Opinion: Shuanghui loan – a high hurdle, but banks need to get over it

Shuanghui International’s $4bn loan to support its acquisition of Smithfield Foods is getting plenty of heat from bankers in Asia, who dislike the deal’s structure. Their concerns are legitimate, but it is time they stopped complaining and prepared to step out of their comfort zones.

  • By Lorraine Cushnie
  • 10 Jul 2013

A takeover is never simple, particularly if it involves a lot of debt. Add to that an acquirer that is based offshore but does all its business in China, and it only becomes more complicated. And that’s before you factor in possible US political resistance.

The deal in ...

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Bookrunners of International Emerging Market DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 20 Mar 2017
1 JPMorgan 17,834.38 72 10.56%
2 Citi 16,648.84 65 9.86%
3 HSBC 14,502.17 79 8.59%
4 Deutsche Bank 10,659.15 37 6.31%
5 Standard Chartered Bank 8,423.03 47 4.99%

Bookrunners of LatAm Emerging Market DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 28 Mar 2017
1 Citi 6,436.45 17 15.92%
2 JPMorgan 5,401.27 19 13.36%
3 Deutsche Bank 4,052.54 6 10.02%
4 HSBC 3,569.27 7 8.83%
5 Morgan Stanley 2,703.86 10 6.69%

Bookrunners of CEEMEA International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 21 Mar 2017
1 JPMorgan 7,610.36 27 13.98%
2 Citi 6,685.06 20 12.28%
3 HSBC 4,539.92 22 8.34%
4 Deutsche Bank 3,547.08 9 6.52%
5 Standard Chartered Bank 3,538.08 13 6.50%

EMEA M&A Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 02 May 2016
1 JPMorgan 195.08 50 10.55%
2 Goldman Sachs 162.26 37 8.77%
3 Morgan Stanley 141.22 46 7.64%
4 Bank of America Merrill Lynch 114.20 33 6.18%
5 Citi 95.36 35 5.16%

Bookrunners of Central and Eastern Europe: Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 28 Mar 2017
1 Raiffeisen Bank International AG 452.45 3 9.70%
2 Bank of America Merrill Lynch 390.53 2 8.37%
3 BNP Paribas 386.69 2 8.29%
4 UniCredit 321.12 2 6.88%
5 Santander 246.16 1 5.28%

Bookrunners of India DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 29 Mar 2017
1 AXIS Bank 2,891.28 40 16.52%
2 Trust Investment Advisors 1,975.69 47 11.29%
3 ICICI Bank 1,793.36 44 10.25%
4 Standard Chartered Bank 1,092.30 13 6.24%
5 Yes Bank Ltd 959.77 21 5.48%