hutchison Whampoa in 2015. It also topped China’s biggest M&A deal in history - the US$44.0 billion ChemChina- Syngenta transaction in 2016. Concurrently, as China consolidates oil and gas pipeline assets, PipeChina also acquired pipeline assets from Sinopec. 3 REPORT SUMMARY EQUITY CAPITAL MARKETS Asia Pacific, excluding Japan, equity and equity-related issuance saw a record high and raised a total of US$266.6 billion worth of proceeds during the first nine months of 2020, up 73.5% from a year ago, surpassing last year’s annual total by 8.4%. Asia also saw the busiest period as number of issuances grew 39.3% from a year ago. Initial public offerings (IPO) reached a decade-high as proceeds totaled US$71.3 billion, up 59.9% from the first nine months of last year, as number of IPOs grew 27.7%. This was driven by Chinese IPOs which accounted for 84% of the region’s IPO proceeds, and 43.9% of the IPO proceeds worldwide. Beijing-Shanghai High Speed Railway raised US$4.4 billion via IPO in January, making it the biggest IPO globally so far this year. Follow-on offerings witnessed record issuance as proceeds grew 126.4% compared to a year ago, raising US$162.1 billion during the first nine months of this year. Semiconductor Manufacturing International Corp (SMIC) raised US$7.6 via secondary listing in Shanghai’s Star Market in July, making it the region’s largest ECM deal so far this year. Asia Pacific convertible bonds raised US$33.2 billion and fell 11.3% in proceeds after witnessing a record first nine months period in 2019. Asia Pacific Financials saw the highest equity capital raising so far this year with US$41.5 billion, up 14.7% compared to the same period last year and captured 15.6% of the market share. High Technology, up 64.7% year-on-year, followed behind with 13.7% market share, then Healthcare rounded out the top three with 12.9% market share, after proceeds grew 182.2% from a year ago. DEBT CAPITAL MARKETS Primary bond offerings from Asia Pacific-domiciled issuers hit an all-time high and raised US$2.4 trillion during the first nine months of 2020, up 20.7% from a year ago, and only 2.9% lower from last year’s annual record (US$2.5 trillion). China accounted for 75.2% of the region’s bond proceeds worth US$1.8 trillion, up 20.6% from the first nine months of 2019. South Korea and Australia bond issuance accounted for 6.4% and 6.1% market share, respectively. Asia Pacific investment grade bonds reached US$1.3 trillion, up 14.9% from the same period last year. Bond offerings from Government & Agencies captured 41.6% market share, and raised a record amount of proceeds worth US$1.0 trillion, a 34.9% increased from a year ago as number of issuances saw one of the busiest periods and grew 34.3% year-on-year. The Financials sector took second place with 34.0% market share, raising US$821.4 billion, up 11.0% from last year. Industrials rounded out the top three with 7.6% market share worth US$184.3 billion, a 22.6% growth from the same period last year. 4 BACK TO ASIA PACIFIC EX. JAPAN HIGHLIGHTS INVESTMENT BANKING FEES PAGE INVESTMENT BAKING FEES VOLUMES TOP FEE PAYING INDUSTRIES TOP FEE PAYING COUNTRIES YTD Fees 25,000 • Outer Rim: YTD • Inner Rim: YTDLY 20,000 9% 15,000 3% 25% 28% 4% 10,000 11% US$ Million US$ 24% 3% 30% 5% 5% 5,000 7% 8% 0 11% 9% 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 65% INVESTMENT BAKING FEES BY ASSET CLASS 7% 6% 19% 10% 21% 71% BONDS EQUITY LOANS MA 25,000 8% 11% 20,000 Financials China Australia Hong Kong 15,000 Government and Agencies Industrials India South Korea Other High Technology 10,000 US$ Million US$ 5,000 0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 5 BACK TO ASIA PACIFIC EX. JAPAN HIGHLIGHTS MERGERS & ACQUISITIONS PAGE ANY INVOLVEMENT M&A VOLUMES & NUMBER OF DEALS TOP TARGET SECTOR TOP TARGET NATION (Any Involvement) (Target Asia) YTD Volumes #Deals 1,000 14,000 • Outer Rim: YTD 900 • Inner Rim: YTDLY 12,000 800 700 10,000 600 11% 8,000 19% 500 6,000 4% 400 10% 13% US$ Billion US$ 34% 300 4,000 6% 31% 200 14% 10% 2,000 100 0 - 13% 7% 50% 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 9% 17% TARGET M&A VOLUMES & NUMBER OF DEALS 10% 6% 62% 10% 18% 12% YTD Volumes #Deals 12% 800 12,000 11% 700 11% 10,000 600 Energy and Power Industrials 8,000 China India Singapore 500 Financials Real Estate South Korea Australia Other 400 6,000 High Technology Other 300 US$ Billion US$ 4,000 200 2,000 100 0 - 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 6 BACK TO ASIA PACIFIC EX. JAPAN HIGHLIGHTS MERGERS & ACQUISITIONS PAGE INBOUND M&A DOMESTIC / INTER-REGION M&A OUTBOUND M&A YTD Volumes #Deals YTD Volumes #Deals YTD Volumes #Deals 140 1,600 700 9,000 200 1,200 8,000 120 600 1,000 1,200 7,000 100 500 150 6,000 800 80 400 5,000 800 100 600 60 300 4,000 US$ US$ Billion 3,000 400 US$ US$ Billion 40 400 200 US$ Billion 2,000 50 20 200 100 1,000 0 - 0 - 0 - 11 12 13 14 15 16 17 18 19 20 11 12 13 14 15 16 17 18 19 20 11 12 13 14 15 16 17 18 19 20 INBOUND M&A VOLUMES DOMESTIC / INTER-REGION M&A VOLUMES OUTBOUND M&A VOLUMES TOP TARGETED / TOP ACQUIRING NATIONS TOP TARGETED NATIONS TOP TARGETED / TOP ACQUIRING NATIONS US$ Billion US$ Billion US$ Billion US$ Billion US$ Billion 0 20 0 20 40 0 200 400 0 20 0 10 United United India 26.9 33.4 China 338.6 24.1 Australia 13.9 States States Singapore 14.6 Japan 20.1 South Korea 34.6 Italy 4.1 China 9.4 United South Australia 9.9 Germany 4.3 India 3.2 9.1 31.5 Kingdom Korea 7 BACK TO ASIA PACIFIC EX.
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