Bright Food cracking European conundrum for Chinese corporates

On Tuesday Bright Food became the latest Chinese corporate to launch a euro bond in Asia. This has become a regular occurrence in recent months. However, this deal saw a higher than usual level of demand out of Europe, prompting some European bankers to speculate on what had changed the demand dynamics for this deal.

  • By Nigel Owen
  • 13 Jul 2017

Travelling in the opposite direction to the Asia-targeted dollar deals many European issuers executed in the early 2000s following extensive roadshows, bonds sold in euros by Chinese issuers have often been referred to as “being home before the issuer”, such was the lack of demand out of Europe.

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 131,879.09 573 7.20%
2 Bank of America Merrill Lynch 118,834.05 539 6.48%
3 Citi 103,683.75 539 5.66%
4 Goldman Sachs 85,888.86 353 4.69%
5 Barclays 81,514.46 357 4.45%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 22,951.77 105 8.80%
2 Barclays 19,796.44 75 7.59%
3 Deutsche Bank 17,736.38 73 6.80%
4 HSBC 15,843.10 70 6.07%
5 SG Corporate & Investment Banking 14,554.56 78 5.58%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 5,335.13 43 7.86%
2 Goldman Sachs 4,801.82 38 7.07%
3 Deutsche Bank 4,643.96 44 6.84%
4 Credit Suisse 4,353.57 48 6.41%
5 Barclays 4,156.24 35 6.12%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 27,143.08 213 10.83%
2 Citi 21,041.57 167 8.39%
3 Bank of America Merrill Lynch 20,960.58 186 8.36%
4 Goldman Sachs 18,419.20 133 7.35%
5 Morgan Stanley 17,410.41 103 6.94%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Deutsche Bank 22,628.04 74 6.64%
2 HSBC 22,246.60 98 6.52%
3 BNP Paribas 21,794.95 106 6.39%
4 Barclays 21,638.43 92 6.35%
5 Citi 19,224.66 78 5.64%