CNH HY names trail USD in secondary market

CNH high yield bond issuers have had a turbulent ride in the secondary market, even losing their pricing advantage over their peers in the US dollar market. This will change only when liquidity improves.

  • 23 Sep 2013
High yield bonds the offshore renminbi, or CNH, market have experienced worse secondary performance than their US dollar peers in recent months, in contrast to their strong performance earlier in the year.

Dealers expect the trend to continue until more issuers tap the dim sum market and improve ...

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Bookrunners of International Emerging Market DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 Apr 2017
1 Citi 23,438.27 103 9.46%
2 JPMorgan 22,204.62 91 8.96%
3 HSBC 21,532.30 124 8.69%
4 Deutsche Bank 14,929.24 54 6.02%
5 Standard Chartered Bank 12,864.13 73 5.19%

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1 Citi 7,891.26 23 14.39%
2 JPMorgan 6,469.14 26 11.80%
3 Morgan Stanley 4,879.44 17 8.90%
4 HSBC 4,803.80 12 8.76%
5 Bank of America Merrill Lynch 4,270.90 19 7.79%

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Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 12,475.95 47 12.71%
2 Citi 12,387.42 44 12.62%
3 HSBC 8,280.73 41 8.44%
4 Deutsche Bank 6,905.70 15 7.04%
5 Standard Chartered Bank 5,686.63 26 5.79%

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1 JPMorgan 195.08 50 10.55%
2 Goldman Sachs 162.26 37 8.77%
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4 Bank of America Merrill Lynch 114.20 33 6.18%
5 Citi 95.36 35 5.16%

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1 Bank of America Merrill Lynch 929.36 4 8.03%
2 ING 872.17 7 7.53%
3 SG Corporate & Investment Banking 839.92 7 7.25%
4 Credit Suisse 832.77 5 7.19%
5 UniCredit 793.78 7 6.85%

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1 AXIS Bank 3,917.94 61 15.95%
2 Trust Investment Advisors 3,216.02 74 13.09%
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4 Standard Chartered Bank 2,261.01 21 9.21%
5 HDFC Bank 1,552.43 41 6.32%