Underperformance of CNH govt bonds to reverse

The underperformance of offshore renminbi government bonds relative to investment grade corporate bonds is expected to reverse on improved liquidity in the short term, says HSBC.

  • 09 Oct 2012

The improvement in CNH liquidity is expected to boost the performance of offshore renminbi government bonds relative to corporate bonds but likely to be short-lived unless the HKMA improves its repo facility to allow banks to obtain more timely liquidity assistance.

CNH government bonds have underperformed the IG (investment ...

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Rank Lead Manager Amount $m No of issues Share %
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1 Citi 43,164.35 194 10.13%
2 HSBC 40,229.97 226 9.44%
3 JPMorgan 36,402.14 159 8.54%
4 Deutsche Bank 21,224.19 81 4.98%
5 Standard Chartered Bank 20,072.21 135 4.71%

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5 Santander 5,883.67 23 6.96%

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1 JPMorgan 16,133.76 64 12.48%
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5 BNP Paribas 7,584.94 21 5.87%

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1 ING 2,154.97 17 9.70%
2 UniCredit 1,729.43 12 7.79%
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5 Bank of America Merrill Lynch 1,155.31 8 5.20%

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