POWL - Catering to Japanese tastes

Most of Asia's biggest equity issues of late have included POWLs (public offerings without listing), served up solely for retail investors in Japan. These tranches are likely to be included in deals to come, including the Industrial Commercial Bank of China's IPO. But is it becoming an outdated mechanism when Asian liquidity flows are so strong? Richard Morrow reports.

  • 07 Jul 2006
If recent records are anything to go by, the Industrial Commercial Bank of China (ICBC) will rely heavily on Japanese investor interest when it conducts its US$12 billion privatization via an initial public offering (IPO) later this year.
Japanese investors have participated in all of the major Chinese IPOs ...

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Bookrunners of International Emerging Market DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 14 Aug 2017
1 Citi 44,677.33 205 9.96%
2 HSBC 42,779.14 241 9.53%
3 JPMorgan 38,471.86 173 8.57%
4 Deutsche Bank 23,068.53 90 5.14%
5 Standard Chartered Bank 20,966.44 144 4.67%

Bookrunners of LatAm Emerging Market DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 15 Aug 2017
1 Citi 14,490.99 35 15.51%
2 HSBC 12,184.33 28 13.04%
3 JPMorgan 11,461.94 38 12.26%
4 Bank of America Merrill Lynch 9,002.62 30 9.63%
5 Morgan Stanley 6,121.99 23 6.55%

Bookrunners of CEEMEA International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 15 Aug 2017
1 JPMorgan 16,344.60 66 12.13%
2 Citi 16,152.98 59 11.98%
3 HSBC 10,627.12 53 7.88%
4 Deutsche Bank 8,468.11 22 6.28%
5 BNP Paribas 7,684.94 22 5.70%

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
  • 15 Aug 2017
1 ING 2,367.70 19 9.07%
2 SG Corporate & Investment Banking 2,039.65 17 7.81%
3 Sumitomo Mitsui Financial Group 1,965.88 6 7.53%
4 UniCredit 1,759.22 13 6.74%
5 Commerzbank Group 1,202.77 11 4.61%

Bookrunners of India DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 Aug 2017
1 AXIS Bank 9,006.38 126 21.25%
2 ICICI Bank 4,192.80 107 9.89%
3 Trust Investment Advisors 4,099.68 107 9.67%
4 Standard Chartered Bank 3,379.47 35 7.97%
5 HDFC Bank 2,095.50 57 4.94%