Indian AT1s to relish RBI relaxation on coupons

The Reserve Bank of India is giving lenders a helping hand when it comes to paying coupons on their additional tier one debt, by allowing them to dip into their statutory reserves. Although the flexibility on coupon payments is beneficial, weaker banks will still struggle to come offshore for capital. Addison Gong reports.

  • By Addison Gong
  • 09 Feb 2017
In the revised guidelines announced by the Indian central bank at the end of last week, banks are now allowed to tap their statutory reserves to pay coupons on AT1s if current year profits, retained earnings and other permissible reserves are insufficient. This is on condition that ...

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Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
1 Bank of China (BOC) 18.01
2 Everbright Securities 16.95
3 Agricultural Bank of China (ABC) 10.59
4 HSBC 6.99
5 Industrial and Commercial Bank of China (ICBC) 6.36

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Rank Lead Manager Amount $m No of issues Share %
  • Last updated
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1 China International Capital Corp Ltd 5,979.41 23 8.62%
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5 UBS 3,599.31 16 5.19%

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Rank Lead Manager Amount $m No of issues Share %
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1 HSBC 12,683.81 72 4.73%
2 Citi 9,683.70 55 3.61%
3 JPMorgan 9,547.26 48 3.56%
4 Morgan Stanley 7,224.90 33 2.69%
5 Standard Chartered Bank 6,398.04 37 2.38%

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    Every year, our sister publication Asiamoney carries out an Offshore RMB Poll. As part of that process, the magazine asks the market for its thoughts on important renminbi topics. In this third year, we received around 2,300 valid responses, up 3% on a year ago. The ten questions included a new one on the inclusion of onshore RMB assets in global indices. Here we present the answers to the first five questions.

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