China’s high yield issuers face unrelenting battle with NDRC

It has been a tough year for Chinese issuers as they battle with the National Development and Reform Commission (NDRC) to get go-aheads for offshore bond sales. But the regulator’s snail-like approval process appears to be crawling to a near standstill ahead of the National Congress of the Communist Party, leaving bankers befuddled about what to expect for the rest of the year. Morgan Davis reports.

  • By Morgan Davis
  • 21 Sep 2017
September was supposed to be a blow-out month for Asia’s offshore debt market. Market watchers began hedging their bets in August, with some investors even holding cash to use come the onslaught of expected deals. But while ...

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Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
1 Bank of China (BOC) 28.15
2 CITIC Securities 21.52
3 China CITIC Bank Corp 9.93
4 China Merchants Bank Co 9.38
5 Industrial and Commercial Bank of China (ICBC) 7.73

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 CITIC Securities 11,427.98 67 5.85%
2 Goldman Sachs 9,298.39 45 4.76%
3 UBS 9,294.44 70 4.76%
4 China Securities Co Ltd 9,276.15 41 4.75%
5 China International Capital Corp Ltd 9,131.08 44 4.68%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 28,421.28 190 8.22%
2 Citi 25,455.77 157 7.36%
3 JPMorgan 21,282.04 124 6.15%
4 Bank of America Merrill Lynch 18,072.67 94 5.23%
5 Standard Chartered Bank 14,573.61 109 4.21%

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