Morgan Stanley, Goldman Sachs and UBS top Asia Pacific’s ECM league table in 1Q26
It is another quarter to be proud of for Morgan Stanley’s equity capital markets team in Asia Pacific, which unsurprisingly ranked as the top deal arranger during the three months ended 31 March.
Morgan Stanley, among the top ECM banks for a slew of past quarters, arranged USD 7.54bn worth of deals on an apportioned basis in 1Q26, based on Dealogic data. The quarterly total more than doubled from a year earlier, which came in at USD 3.45bn. Morgan Stanley was involved in the quarter’s largest deals across the three main asset classes – Wiwynn’s USD 2bn convertible bond offer, Muyuan Food’s USD 1.55bn Hong Kong listing, and Nintendo’s USD 1.44bn follow-on.
Goldman Sachs, which was one of the three banks putting together Nippon Steel’s two tranche equity-linked bonds fetching nearly USD 4bn in February, came in No. 2. The bank helped manage USD 6.0bn worth of transactions in the first quarter, down a tad from 1Q25’s USD 6.81bn.
UBS followed by handling USD 5.19bn worth of offerings, 83% over the year before at USD 2.83bn. The Swiss lender worked with CITIC to print Zijin Mining’s USD 1.54bn convertible bond in January, and with Citi on Winbond Electronics’ USD 750m equity-linked bond offer in March (the first such issuance out of the region since the outbreak of hostilities in the Middle East.)
| Pricing Date | Company | Company Nationality | Deal Type | Deal Value USD (m) | Bookrunner Parent |
|---|---|---|---|---|---|
| 25-Mar-26 | Wiwynn Corp | Taiwan (China) | Convertible | 2,000 | JPMorgan; Morgan Stanley |
| 25-Feb-26 | Nippon Steel Corp | Japan | Convertible | 1,968 | Nomura; Goldman Sachs; BofA Securities |
| 25-Feb-26 | Nippon Steel Corp | Japan | Convertible | 1,968 | Nomura; Goldman Sachs; BofA Securities |
| 4-Feb-26 | Muyuan Foods Co Ltd | China | Follow-On | 1,549 | Morgan Stanley; CITIC Securities; Goldman Sachs; CICC; BofA Securities; China Merchants Bank Co Ltd; China Merchants Securities Co Ltd; Agricultural Bank of China Ltd; Bank of China; Bank of Communications Co Ltd; China Construction Bank Corp; Changjiang Securities Co Ltd; China Galaxy Securities Co Ltd; Everbright Securities Co Ltd; Futu Securities International (Hong Kong) Ltd |
| 29-Jan-26 | Jinkai Investment Holdings Ltd | China | Convertible | 1,538 | UBS; CITIC Securities |
| 4-Feb-26 | ZTO Express | China | Convertible | 1,500 | Citi; Goldman Sachs |
| 9-Mar-26 | Nintendo Co Ltd | Japan | Follow-On | 1,435 | Nomura; Morgan Stanley; Sumitomo Mitsui Financial Group |
| 30-Jan-26 | Eastroc Beverage (Group) Co Ltd | China | Follow-On | 1,421 | Huatai Securities Co Ltd; Morgan Stanley; UBS |
| 2-Feb-26 | Huatai Securities Co Ltd | China | Convertible | 1,280 | Huatai Securities Co Ltd; UBS; Goldman Sachs |
| 19-Jan-26 | CMOC Capital Ltd | China | Convertible | 1,200 | BofA Securities; CITIC Securities |
Unlike past quarters, 1Q26’s top deals were highly driven by Northeast Asian markets – Taiwan, China, Hong Kong and Japan, which are the key geographies within the region to have benefited from the AI boom. The largest deal out of India was a USD 839m block of Vishal Mega.
In the IPO category, CICC snatched the third spot by running USD 423.2m worth of deals, following Goldman Sachs, the region’s top IPO bank (USD 521m) and first runner up Futu Securities (USD 470.2m).
Morgan Stanley (USD 5.3bn), Goldman Sachs (USD 3.14bn) and UBS (USD 2.86bn) were respectively the region’s most active follow-on deal arrangers, while Goldman Sachs (USD 2.35bn), UBS (USD 2.16bn) and JPMorgan (USD 1.99bn) managed the most amounts of convertible bonds, as Dealogic data show.
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