Asia

Bonds

  • Sell-off in JD.com debut triggers pricing dispute

    JD.com’s inaugural outing in the international bond market could not have veered any further from expectations when the notes tanked in the secondary market. An overzealous pricing strategy was the main culprit for the poor performance, but divisive credit ratings for the Chinese company did not help either. Rev Hui reports.

    • 28 Apr 2016

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Equities

  • Kakao wins big with rare W230bn equity linker

    South Korea’s Kakao Corp has thrown open Asia’s equity-linked bond market with a W230bn ($202.0m) exchangeable bond that is denominated in Korean won but settled in dollars. The deal is a sign that investors have an appetite for such structures, and optimism is high for local currency issuance to pick up, writes Jonathan Breen.

    • 28 Apr 2016

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Loans

  • Opportunities for India LBO financings on growth path

    It has been a promising start to the year for leveraged buyout loans (LBOs) for Indian companies. With Chinese banks aggressively capturing domestically sponsored outbound M&A funding, international lenders are looking elsewhere for opportunities and India is proving a hit, writes Shruti Chaturvedi.

    • 28 Apr 2016

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People & Markets

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RMB

  • RMB round-up: April 29, 2016

    In this round-up, London overtakes Singapore as an RMB hub, foreign ownership of onshore RMB assets picks up, QDII products see further growth, and the US and China plan June economic meeting. Plus, a recap of our top stories this week.

    • 29 Apr 2016

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Comment

  • Korean banks are bracing for AT1 change

    South Korea’s regulators are widely expected to adopt new rules that force banks to sell perpetual additional tier one bonds, something that was prohibited until now. The move will push lenders to execute more expensive offshore capital raising and while the shift will improve the soundness of Korea’s banking system, it will take the market time to adjust to the new regime.

    • 26 Apr 2016
  • KRX should forget about southeast Asia

    South Korea has been one of the most active Asian equity capital markets in 2016 with high expectations that IPO volumes this year will be its largest on record. The figures are reassuring, but the KRX appears hell bent on wooing southeast Asian issuers to its stock exchange. Focusing on its strengths instead would be far more fruitful.

    • 19 Apr 2016
  • RBI: To err is human, to revise divine

    The Reserve Bank of India has given the nod for infrastructure companies to access foreign currency debt for shorter maturities than originally allowed — making a rare U-turn just four months after putting a new framework together. The RBI may have got it wrong first time around but it’s comforting that it lost no time in setting things right.

    • 13 Apr 2016

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More from Asia

NEW! Panda Bonds Top Arrangers

Rank Arranger Total Volume Rmb (m) No. of Deals Share % by Volume
1 HSBC 1,500 1 30.61
1 Bank of China (BOC) 1,500 1 30.61
3 Goldman Sachs Gao Hua Securities 1,000 1 20.41
4 Guangzhou Securities 500 1 10.20
5 China Securities 400 1 8.16

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 27 Apr 2016
1 CITIC Securities 5,993.15 23 8.41%
2 GF Securities Co Ltd 5,503.04 19 7.72%
3 Huatai Securities Co Ltd 4,538.70 13 6.37%
4 Haitong Securities Ltd 3,684.47 20 5.17%
5 Guosen Securities Co Ltd 3,322.79 11 4.66%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 26 Apr 2016
1 HSBC 9,223.59 51 10.32%
2 Citi 8,921.97 39 9.99%
3 Bank of America Merrill Lynch 7,693.73 27 8.61%
4 JPMorgan 6,091.41 39 6.82%
5 Morgan Stanley 3,588.65 18 4.02%

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