Asian corporate credits are oversold: Morgan Stanley

The US investment bank believes that Asian corporate bonds spreads have fallen too far and should rebound due to reduced supply.

  • 21 Sep 2011

Morgan Stanley believes the recent sell-off in Asian corporate bonds is overdone, especially among financial sector bonds.

It expects the financial sector's commitment to cut debts will reduce net supply and hence help tighten the spreads.

The US investment bank says that even lower growth expectations and higher recession ...

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Bookrunners of International Emerging Market DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 8,013.43 23 16.84%
2 HSBC 4,701.26 20 9.88%
3 JPMorgan 3,857.21 16 8.10%
4 Deutsche Bank 3,334.38 12 7.01%
5 Bank of America Merrill Lynch 2,101.20 11 4.41%

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1 Citi 2,421.53 5 33.29%
2 HSBC 937.89 2 12.90%
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5 Morgan Stanley 800.00 1 11.00%

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1 Standard Chartered Bank 295.00 1 32.24%
1 HSBC 295.00 1 32.24%
1 Credit Agricole CIB 295.00 1 32.24%
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Subtotal 915.00 2 100.00%

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2 ING 3,184.83 25 9.45%
3 SG Corporate & Investment Banking 2,911.64 17 8.64%
4 Citi 2,741.75 18 8.13%
5 HSBC 1,822.32 18 5.41%

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Rank Lead Manager Amount $m No of issues Share %
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1 State Bank of India 262.46 3 12.40%
1 Citi 262.46 3 12.40%
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4 DBS 191.19 2 9.03%