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Multiple Markets. One Platform. |
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ECM Criteria and Definitions . Equity Capital
Markets: includes Initial Public Offerings, Follow-On Offerings,
and Equity-Linked offerings League Tables All
ECM - Asia (excluding
Equity-Linked
- Asia (excluding
Stock
- Asia (excluding
IPO
- Asia (excluding
New Listings - Asia (excluding
All ECM - Asia (excluding Japan, excluding A-Shares):
lists the top 10 Bookrunners (by volume) of all transactions
satisfying the Equity Capital Markets criteria (outlined below), but excludes
Chinese A-Share transactions, for Asian (excluding Japan) issuers
·
Initial Public Offerings
(IPO's), Follow-On Offerings (Fully Marketed, Rights offerings, Guaranteed
Preferential Allocations, Overnight offerings) and Convertible offerings
(Convertible Notes, Convertible Debentures, Convertible
Preferred)
·
Increases to transactions via
an overallotment
·
Sales to Institutional and
Retail investors
·
Bought Deals and Accelerated
Bookbuilds (Overnight transactions). Sellers must be corporates or
institutions acting as such and must be publicly disclosed. Stock is
expected to be re-offered at a single price at a single point in time.
Bought deals and hard-underwritten Accelerated Bookbuilds will be given
full credit as long as there has been a clear attempt to re-vend at a
single price.
·
Rights Offerings and
Guaranteed Pro-rate Allocations (GPAs). GPAs include all deals where
existing shareholders are guaranteed an allotment pro-rata to their
current holding in a company. Credit will be split equally between the top
tier managers. If no syndicate structure is specified on a Rights or GPA,
Dealogic may take into account underwriting commitment to decide credit.
Take-up by named shareholders will be excluded if that take-up is publicly
announced prior to the end of the subscription
period.
·
Share sales linked to forward
sales agreements as long as there is a recognizable Investment Banking
client on the transaction and there is a clear intention for the forward
sales agreement to be settled in stock.
·
Income Deposit Securities -
IDS's
·
Business Development
Companies - BDC's
·
Blank Check Companies - BCCs
or Special Purpose Acquisition Companies - SPACs
·
Shares sold to Strategic,
Cornerstone or similar investors provided the shares are sold and
underwritten as part of the offering.
·
Share sales of Private Equity
and Hedge Funds
·
Index or basket-linked
convertibles with equity participation at conversion
·
Secondary convertibles not
previously sold to the public market. The sellers must be disclosed and
the convertible is expected to be re-offered at a single price at a single
point in time. Full credit will be given as long as there has been a clear
attempt to re-vend at a single price.
·
Synthetic convertibles if
there is a clear third party Investment Banking client link to the
transaction as evidenced in a prospectus or other official
documentation
·
Convertible rights offerings
are credited as convertibles
· Pre-IPO convertibles and straight bonds with conditional conversion rights, as long as the company due to IPO is specified and due to float within three years ·
Chinese A-Shares (2009
onwards)
·
Funds that raise capital from
the equity capital markets if they satisfy the following
conditions:
1)
A closed end fund,
and
2)
Regulated as an investment
company under the Investment Company Act of 1940 and treated as a
regulated investment company (RIC) for tax purposes, in each case
excluding business development companies (BDCs), and
3)
Invests in a diverse
portfolio of stock and bonds with the intention of distributing
substantially all of its income to shareholders on an annual
basis
·
Share Buybacks. Ranking
credit will not be given for shares bought back by the issuer as part of
an ECM transaction unless the buyback shares are
underwritten
·
Employee
Offers
·
Pure trading
transactions
·
Convertibles as part of a
convertible with pure cash settlement and no option and expectation of
equity participation
·
Index or basket-lined
convertibles with cash settlement
·
Issues convertible into a
fund
·
High-Yield Debt Offerings
with equity warrants attached
·
Share sales that are tied to
Stock Lending Agreements and used to facilitate the hedge on a convertible
bond
·
Convertible bonds with a
maturity date less than one year after settlement
date
·
In case of transactions with
conditionality features Dealogic credits transactions at pricing and then,
if ultimately no money is raised because settlement has not occurred,
ranking credit is removed retroactively
·
Dealogic rankings are based
on ECM transactions where there is the presence of an underwriting
agreement (with limited exceptions including non underwritten rights
offerings) or purchase agreement at a single price at a single point in
time
·
Nationality is based on that
of the issuer regardless of where the deal is marketed. Issuer nationality
is defined as the headquarters location. Finance vehicles are classified
according to the nationality of the parent company
·
Applicable ranking credit is
referenced at the time the transaction is priced. For rights offerings and
GPAs, credit will be given at the end of the subscription
period
·
Ranking credit is split
equally amongst named Bookrunners on a tranche by tranche basis. A tranche
is defined as a distinct part of the offering with a distinct syndicate
and number of shares. If a tranche on a deal has no bank named as
bookrunner Dealogic will credit as such top tier managers named on that
tranche.
·
On deals structured as a
single offering Dealogic will allocate all the transaction credit to the
deal bookrunners
·
If a bank is named in a
prospectus or other equivalent documentation as 'Passive', 'Co', or other
appended Bookrunner title that is suggestive of a 'junior' Bookrunner
role, the Bank will be credited as a Lead Manager ('Non Book Lead') for
ranking purposes and receive no credit in a Bookrunner ranking
table
o
Differentiation of a Bank or
group of Banks as 'Active', 'Senior', 'Physical' or other Bookrunner title
will not be considered for exclusion on Bank named as
Bookrunner
·
If an entity whose normal
business activities do not involve executing ECM transactions (e.g.
governments) is named as a bookrunner or underwriter, Dealogic may
allocated ranking credit only to banks on the transaction which performed
the bookrunning role. Dealogic may use underwriting participation to make
this determination.
· IPO's are defined as the first time shares of a company are offered, in conjunction with a listing, to investors internationally or domestically in any market worldwide. ·
Banks named as POWL
bookrunner will only be credited if the shares sold in the POWL are
underwritten separately from the international offering or the POWL
allocation is disclosed in the prospectus
·
REIT conversions tied to the
issue of new stock are classified as Follow-Ons
·
Convertibles are defined as
securities originating in ECM and marketed to an ECM investor base where
there is an expectation of equity participation on
conversion
·
Credit in rankings is given
only to bank parent companies. In the case of a merger or consolidation,
the surviving company only will receive credit. The group head, which is
the investment banking division name of the parent entity, appears in
rankings.
· Issuer Name ·
Amount Offered (in shares for
stock and currency amount for convertibles)
·
Amount Offered Including
Overallotment Exercised
·
Currency
·
Offer
Price
·
Type of
Security
·
Pricing
Date
·
Full
Syndicate
·
Selling
Shareholder
Tables will be updated each
week on Friday morning. Deals must be received by 6pm on Thursday for
inclusion.
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