UBS Starts China Drive

UBS has opened its first branch in China in an attempt to capture part of the burgeoning non-renminbi derivatives market.

  • 15 Oct 2004
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UBS has opened its first branch in China in an attempt to capture part of the burgeoning non-renminbi derivatives market. "Business is growing rapidly in China and the derivatives market in particular is vibrant," said Simon Jin, managing director and head of fixed income for China in Hong Kong, who was recently appointed as the branch manager for Beijing. UBS has applied for a foreign currency derivatives license.

"Customers are becoming confident with foreign exchange and interest rate products and now many are looking at credit derivatives for yield enhancement and the diversification of risk," noted Jin. Near the onset of the year the China Banking Regulatory Commission started granting licenses to foreign firms to deal directly with Chinese end users for non-renminbi transactions (DW, 2/22).

The Beijing office is UBS' first full-fledged branch onshore, but it does already have a representative office in Shanghai. The firm decided to base itself in Beijing because the regulator and many of the financial institutions are there. Jin added, however, "I am sure that as the business grows we'll be looking at additional locations." The Beijing branch has 12 staff including marketers and will likely expand next year.

Rivals including Citigroup, HSBC, Standard Chartered (DW, 4/18), and recently Credit Suisse First Boston (DW, 9/17) have joined the fray and have received licenses for the onshore derivatives market. "The new regulations promulgated in March have brought a lot of momentum to this market," added Jin.

  • 15 Oct 2004

All International Bonds

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1 Citi 358,996.09 1352 9.05%
2 JPMorgan 321,264.04 1464 8.10%
3 Bank of America Merrill Lynch 318,428.16 1105 8.03%
4 Goldman Sachs 237,263.73 791 5.98%
5 Barclays 231,619.97 897 5.84%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
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1 HSBC 35,007.57 165 6.53%
2 Deutsche Bank 34,880.53 120 6.51%
3 Bank of America Merrill Lynch 31,805.65 97 5.93%
4 BNP Paribas 27,920.60 169 5.21%
5 SG Corporate & Investment Banking 24,398.89 138 4.55%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 19,745.92 80 8.84%
2 Morgan Stanley 16,334.63 83 7.32%
3 Citi 15,972.34 95 7.15%
4 UBS 15,487.17 60 6.94%
5 Goldman Sachs 14,053.61 76 6.29%