Within a week, the two Asian issuers successfully completed their equity capital market offerings, for a combined total of $12.3bn. Transport firm Japan Post Holdings‘ $10.8bn follow-on is the world’s largest equity capital market transaction from a non-financial so far this year; while Chinese insurance firm ZhongAn Online P&C Insurance’s $1.5bn IPO is the world’s largest insurance sector listing in almost 2 years.

As a trusted financial platform partner, Dealogic helped the bookrunners seamlessly execute the transactions through the DealManager network. 

Transaction Details–Japan Post Holdings

Nationality: Japan

Industry: Transportation

Deal Value ($m): $10,761

Deal Type: Fully marketed follow-on offering

Priced: September 25, 2017

Bookrunners: Daiwa Securities, Nomura, Goldman Sachs, Bank of America Merrill Lynch, Mizuho, and Morgan Stanley

Transaction Details–ZhongAn Online P&C Insurance

Nationality: China

Industry: Insurance

Deal Value ($m): $1,525

Deal Type: IPO

Priced: September 21, 2017

Bookrunners: JPMorgan, Credit Suisse, UBS, China Merchants Bank, China International Capital Corp, Ping An Securities, Morgan Stanley, Industrial & Commercial Bank of China, Bank of China, Agricultural Bank of China

Key Points

• Japan Post’s offering is APAC’s largest follow-on since Sumitomo Mitsui Financial Group’s $11.1bn deal in January 2010; and the region’s largest follow-on from a non-financial since Telstra Corp’s $11.9bn deal in November 2006
• The Japanese deal is also the country’s largest ECM transaction since Japan Post’s IPO for a combined value of $11.9bn (including Japan Post Holdings, Japan Post Bank, and Japan Post Insurance) in October 2015
• ZhongAn’s offering is the second largest listing on the Hong Kong stock exchange this year, behind Guotai Junan Securities’ $2.2bn offering in March; and the world’s largest insurance IPO since China Reinsurance (Group) Corp’s $2.1bn listing in October 2015
• APAC ECM volume of $209.7bn so far this year is down 6% on 2016 YTD, while deal activity of 2,140 transactions is at a record-high

Top 3 Global ECM Transactions (ex-financial) in 2017 YTD

1. Japan Post Holdings, $10.8bn follow-on | Transportation | Japan | Sep 2017
2. Electricite de France – EDF, $4.4bn follow-on | Utility & Energy | France | Mar 2017
3. Snap, $3.9bn IPO | Technology | United States | Mar 2017

3 Most Recent $1.5bn+ Global Insurance IPOs

1. ZhongAn Online P&C Insurance, $1.5bn | China | Sep 2017
2. China Reinsurance (Group) Corp, $2.1bn | China | Oct 2015
3. Medibank Private, $4.9bn | Australia | Nov 2014

Data Source: Dealogic as of September 27, 2017